The domestic equity indices ended with major gains on Thursday. The Nifty settled above the 22,400 level after hitting the day's low of 22,054.55 in mid-afternoon trade. Barring the Nifty PSU Bank index, all the other sectoral indices were in the green. Trading was volatile due to expiry of weekly index options on the NSE.
As per provisional closing data, the barometer index, the S&P BSE Sensex gained 676.69 points or 0.93% to 73,663.72. The Nifty 50 index added 203.30 points or 0.92% to 22,403.85.
The broader market outperformed the key indices. The S&P BSE Mid-Cap index added 1.07% and the S&P BSE Small-Cap index rose 0.85%.
The market breadth was positive. On the BSE, 2,140 shares rose and 1,686 shares fell. A total of 126 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.36% to 20.
Economy:
India's merchandise exports rose by 1% to $34.99 billion in April even as the trade deficit widened to a four-month high of $19.1 billion during the month, according to government data. Healthy growth in sectors such as electronics, chemicals, petroleum products and pharmaceuticals has helped register growth in exports despite global economic uncertainties. Imports also increased by 10.25% to $54.09 billion in the month under review from $49.06 billion in April 2023 due to a significant jump in gold imports.
IPO Update:
The initial public offer of Go Digit General Insurance received bids for 3,40,41,370 shares as against 5,28,69,677 shares on offer, according to stock exchange data at 15:35 IST on Thursday (16 May 2024). The issue was subscribed 0.64 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 gained 1.72% to 34,115.05. The index rallied 3.05% in the three trading sessions.
Blue Star (up 4.6%), Kajaria Ceramics (up 2.72%), Whirlpool of India (up 2.18%), Titan Company (up 2.14%) , Dixon Technologies (India) (up 1.94%), V-Guard Industries (up 1.81%), Havells India (up 1.49%), Voltas (up 1.32%), Kalyan Jewellers India (up 0.64%) and Century Plyboards (India) (up 0.61%) edged higher.
On the other hand, Cera Sanitaryware (down 1.81%), Rajesh Exports (down 0.3%) declined.
Stocks in Spotlight:
Somany Ceramics soared 15.60% after the companys consolidated net profit climbed 38.85% to Rs 33.88 crore in Q4 FY24 as compared with Rs 24.40 crore in Q4 FY23. Revenue from operations increased 8.34% YoY to Rs 731.81 crore during the quarter.
Titagarh Rail Systems (TSRL) zoomed 9.12% after its standalone net profit surged 57.35% to Rs 83.41 crore in Q4 FY24 as against to Rs 53.01 crore posted in Q4 FY23. Revenue from operations increased 8.03% to Rs 1,052.41 crore in fourth quarter of FY24 from Rs 974.22 crore recorded in the corresponding quarter previous year.
NCC surged 8.66% after the companys consolidated net profit jumped 25.30% to Rs 239.16 crore in Q4 FY24 as compared with Rs 190.86 crore recorded in Q4 FY23. Revenue from operations increased 31.03% to Rs 6,484.88 crore in Q4 FY24 as compared to Rs 4,949.03 crore posted in Q4 FY23.
Honeywell Automation India rallied 8.12% after the company reported 32.3% rise in 148.2 crore on a 11.9% increase in revenue from operations to Rs 950.7 crore in Q4 FY24 as compared with Q4 FY23.
Hindustan Aeronautics (HAL) rallied 10.89% after the companys consolidated jumped 52.19% to Rs 4308.68 crore in Q4 FY24 as compared with Rs 2831.19 crore posted in Q4 FY23. Revenue from operations increased 18.36% YoY to Rs 14,788.75 crore during the quarter.
Dixon Technologies (India) added 1.95% after the company reported 20.68% rise in consolidated net profit to Rs 97.30 crore in Q4 FY24 from Rs 80.62 crore posted in Q4 FY23. Revenue from operations grew by 51.95% YoY to Rs 4,657.97 crore in the quarter ended 31 March 2024.
Indian Energy Exchange (IEX) rose 1.68% after the companys consolidated net profit rose 9.45% to Rs 96.69 crore on 13.31% increase in revenue from operations to Rs 121.28 crore in Q4 FY24 over Q4 FY23.
CMS Info Systems added 3.64% after the company's consolidated net profit increased 14.38% to Rs 91.42 crore on 25.05% jump in revenue from operations to Rs 627.08 crore in Q4 FY24 over Q4 FY23.
Texmaco Rail & Engineering rallied 6.54% after the companys consolidated net profit stood at Rs 45.32 crore in Q4 FY24, steeply higher than Rs 18.33 crore in Q4 FY23. Revenue from operations increased 37.03% to Rs 1,144.56 crore in fourth quarter of FY24 from Rs 835.27 crore recorded in the corresponding quarter previous year.
Global Markets:
European stocks declined while Asian stocks advanced on Thursday following softer inflation data in the US.
Data on Wednesday showed US CPI inflation grew at a slightly softer-than-expected month-on-month rate in April, while core CPI , which excludes volatile food and energy prices, fell to an annualized 3.6% from 3.8% in March. Although inflation did slow down slightly in April, it is still higher than the Federal Reserve's target and comes after a strong producer price index reading.
The positive sentiment from Wall Street overshadowed some negative news in Asia, such as a shrinking Japanese economy and increased trade tensions between the US and China.
Japan's gross domestic product shrank 0.5% quarter-on-quarter in the three months to March 31, government data showed on Thursday. It fell sharply from the 0.1% increase seen in the December quarter.
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