The domestic equity benchmarks ended sideways after a volatile session on Friday. The Nifty ended below the 17,650 level. While metals, autos and realty stocks declined, FMCG, IT and pharma shares managed to in the green.
As per provisional closing data, the barometer index, the S&P BSE Sensex, advanced 22.71 points or 0.04% to 59,655.06. The Nifty 50 index lost 0.40 points to 17,624.05.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.36% while the S&P BSE Small-Cap index fell 0.27%.
The market breadth was negative. On the BSE, 1,548 shares rose and 1,916 shares fell. A total of 135 shares were unchanged.
Buzzing Index:
The Nifty Metal index fell 1.38% to 5,677.90. The index has 1.76% in two sessions.
Hindustan Copper (down 2.52%), Adani Enterprises (down 2.17%), NMDC (down 2.05%), Steel Authority of India (down 1.98%) and Jindal Steel & Power (down 1.92%) were the top index losers.
Among the other losers were Hindalco Industries (down 1.79%), Tata Steel (down 1.62%), National Aluminium Company (down 1.08%), Hindustan Zinc (down 0.98%) and Vedanta (down 0.91%).
On the other hand, Ratnamani Metals & Tubes (up 1.2%), Jindal Stainless (up 1.19%) and APL Apollo Tubes (up 0.56%) advanced.
Stocks in Spotlight:
Reliance Industries advanced 0.20%. The conglomerate will today announce its fourth quarter and full year earnings for the period ended 31 March 2023.
HCL Technologies rose 1.06%. The IT major reported 2.76% fall in consolidated net profit to Rs 3,983 crore on 0.35% decline in revenue from operations to Rs 26,606 crore in Q4 FY23 over Q3 FY23. Compared with Q4 last year, the company's net profit and revenue were higher by 10.85% and 17.74%, respectively.
For FY24, the company's revenue guidance is 6%-8% YoY in constant currency. Services revenue is expected to grow 6.5%-8.5% YoY in constant currency. EBIT margin is expected to be between 18%-19%.
ICICI Prudential Life Insurance Company fell 2.60%. The company reported consolidated net profit of Rs 235.26 crore in Q4 March 2023, higher than net profit of Rs 186.88 crore in Q4 March 2022. Total income rose to Rs 11499.84 crore in Q4 March 2023 from Rs 13845.73 crore in Q4 March 2022.
Cyient jumped 5.64%. The company reported 4.6% rise in net profit to Rs 163.2 crore on an 8.2% increase in revenues to Rs 1,751.4 crore in Q4 FY23 over Q3 FY23.
Vodafone Idea zoomed 6.11%. The company has announced the appointment of Kumar Mangalam Birla as an additional director with immediate effect. This decision was made on the recommendation of the nomination and remuneration committee, and Birla will serve as a non-executive and non-independent director. Notably, Birla is returning to the board after stepping down as a non-executive director nearly two years ago in August 2021.
Dr Reddy's Laboratories rose 0.42%. The drug major on Friday announced the launch of Treprostinil Injection in the U.S. market, approved by the United States Food and Drug Administration (USFDA). The said drug is a therapeutic equivalent generic version to Remodulin (treprostinil) Injection. Treprostinil injection is used to treat the symptoms of pulmonary arterial hypertension.
Sterling and Wilson Renewable Energy declined 2.66%. The company reported consolidated net loss of Rs 421 crore in Q4 March 2023, higher than net loss of Rs 127 crore in Q4 March 2022. Total income dropped to Rs 88 crore in Q4 March 2023 from Rs 1071 crore in Q4 March 2022.
Siemens shed 0.79% while Rail Vikas Nigam (RVNL) lost 0.63%. The Siemens-RVNL consortium has received two separate orders from Gujarat Metro Rail Corporation (GMRCL) for advanced rail electrification technologies.
Laxmi Organic Industries fell 2.88%. The chemical manufacturer announced that its board has approved borrowing funds up to Rs 2,000 crore. The company intends to raise additional funds through equity and/or debt as deemed fit and necessary by the board of directors.
Global Markets:
Shares in Europe and Asia markets declined across the board on Friday as investors reacted to a slew of corporate earnings announcements and economic data releases.
Flash purchasing managers' index figures from S&P Global and Hamburg Commercial Bank showed the fastest growth in France's private sector since May 2022, though this was powered by services and factory production fell. Germany's business upturn was also led by services, though manufacturing output increased modestly.
U.K. retail data showed a 0.9% fall in sales volumes for March, which retailers blamed in part on the unusually wet weather.
Japan's core inflation for March came in at 3.1%, unchanged from February, data from the Statistics Bureau showed. This is the second straight month of slowing inflation after Japan's headline inflation hit a 41-year high of 4.3% in January.
Overnight in the U.S., all three major indexes fell as investors assessed a mixed bag of corporate earnings, including disappointing results from Tesla.
Cleveland Federal Reserve President Loretta Mester indicated Thursday that interest rates could have a little further to rise this year and stay for for a while. Precisely how much higher the federal funds rate will need to go from here and for how long policy will need to remain restrictive will depend on economic and financial developments, Mester said.
No comments:
Post a Comment