Indian equity indices ended with decent gains on Friday, rising for the second day in a row. The Nifty settled above the 22,450 mark after hitting the day's low of 22,345.65 in morning trade. Consumer durables, auto and realty stocks advanced while IT, pharma and healthcare shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex gained 253.31 points or 0.34% to 73,917.03. The Nifty 50 index added 62.25 points or 0.28% to 22,466.10.
The broader market outperformed the key indices. The S&P BSE Mid-Cap index added 1.18% and the S&P BSE Small-Cap index rose 1.39%.
The market breadth was strong. On the BSE, 2,403 shares rose and 1,409 shares fell. A total of 127 shares were unchanged.
The National Stock Exchange and Bombay Stock Exchange will hold a special live trading session on Saturday, 18 May 2024 in the equity and equity derivative segments with an intra-day switchover from the Primary site to the Disaster Recovery site. The special session would be divided into two parts the first session will begin at 9:15 am and conclude at 10 am, followed by another session starting at 11:30 am and ending at 12:30 pm.
Also Read
Economy:
United Nations noted in its latest World Economic Situation and Prospects report that Indias economy is forecast to expand by 6.9% in 2024 and 6.6% in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly. Consumer price inflation in India is projected to decelerate from 5.6% in 2023 to 4.5% in 2024, staying within the central banks 2% to 6% medium-term target range.
IPO Update:
The initial public offer of Go Digit General Insurance received bids for 50,15,05,565shares as against 5,28,69,677 shares on offer, according to stock exchange data at 15:35 IST on Friday (17 May 2024). The issue was subscribed 9.49 times.
The issue opened for bidding on Wednesday (15 May 2024) and it will close on Friday (17 May 2024). The price band of the IPO is fixed at Rs 258-272 per share. An investor can bid for a minimum of 55 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Consumer Durables index advanced 2.78% to 35,063.35. The index jumped 5.91% in the four trading sessions.
Crompton Greaves Consumer Electricals (up 15.84%), Dixon Technologies (India) (up 8.39%), Amber Enterprises India (up 4.59%), Whirlpool of India (up 4.33%), Kajaria Ceramics (up 2.57%), Havells India (up 2.12%), Cera Sanitaryware (up 1.51%), Bata India (up 1.5%), Century Plyboards (India) (up 1.3%) and Blue Star (up 1.1%) advanced.
On the other hand, Voltas (down 2.45%), V-Guard Industries (down 1.42%) slipped.
Stocks in Spotlight:
Vedanta added 1.88% after the mining company on Thursday, 16 May 2024 announced that its board has approved to raise funds up to Rs 8,500 crore by various financial instruments.
In an exchange filing, the company said that its board has declared a dividend of Rs 11 per share for the financial year 2024-25.The record date for the purpose of payment of dividend shall be Saturday, 25 May, 2024.
Kaynes Technology India locked in 20% upper circuit after the companys consolidated net profit jumped 96.8% to Rs 813 crore from Rs 413 crore posted in same quarter last year. Revenue from operations increased 74.8% YoY to Rs 637.3 crore in Q4 FY24.
Vodafone Idea rose 0.61%. The telecom service providers consolidated net loss widened to Rs 7,674.6 crore in Q4 FY24 as compared with Rs 6,418.9 crore in Q4 FY23. Revenue from operations increased marginally to Rs 10,606.8 crore in Q4 FY24 as against Rs 10,531.9 crore posted in Q4 FY23, aided by improving subscriber mix, 4G subscriber additions and change in entry level plan.
Indian Hume Pipe soared 18.59% after the companys consolidated net profit surged to Rs 43.66 crore in Q4 FY24 as compared with Rs 16.01 crore posted in Q4 FY23. Revenue from operations fell 11% to Rs 404.28 crore in Q4 FY24 as compared with Rs 454.20 crore in Q4 FY23.
Container Corporation of India (CONCOR) gained 4.78% after the companys consolidated net profit rose 13.51% to Rs 316.93 crore in Q4 FY24 as compared to Rs 279.20 crore posted in Q4 FY23. Revenue from operations grew by 6.45% year on year to Rs 2,325.13 crore during the quarter.
Endurance Technologies jumped 6.96% after the auto ancillary companys consolidated net profit jumped 54% to Rs 210.15 crore on 20.16% rise in revenue from operations to Rs 2,684.78 crore in Q4 FY24 over Q4 FY23.
Biocon rose 0.20% after the companys consolidated net profit declined 56.74% to Rs 135.50 crore in the quarter ended March 2024 as against Rs 313.20 crore during the previous quarter ended March 2023. Sales rose 3.79% to Rs 3917.10 crore in the quarter ended March 2024 as against Rs 3773.90 crore during the previous quarter ended March 2023.
Restaurant Brands Asia advanced 3.35%. The company reported consolidated net loss of Rs 92.09 crore in Q4 FY24 as compared with net loss of Rs 79.95 crore in Q4 FY23. Revenue from operations jumped 16.319% YoY to Rs 597.14 crore in Q4 FY24.
Poly Medicure's shed 0.74%. The companys consolidated net profit grew 16.24% to Rs 68.36 crore in Q4 FY24 as against Rs 58.81 crore reported in Q4 FY23. Revenue from operations stood at Rs 378.07 crore in Q4 FY24, up 23.21% as against Rs 306.85 crore recorded in the corresponding quarter previous year.
JK Papers jumped 7.46%. The companys consolidated net profit fell 1.74% to Rs 278.60 crore in Q4 FY24 as against Rs 283.52 crore posted in same quarter last year. Revenue from operations declined marginally to Rs 1,718.61 crore in the quarter ended 31 March 2024.
Ratnamani Metals & Tubes advanced 3.55% after the companys consolidated net profit rose marginally to Rs 192.16 crore in Q4 FY24 as compared with Rs 191.55 crore in Q4 FY23. Revenue from operations stood at Rs 1,495.70 crore in the March 2024 quarter, registering a marginal decline on YoY basis.
Global Markets:
European stocks declined across the board while most of the Asian stocks ended higher on Friday as investors weighed the Federal Reserve's monetary policy path. Fed officials signaled interest rates might stay elevated for longer despite signs of easing inflation.
China's industrial production grew 6.7% year-on-year in April, accelerating from March's 4.5% rise, according to data from the National Bureau of Statistics. However, consumer spending remained weak, with retail sales growing 2.3% year-on-year in April, down from March's 3.1% increase.
US stocks closed slightly lower on Thursday after the Dow Jones reached an intra-day high of 40,000 for the first time. The rally followed recalibrated investor expectations for Fed rate cuts after April's inflation slowdown. Strong corporate earnings also contributed to the bullish sentiment.
On Thursday, the US weekly Initial Jobless Claims for the week ending May 11 came in at 222,000 from the previous week of 232,000, according to the US Bureau of Labor Statistics (BLS). Housing Starts climbed 5.7% MoM to 1.36 million in April, while Building Permits declined by 3% MoM in April to 1.44 million.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
