Indian equity indices ended with small losses on Monday. The Nifty settled below the 22,950 mark after hitting the day's high of 22,110.80 in early afternoon trade. PSU Bank, realty and bank stocks advanced while media, metal and oil & gas shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex declined 19.89 points or 0.03% to 75,390.50. The Nifty 50 index lost 24.65 points or 0.11% to 22,932.45.
The Sensex and Nifty clocked an all-time high of 76,009.68 and 23,110.80 respectively in early afternoon trade.
In the broader market, the S&P BSE Mid-Cap index rose 0.63% and the S&P BSE Small-Cap index shed 0.09%.
The market breadth was negative. On the BSE, 1,711 shares rose and 2,254 shares fell. A total of 140 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 6.82% to 23.19.
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Economy:
Indias forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.
Gold reserves increased $1.244 billion to $57.195 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, the apex bank said.
Indias reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the apex bank data showed.
IPO Update:
The initial public offer (IPO) of Awfis Space Solutions received 91,14,51,801 bids for shares as against 86,29,670 shares on offer, according to stock exchange data at 15:40 IST on Monday (27 May 2024). The issue was subscribed 105.62 times.
The issue opened for bidding on Wednesday (22 May 2024) and it will close on Monday (27 May 2024). The price band of the IPO is fixed between Rs 364 to Rs 383 per share. An investor can bid for a minimum of 39 equity shares and in multiples thereof.
Buzzing Index:
The Nifty PSU Bank index added 1.36% to 7,459.05. The index fell 0.08% in the previous trading session.
Indian Overseas Bank (up 11.83%), UCO Bank (up 7.46%), Punjab & Sind Bank (up 4.95%), Bank of Maharashtra (up 4.04%), Central Bank of India (up 3.95%), Punjab National Bank (up 2.57%), Union Bank of India (up 2.33%), Bank of India (up 2.08%), Indian Bank (up 1.29%) and Bank of Baroda (up 0.65%) edged higher.
On the other hand, Canara Bank (down 0.09%) slipped.
Stocks in Spotlight:
Divi's Laboratories gained 3.20% after the company's consolidated net profit jumped 67.6% to Rs 538 crore on 18.04% rise in revenue from operations to Rs 2,303 crore in Q4 FY24 over Q4 FY23.
Affle India added 2.30% after the company's consolidated net profit jumped 40.21% to Rs 87.49 crore on 42.27% increase in net sales to Rs 506.22 crore in Q4 FY24 over Q4 FY23.
Paras Defence and Space Technologies rallied 4.59% after the companys consolidated net profit jumped 63.82%to Rs 96 crore in Q4 FY24 as compared with Rs 58.6 crore in Q3 FY24. Revenue from operations increased by 24.17% QoQ to Rs 79.69 crore in Q4 FY24.
Kolte-Patil Developers dropped 6.47% after the company reported consolidated net loss of Rs 26.18 crore in Q4 FY24 as against net profit of Rs 121.33 crore in Q4 FY23. Revenue from operations declined 33.94% to Rs 526.38 in Q4 FY24 over Q4 FY23.
Glenmark Pharmaceuticals rallied 8.64%. The company reported net loss of Rs 1,238.64 crore in Q4 FY24 as compared with net loss of Rs 549.49 crore in Q4 FY23. Revenue from operations increased 1.94% to Rs 3,016.00 crore in Q4 FY24 as compared with Rs 2,958.36 crore in Q4 FY23.
Electronics Mart India slipped 2.75%. The company reported 12% rise in net profit to Rs 40.5 crore on a 15% increase in revenue from operations to Rs 1,524.2 crore in Q4 FY24 as compared with Q4 FY23.
Best Agrolife declined 5.60%. The companys consolidated net loss widened to Rs 72.49 crore in Q4 FY24 as compared to Rs 8.41 crore recorded in Q4 FY23.
Meanwhile, The company recorded revenue of Rs 135.39 crore, registering a de-growth of 46.67% as against Rs 253.9 crore in Q4 FY23, due to an unexpected seasonal failure, of Q3 and Q4 of FY24 as against normal seasonal conditions in same period last year, leading to lower-than-expected sales coupled with surge in sales returns.
Aurobindo Pharma declined 3.04%. The company reported 79.5% jump in consolidated net profit to Rs 908.75 crore on a 17.1% rise in revenue from operations to Rs 7,580.15 crore in Q4 FY24 over Q4 FY23.
Astra Microwave Products rallied 9.78% after the company reported a consolidated net profit of Rs 54.40 crore in Q4 FY24, steeply higher than Rs 13.52 crore posted in Q4 FY23. Revenue from operations jumped 36.96% year on year to Rs 353.96 crore in Q4 FY24 as compared to Rs 258.44 crore recorded in Q4 FY23.
HBL Power Systems advanced 2.84% after the company reported a net profit of Rs 81.14 crore in Q4 FY24, which is sharply higher as compared with the PAT of Rs 34.80 crore recorded in Q4 FY23. Income from operations rose by 52% year-over-year to Rs 610.08 crore during the quarter.
Global Markets:
Most of the European advanced and Asian stocks ended higher on Monday as an easing in US consumer inflation expectations bolstered the case for the Federal Reserve to cut rates this year.
US stocks rebounded on Friday, buoyed by news of an improving consumer outlook on inflation. The Nasdaq rose for a fifth straight week, closing at a record high. The Dow Jones Industrial Average edged up slightly, while the S&P 500 gained modestly.
University of Michigan data showed that consumers expect prices to climb at a 3.3% annual rate over the next year, down from the 3.5% expected earlier in the month. This suggests that inflation pressures may be easing, which could lead the Federal Reserve to cut interest rates later this year.
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