The domestic equity barometers ended a volatile session with minor gains on Thursday, rising for the ninth trading session. The Nifty settled above the 17,800 level after hitting day's low of 17,729.65 in afternoon trade. Banking, realty and financial services shares advanced while IT, pharma and media stocks declined. 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 rose 38.23 points or 0.06% to 60,431. The Nifty 50 index added 15.60 points or 0.09% to 17,828. In nine consecutive sessions, the Sensex jumped 4.89% while the Nifty climbed 5.17%.
The broader market outperformed frontline indices, the S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index rose 0.33%.
The market breadth was positive. On the BSE, 1,912 shares rose and 1,574 shares fell. A total of 124 shares were unchanged.
IT major, Infosys slipped 3.03% ahead of Q4 results today.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.97% to 11.91.
The domestic stock market will remain shut on Friday, 14 April 2023 on account of Dr. Baba Saheb Ambedkar Jayanti.
Economy:
According to the official data released on Wednesday, India's retail inflation or the consumer price index (CPI) for March eased to a 15-month low of 5.66% from 6.44% in February.
India's industrial output, as measured by the index of Industrial production or IIP, in February rose 5.6% year on year, data from the Ministry of Statistics showed today. The index of industrial production (IIP) expanded by 5.2% in January after rising 4.3% in December.
Stocks in Spotlight:
Tata Consultancy Services (TCS) slipped 1.51%. The IT major's consolidated net profit rose 5.03% to Rs 11,392 crore on 1.6% increase in net sales to Rs 59,162 crore in Q4 FY23 over Q3 FY23. On a year on year (YoY) basis, the IT firm's net profit jumped 14.77% and net sales rose 16.94% in Q4 FY23. Constant currency revenue grew 10.7% YoY in Q4 FY23. Operating margin stood at 24.5% while net margin was at 19.3% in Q4 FY23.
On a full year basis, the IT company's consolidated net profit rose 9.97% to Rs 42,147 crore on 17.58% jump in revenue to Rs 2,25,458 crore in FY23 over FY22. The company's Q4 total contract value (TCV) stood at $10 billion with an all-time high number of large deals, taking the FY23 order book TCV at $34.1 billion.
Coal India (CIL) fell 0.90%. The company announced that its coking coal production has rose 17.2% to 54.6 million tonnes (MTs) in FY23 as compared with 46.6 MTs in FY22.
Vedanta rose 0.15%. The diversified minerals company announced that its board approved raising of funds through issuance of non‐convertible debentures (NCDs) aggregating up to Rs 2,100 crore in one or more tranches, on a private placement basis.
Varun Beverages declined 1.21%. The leading beverage maker announced that its board will consider a stock split on 2 May 2023. Additionally, the board will also review and discuss the financial results for the quarter ended 31 March 2023.
AU Small Finance Bank zoomed 16.65% after the Reserve Bank of India approved the re-appointment of Sanjay Agarwal as managing director & CEO of the bank for a period of three years w.e.f. 19 April 2023 till 18 April 2026.
Anand Rathi Wealth rallied 2.60% after the company's consolidated net profit (from continuing operations) jumps 23.16% to Rs 42.54 crore on 28.05% increase in total income to Rs 146.81 crore in Q4 FY23 over Q4 FY22. Total asset under management (AUM) was at Rs 38,993 crore in the quarter ended 31 March 2023, up 18.5% as against Rs 32,906 crore recorded in the corresponding quarter previous year.
Rail Vikas Nigam (RVNL) gained 1.25% after the company announced that it has received a letter of award (LoA) from North Western Railway, aggregating to Rs 63.08 crore. The public sector enterprise secured an order for the provision of automatic block signalling on Madar-Sakhun section of Jaipur division over North Western Railway.
Bharat Heavy Electricals (BHEL) rose 0.11%. BHEL said that it has signed a MoU with the Nuclear Power Corporation of India (NPCIL) to jointly pursue business opportunities around nuclear power plants based on pressurised heavy water reactor (PHWR) technology.
Edvenswa Enterprises hit an upper limit of 5% after marquee investor Porinju Veliyath bought a 1.43% stake in the company through a bulk deal on the BSE yesterday.
Global Markets:
Shares in Europe and Asia traded mixed on Thursday after minutes from the March Federal Open Market Committee meeting showed that Fed officials see the U.S. economy entering a recession in the wake of the banking crisis.
U.S. stocks ended lower on Wednesday after minutes from the Federal Reserve's March policy meeting revealed concern among several members of the Federal Open Markets Committee (FOMC) regarding the regional bank liquidity crisis.
Comments from the Fed erased earlier gains seen on Wall Street after the release of the U.S. consumer price index report that showed inflation cooled in March. The U.S. CPI rose 0.1% for the month and 5% from a year ago while core CPI rose 5.6% on an annual basis.
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