The key equity indices ended a volatile session near the flat line on Tuesday. The Nifty settled above the 19,650 mark after hitting day's low of 19,615.95 in mid-afternoon trade. Metal, media and auto shares advanced while PSU bank, FMCG and realty stocks declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex declined 29.07 points or 0.04% to 66,355.71. The Nifty 50 index added 8.25 points or 0.04% to 19,680.60.
In the broader market, the S&P BSE Mid-Cap index advanced 0.39% while the S&P BSE Small-Cap index gained 0.31%.
The market breadth was negative. On the BSE, 1,731 shares rose and 1,808 shares fell. A total of 141 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 12.10% to 10.24.
Stocks in Spotlight:
Bajaj Auto declined 0.80%. The auto major reported consolidated net profit jumped 41.33% to Rs 1,644.14 crore on 28.82% increase in net sales to Rs 10,311.91 crore in Q1 FY24 over Q1 FY23. The company's total auto sales rose 10% to 10,27,407 units in Q1 FY24 over Q1 FY23. During the said period, domestic sales jumped 82% while exports slipped 34%.
Tata Steel advanced 3.25%. The steel major's consolidated net profit tumbled 91.8% to Rs 633.95 crore in Q1 FY24 as against Rs 7,764 crore reported in Q1 FY23. Total revenue from operations slipped 6.5% year on year to Rs 59,015.80 crore in the quarter ended 30 June 2023.
Asian Paints slipped 3.95%. The paint major's consolidated net profit jumped 52.46% to Rs 1,550.37 crore on 6.7% increase in revenue from operations to Rs 9,153.79 crore in Q1 FY24 over Q1 FY23.
SpiceJet rose 1.08% after the media reported that aviation watchdog DGCA has taken off the low cost air carrier from its enhanced surveillance regime. The airline had been placed under enhanced surveillance due to concerns about inadequate maintenance and incidents during the previous monsoon season.
Maruti Suzuki India rose 0.65%. The auto major has announced a recall of 87,599 vehicles, specifically the S-Presso and Eeco models, which were produced between the period of 5 July 2021, and 15 February 2023. This recall comes as a result of a suspected defect in a component known as the steering tie rod, utilized in these vehicles. In rare instances, this part may fracture, thereby compromising the steerability and handling of the affected vehicles.
Larsen & Toubro (L&T) fell 1.51%. L&T said that its power transmission & distribution business has secured new 'significant' orders in India and abroad. As per L&T's classification, the value of the said contract lies between Rs 1,000 crore and Rs 2,500 crore.
Jyothy Labs was locked in an upper circuit of 20%. The company's consolidated net profit jumped 98.74% to Rs 96.29 crore in Q1 FY24 as compared with Rs 48.45 crore in Q1 FY23.
Chennai Petroleum Corporation tumbled 9.04% after the company's standalone net profit slumped 76.8% to Rs 548.32 crore in Q1 FY24 as against Rs 2,358.79 crore recorded in Q1 FY23. Revenue from operations (excluding excise duty) dropped 36.3% to Rs 14,744.80 crore in the quarter ended 30 June 2023 from Rs 23,162.55 crore recorded in the corresponding quarter previous year.
Shoppers Stop added 1.76%. The company reported 36.5% decline in consolidated net profit to Rs 14.49 crore in Q1 FY24 from Rs 22.83 crore recorded in Q1 FY23. Revenue from operations grew by 4.8% year on year to Rs 993.61 crore in the quarter ended 30 June 2023.
KPIT Technologies rose 0.63% after the IT firm's consolidated net profit jumped 20.06% to Rs 133.99 crore on 7.89% increase in revenue from operations to Rs 1,097.62 crore in Q1 FY24 over Q4 FY23.
Global Markets:
European and Asian stocks advanced on Tuesday as markets awaited more cues from a Federal Reserve meeting this week, while Chinese markets rose sharply after top officials promised more policies to support growth.
China's Politburo- the top decision-making body of the Communist Party- promised more policy measures to support slowing economic growth in the coming months. Measures will be aimed at the country's biggest growth engines- real estate and private consumption, both of which have deteriorated substantially over the past three years.
South Korea's gross domestic product grew 0.9% year-on-year in the second quarter of 2023, according to advance estimates. This was unchanged from the 0.9% seen in the first quarter.
Global central bank meetings will be in focus. Markets reportedly anticipate a 25 basis points interest rate hike from the US Federal Reserve on Wednesday and European Central Bank on Thursday. Meanwhile, the Bank of Japan on Friday is likely to keep its super-loose policy intact. Investors are waiting for Chair Jerome Powell's statements on his outlook for the economy as it tackles inflation.
US stocks settled higher on Monday as investors bet on sectors beyond technology in a week filled with earnings reports and a Federal Reserve meeting.
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