Stocks ended the session on a high note, mirroring positive global trends. The Nifty 50 clawed its way back above 22,050, fueled by gains in metals and oil & gas. However, IT and realty stocks remained under pressure. Despite the headline gains, broader market volatility persists as investors remain cautious ahead of Lok Sabha elections outcome. Further uncertainty looms ahead of next week's US inflation data.
The barometer index, the S&P BSE Sensex gained 260.30 points or 0.36% to 72,664.47. The Nifty 50 index added 97.70 points or 0.44% to 22,055.20.
The Nifty Bank continued its downward spiral despite finding support at 47,400. It closed below the key 50-day moving average.
In the broader market, the S&P BSE Mid-Cap index rose 0.81% and the S&P BSE Small-Cap index added 0.80%.
The market breadth was positive. On the BSE, 2,214 shares rose and 1,591 shares fell. A total of 126 shares were unchanged.
Also Read
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.49% to 18.47.
Numbers to track:
The yield on India's 10-year benchmark federal paper shed 0.11% to 7.127 as compared with previous close 7.135.
In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5000, compared with its close of 83.4800 during the previous trading session.
MCX Gold futures for 5 June 2024 settlement added 1.65% to Rs 72,822.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 105.26.
The United States 10-year bond yield rose 0.16% to 4.457.
In the commodities market, Brent crude for July 2024 settlement gained 61 cents or 0.73% to $84.49 a barrel.
Global Markets:
The US Dow Jones index futures were currently up by 87 points, signaling a positive opening for US stocks today.
European stocks climbed on Friday after the U.K. surprisingly exited recession with a 0.6% GDP growth in Q1. In Asia, markets followed Wall Street's lead, buoyed by US jobs data that hinted at a potential shift in Fed policy. Hong Kong's surge was fueled by tax break news for investors.
In the US, the Dow on Thursday extended its winning streak to seven days as all major indexes rose on jobless claims data hinting at a possible shift in Federal Reserve policy.
While initial claims rose to 231,000 for the week ending May 4th, investors interpreted it as a potential indicator of a cooling labor market. This, coupled with previous reports of slower job growth and wage hikes, raised hopes of the Fed tempering future interest rate increases.
Next week's release of the April producer and consumer price indexes (PPI and CPI) will be closely watched for signs of continued inflation decline towards the Fed's 2% target, further influencing expectations for interest rate adjustments.
Stocks in Spotlight:
One 97 Communication (Paytm) hit an upper circuit of 5% on bargain hunting after a recent steep fall. Meanwhile, the company denied media reports suggesting its lending partners invoking loan guarantees due to repayment defaults.
Paytm acts as a distributor of loans, and does not provide a First Loss Default Guarantee (FLDG) or other loan guarantees to lending partners. Therefore, the articles claims about invoking loan guarantees due to repayment defaults by our partnered lenders are inaccurate, the company stated in exchange filing.
Cipla declined 1.42%. The company reported 79% jump in consolidated net profit to Rs 939.04 crore on 10% increase in revenue from operations to Rs 6,163 core in Q4 FY24 over Q4 FY23. Meanwhile, the companys board has declared a final dividend of Rs 13 per equity share for FY24. The record date for the purpose of dividend will be 2 August 2024.
Bharat Petroleum Corporation advanced 4.44%. The state-owned oil marketing firms standalone net profit dropped 34.79% to Rs 4,224.18 crore in Q4 FY24 as against Rs 6,477.74 crore posted in Q4 FY23. Net sales (excluding excise duty) fell marginally to Rs 1,16,555.12 crore in the March quarter from Rs 1,18,112.08 crore recorded in the corresponding quarter previous year.
Dr. Lal PathLabs rallied 5.38% after the companys consolidated net profit surged 49.03% to Rs 84.5 crore in Q4 FY24 as compared to Rs 56.7 crore recorded in Q4 FY23. Revenue from operations grew by 11.08% to Rs 545.4 crore in the quarter ended 31 March 2024 as compared to Rs 491 crore recorded in Q4 FY23.
Polycab India gained 6.07% after the company reported 28.46% increase in consolidated net profit to Rs 546 crore on 29.33% rise to revenue from operations to Rs 5,591.89 crore in Q4 FY24 over Q4 FY23. The growth in revenue was on the back of strong volume growth in wires & cables (W&C) business.
Abbott India advanced 3.18% after the companys net profit jumped 24.04% to Rs 287.06 crore in the quarter ended March 2024 as against Rs 231.42 crore during the previous quarter ended March 2023. Sales rose 7.11% to Rs 1438.63 crore in the quarter ended March 2024 as against Rs 1343.08 crore during the previous quarter ended March 2023.
Relaxo Footwears declined 0.92%. The companys consolidated net profit declined 3.02% to Rs 61.39 crore in the quarter ended March 2024 as against Rs 63.30 crore during the previous quarter ended March 2023. Sales shed 2.32% to Rs 747.21 crore in the quarter ended March 2024 as against Rs 764.94 crore during the previous quarter ended March 2023.
Mahanagar Gas declined 2.11% after the companys net profit declined 6.16% to Rs 252.26 crore in the quarter ended March 2024 as against Rs 268.81 crore during the previous quarter ended March 2023. Sales rose 0.13% to Rs 1612.61 crore in the quarter ended March 2024 as against Rs 1610.48 crore during the previous quarter ended March 2023.
IPO Update:
The initial public offer (IPO) of TBO Tek received 80,48,51,120 bids for shares as against 92,85,816 shares on offer, according to stock exchange data at 17:00 IST on Friday (10 May 2024). The issue was subscribed 86.68 times.
The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 875 to Rs 920 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.
Aadhar Housing Finance's IPO received 1,78,64,46,688 bids for shares as against 7,00,89,373 shares on offer, according to stock exchange data at 15:36 IST on Friday (10 May 2024). The issue was subscribed 25.49 times.
The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 300 to Rs 315 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
