The domesitc equity benchmarks managed to end with some gains, after a volatile session on Thursday. The Nifty managed to close above the 17,600 level after hitting the low at 17,584.35 in mid-afternoon trade. Pharma, FMCG and oil & gas stocks declined while banks, financials and auto edged higher. Trading was volatile on account of weekly index options expiry on the NSE.
As per provisional closing data, the barometer index, the S&P BSE Sensex, gained 64.55 points or 0.11% to 59,632.35. The Nifty 50 index added 5.70 points or 0.03% to 17,624.45.
In the broader market, the S&P BSE Mid-Cap index fell 0.03% while the S&P BSE Small-Cap index advanced 0.10%.
The market breadth was positive. On the BSE, 1,906 shares rose and 1,589 shares fell. A total of 136 shares were unchanged.
Cautiousness among investors was on the rise after strong inflation readings from the UK and Euro Zone cemented expectations of continued rate hikes by the Bank of England and the European Central Bank going forward. Hawkish remarks from Federal Reserve officials exacerbated the likelihood that the American central bank will pause its rate hike cycle as soon as June.
Quarterly Earnings Today:
HCL Technologies (down 0.10%), ICICI Prudential Life Insurance Company (up 2.77%), Cyient (up 2.54%), Sterling and Wilson Renewable Energy (down 0.02%) and Rajnish Wellness (down 6.61%) are some of the companies that will announce their quarterly earnings today.
Buzzing Index:
The Nifty Pharma index fell 1.08% to 12,488.75. The index had advanced 1.79% in the past two sessions.
Divis Laboratories (down 4.18%), Gland Pharma (down 3.93%), Laurus Labs (down 1.91%), Aurobindo Pharma (down 1.06%) and Dr Reddys Laboratories (down 1.05%) were the top losers.
Among the other losers were Cipla (down 0.89%), Glaxosmithkline Pharmaceuticals (down 0.87%), Sun Pharmaceuticals Industries (down 0.79%), Natco Pharma (down 0.73%) and Abbott India (down 0.72%).
On the other hand, Alkem Laboratories (up 0.51%), Pfizer (up 0.37%) and Ipca Laboratories (up 0.16%) moved up.
Stocks in Spotlight:
Tata Motors rose 1.31%. Jaguar Land Rover (JLR), the luxury vehicle maker and a wholly owned subsidiary of Tata Motors, has announced plans to invest 15 billion pounds over the next five years.
Adani Ports and Special Economic Zone gained 1.38%. The firm said its board is scheduled to meet on Saturday, 22 April 2023, to consider first and partial buyback of certain of its debt securities, either denominated in INR or USD.
UltraTech Cement shed 0.63%. The company announced an increase in the capacity of its grinding unit at Patliputra, Bihar to 4.7 mtpa with the successful commissioning of its 2.2 mtpa brownfield expansion. The company's total grey cement manufacturing capacity in India now stands at 129.15 mtpa.
Tata Communications advanced 2.96%. The company reported consolidated net profit of Rs 326.64 crore in Q4 March 2023 as compared to net profit of Rs 368.67 crore in Q4 March 2022. Total income rose to Rs 4,630.45 crore in Q4 March 2023 from Rs 4,526.55 crore in Q4 March 2022.
Mastek zoomed 11.42%. The IT company's consolidated net profit jumped 8.2% to Rs 72.6 crore on 7.7% increase in net sales to Rs 709.2 crore in Q4 FY23 over Q3 FY23.
ICICI Securities tumbled 4.78%. The company's consolidated net profit declined to Rs 262.7 crore in Q4 March 2023 as compared to net profit of Rs 340.3 crore in Q4 March 2022. Total income shed marginally to Rs 885.2 crore in Q4 March 2023 from Rs 892.3 crore in Q4 March 2022.
Emkay Global Financial Services was locked in 20% upper circuit. The company has received in-principle approval from Securities and Exchange Board of India, investment management department for sponsoring a mutual fund under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
NBCC (India) gained 1.94%. The company has received work orders for providing comprehensive design, engineering and Project Management Consultancy (PMC) services from Public Works Department, Puducherry. The project is worth Rs 207.92 crore.
Fortis Healthcare fell 0.64%. The company said that it has signed definitive agreement with VPS group for the acquisition of its Medeor Hospital in Manesar, Gurugram, Haryana for lump sum consideration of Rs 225 crore.
Global Markets:
European markets declined while their Asian peers ended mixed on Thursday as investors continued to digest more corporate earnings.
Japan posted a trade deficit for a 20th consecutive month in March. The country's trade deficit reached a record high of 21.7 trillion yen ($161.14 billion) for the twelve months ending March, a sharp spike from the 5.59 trillion yen recorded in the same period a month ago.
US stocks closed mostly flat on Wednesday after earnings reports from Netflix and Morgan Stanley as investors worried about the Federal Reserve's next move on interest rates.
The banking crisis in March took its toll on financial activity, particularly in the New York and San Francisco regions, according to the Federal Reserve's periodic economic review released Wednesday.
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