The domestic equity benchmarks ended almost flat after a volatile session on Tuesday. PSU Banks witnessed sharp sell-off followed by consumer durables & FMCG while auto & pharma stocks managed to end with some gains.
As per provisional closing data, the barometer index, the S&P BSE Sensex, lost 2.92 points to 61,761.33. The Nifty 50 index added 1.55 points or 0.01% to 18,265.95.
After opening above the 18,300 level, the Nifty witnessed strong buying demand and hit the day's high at 18,344.20 in mid-morning trade. However, steep profit booking emerged at higher levels and the Nifty pared all gains as it ended near the flat line after a see-saw styled session today.
In the broader market, the S&P BSE Mid-Cap index rose 0.03% while the S&P BSE Small-Cap index fell 0.35%.
The market breadth was positive. On the BSE, 1,624 shares rose and 1,871 shares fell. A total of 145 shares were unchanged.
Investor attention remains centered on important US inflation data scheduled for release this week, along with earnings of over 300 companies on the Dalal Street and the outcome of a state election in India.
New Listing:
Shares of Mankind Pharma closed at Rs 1,430 on the BSE, representing a premium of 32.41% compared with the issue price of Rs 1,080.
The scrip was listed at a price of Rs 1,300, at a premium of 20.37% as compared to the issue price.
So far, the stock has hit a high of 1,430 and a low of 1,300. On the BSE, over 12 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Mankind Pharma was subscribed 15.32 times. The issue opened for bidding on Tuesday (25 April 2023) and it closed on Thursday (27 April 2023). The price band of the IPO was fixed at Rs 1,026-1,080 per share.
Buzzing Index:
The Nifty PSU Bank index fell 2.75% to 4,001.80. The index has fallen 4.59% in three sessions.
Indian Bank (down 5.8%), Central Bank of India (down 3.69%), Canara Bank (down 3.58%), Punjab National Bank (down 3.55%) and Bank of Baroda (down 3.14%) were the top losers.
Among the other losers were Bank of India (down 2.9%), UCO Bank (down 2.83%), Union Bank of India (down 2.64%), State Bank of India (down 1.83%) and Punjab & Sind Bank (down 1.55%).
Stocks in Spotlight:
Pidilite Industries rose 0.44%. The company reported 11.3% rise in consolidated net profit to Rs 283.03 crore on 7.3% increase in revenue from operations to Rs 2,689.25 crore in Q4 FY23 over Q4 FY22.
Birlasoft surged 6.90%. The company reported a consolidated net profit of Rs 112.17 crore in Q4 FY23 as against net loss of Rs 16.36 crore in Q3 FY23. Revenue from operations rose marginally to Rs 1,226.39 crore in Q4 FY23 from Rs 1221.89 crore posted in Q3 FY23.
Mahanagar Gas rallied 7.37%. The company's net profit soared 104% to Rs 268.81 crore in Q4 FY23 as compared with Rs 131.80 crore in Q4 FY22. Revenue from operations jumped 48.2% to Rs 1,610.48 crore in Q4 FY23 as against Rs 1,086.77 crore in Q4 FY22.
Kansai Nerolac Paints fell 1.66%. The company reported a standalone net profit of Rs 93.99 crore in Q4 FY23, steeply higher than Rs 24.53 crore recorded in Q4 FY22. Revenue from operations grew by 13.6% year on year to Rs 1,605.11 crore in the quarter ended 31 March 2023.
Aarti Industries rose 0.23%. The company reported consolidated net profit of Rs 149 crore in Q4 FY23 as compared with net profit of Rs 146 crore in Q4 FY22. Total income rose to Rs 1,656 crore in the quarter ended 31 March 2023 as compared with Rs 1,437 crore posted in corresponding quarter last year.
Kalpataru Power Transmission declined 2.32%. The company reported consolidated net profit of Rs 140 crore in Q4 FY23 as compared with net profit of Rs 115 crore in Q4 FY22. Total income rose to Rs 4896 crore in the quarter ended 31 March 2023 as compared with Rs 4169 crore posted in corresponding quarter last year.
Andhra Paper fell 1.54%. The company reported consolidated net profit of Rs 153.90 crore in Q4 FY23 as compared with net profit of Rs 57.44 crore in Q4 FY22. Total income rose to Rs 603.91 crore in the quarter ended 31 March 2023 as compared with Rs 442.06 crore posted in corresponding quarter last year.
Happiest Minds Technologies shed 0.04%. The IT solutions provider's consolidated net profit rose marginally to Rs 57.66 crore in Q4 FY23 from Rs 57.58 crore recorded in Q3 FY23. Revenue from operations grew by 3.03% to Rs 377.98 crore in Q4 FY23 over Q3 FY23.
Birlasoft surged 7.02%. The company reported a consolidated net profit of Rs 112.17 crore in Q4 FY23 as against net loss of Rs 16.36 crore in Q3 FY23. Revenue from operations rose marginally to Rs 1,226.39 crore in Q4 FY23 from Rs 1221.89 crore posted in Q3 FY23. The company said it signed deals of total contract value (TCV) $286 million during the quarter. TCV of new deal wins was $114 million and renewals amounted to $172 million for Q4 FY23.
Ganesh Housing Corporation zoomed 5.09%. The company's consolidated net profit rose 84.38% to Rs 46.50 crore on 17.61% increase in total income to Rs 183.01 crore in Q4 March 2023 over Q4 March 2022.
Indiabulls Real Estate was locked in 20% lower circuit. The company said, ?The merger of NAM Estates and Embassy One Commercial Property Developments (Embassy One) into IBREL has been withheld by the National Company Law Tribunal (NCLT), Chandigarh Bench.?
Global Markets:
Markets in Europe and Asia declined on Tuesday.
Chinese imports fell sharply in April, data showed on Tuesday, indicating that local demand remained weak despite a pick-up in economic activity, although a bigger-than-expected rise in exports saw the country log a strong trade surplus.
Data from the Customs Administrations showed that China's imports fell 7.9% in April from the prior year, as compared with the prior month's reading of negative 1.4%.
On the other hand, China's exports grew a bigger-than-expected 8.5% in April. But the pace of growth slowed from March's reading of 14.8%.
While China's economy grew more than expected in the first quarter of 2023, growth remained largely skewed towards the services sector. Manufacturing, which is a major economic driver for the country, has struggled to recover from three years of COVID-related disruptions.
US stocks paused on Monday after a strong rally in the prior session as investors shift focus to a key inflation reading later this wee
The spotlight this week will be on the Labor Department's inflation reading on Wednesday. Producer prices, weekly jobless claims and consumer sentiment data are all lined up for the week.
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