The key equity indices traded with modest gains in mid-afternoon trade. The Nifty traded above the 17,850 mark after hitting intraday low of 17,797.90 in early trade. metal stocks witnessed buying demand.
The barometer index, the S&P BSE Sensex, was up 208.6 points or 0.35% to 60,509.18. The Nifty 50 index added 60.90 points or 0.34% to 17,874.50.
In the broader market, the S&P BSE Mid-Cap index gained 0.39% while the S&P BSE Small-Cap index advanced 0.50%.
The market breadth was positive. On the BSE, 1,974 shares rose and 1,451 shares fell. A total of 136 shares were unchanged.
Trading was volatile as traders roll over positions in the F&O segment from the near month April series to May series. The April 2023 F&O contracts will expire today, 27 April 2023.
Numbers to track:
The yield on India's 10-year benchmark federal paper declined to 7.108 from 7.116 in previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.7075 compared with its close of 81.74 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement advanced 0.37% to Rs 60,114.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 101.37.
The United States 10-year bond yield rose 1.15% to 3.469.
In the commodities market, Brent crude for June 2023 settlement gained 46 cents or 0.59% to $78.15 a barrel.
Buzzing Index:
The Nifty Metal index advanced 0.80% to 5,759.10. The index declined 0.44% in past trading session.
Jindal Steel & Power (up 1.56%), Hindalco Industries (up 1.48%), JSW Steel (up 1.32%), Jindal Stainless (up 1.27%) and Hindustan Copper (up 1.06%), Tata Steel (up 0.8%), Adani Enterprises (up 0.56%), Steel Authority of India (up 0.49%), Ratnamani Metals & Tubes (up 0.4%) and Vedanta (up 0.4%) advanced.
On the other hand, Hindustan Zinc (down 0.88%), Welspun Corp (down 0.41%) and National Aluminium Company (down 0.24%) declined.
Stocks in Spotlight:
Hindustan Unilever declined 1.35%. The FMCG major reported 9.67% rise in standalone net profit to Rs 2,552 crore on 10.98% increase in turnover to Rs 14,638 crore in Q4 FY23 over Q4 FY22.
Coforge rose 1.52%. The company reported 49.69% decline in consolidated net profit to Rs 114.80 crore in Q4 FY23 as compared with Rs 228.20 crore in Q3 FY23.
Suzlon Energy fell 0.49%. The company said that it has received a 39 megawatt (MW) order for their 3 MW product series from a thermax group company, First Energy 5.
Wipro (up 0.15%), Bajaj Finserv (up 2.10%), Axis Bank (down 0.67%), Tech Mahindra (up 0.67%), ACC (up 0.22%) will announce their quarterly earnings today.
Hindustan Unilever (HUL) fell 1.51%. The FMCG major reported 9.67% rise in standalone net profit to Rs 2,552 crore on 10.98% increase in turnover to Rs 14,638 crore in Q4 FY23 over Q4 FY22. HUL delivered underlying volume growth of 4%. Growth was competitive with more than 75% of the business winning market shares, said the company.
Bajaj Finance rose 2.79%. The NBFC major reported consolidated net profit of Rs 3157.79 crore in Q4 March 2023 from net profit of Rs 2419.51 crore in Q4 March 2022. Total income rose to Rs 11363.14 crore in Q4 March 2023 from Rs 8629.35 crore in Q4 March 2022.
Coforge gained 1.36%. The company reported 49.69% decline in consolidated net profit to Rs 114.80 crore in Q4 FY23 as compared with Rs 228.20 crore in Q3 FY23. Revenue from operations increased by 5.56% to Rs 2,170 crore in Q4 FY23 as against Rs 2,055.80 crore posted in corresponding quarter last year.
L&T Technology Services (LTTS) rallied 7.93%. The IT major reported 2% rise in consolidated net profit to Rs 309.6 crore in Q4 March 2023 from net profit of Rs 303.6 crore in Q3 December 2022. Revenue rose 2.3% to Rs 2096.2 crore in Q4 March 2023 from Rs 2048.6 crore in Q3 December 2022.
HCL Technologies added 0.21%. Heubach Group, a leading global pigment manufacturer, has selected HCL Technologies to drive its digital transformation agenda. HCLTech will deliver an IT system for Heubach Group across 11 countries to include deployment of hybrid cloud, cybersecurity solutions, end-user services and secure networks.
SBI Life Insurance Company rose 1.50%. The life insurer's net profit increased 15.6% to Rs 776.85 crore on 6.43% rise in total income to Rs 22,805.40 crore in Q4 FY23 over Q4 FY22.
Global Markets:
European stock markets opened lower on Thursday, as concerns over the U.S. banking sector and recessionary risks still cast shadow over investor sentiment.
Meanwhile, most of the Asian stocks edged higher on Thursday as investors focus on the Bank of Japan's first policy meeting led by new BOJ governor Kazuo Ueda.
Ueda is expected to maintain the ultra loose monetary policy of predecessor Haruhiko Kuroda for now, but expectations are that he will plot a path out of this policy in the future, as per reports.
US stocks ended mixed on Wednesday as banking fears eclipsed Big Tech earnings on Wall Street. Ongoing congressional wrangling over raising the federal debt ceiling also added to investor anxieties.
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