Sensex adds 296 pts; oil & gas shares rise.

The benchmark indices traded with decent gains in mid-morning trade. The Nifty traded above the 19,250 mark. Oil & gas shares gained for the third consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 296.07 points or 0.46% to 65,014.63. The Nifty 50 index added 86.70 points or 0.45% to 19,275.75.

The Nifty and the Sensex hit all-time highs in morning trade at 19,336.10 and 65,240.57, respectively. Further, the Nifty Bank index also registered its fresh record high at 45,353.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.59%.

The market breadth was strong. On the BSE, 2,023 shares rose and 1,452 shares fell. A total of 175 shares were unchanged.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) declined to 57.8 in June from 58.7 in May. The PMI has been above the neutral level of 50 consistently for two years now, indicating expansion rather than contraction.

Pollyanna De Lima, economics associate director at S&P Global Market Intelligence, said, June's PMI results again showed robust demand for Indian-made products, both in the domestic and international markets. Positive client interest continued to support the manufacturing industry, driving growth of output, employment, quantities of purchases and input stocks.

IPO Updates:

The initial public offer (IPO) of PKH Ventures received bids for 42.93 lakh shares as against 2.56 crore shares on offer, according to stock exchange data at 11:30 IST on Monday (3 July 2023). The issue was subscribed 0.17 times.

The issue opened for bidding on Friday (30 June 2023) and it will close on Tuesday (4 July 2023). The price band of the IPO is fixed at Rs 140 -148per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Oil & Gas index rose 1.82% to 7,672.85, extending gains for the third straight session. The index rallied 3.28% in three trading sessions.

Hindustan Petroleum Corporation (up 6.45%), Indian Oil Corporation (up 4.38%), Bharat Petroleum Corporation (up 3.63%), Mahanagar Gas (up 3.3%) and Gujarat Gas (up 2.47%) Indraprastha Gas (up 1.82%), Castrol India (up 1.74%), Aegis Logistics (up 1.45%), Oil & Natural Gas Corpn (up 1.06%) and Gujarat State Petronet (up 0.83%) edged higher.

Stocks in Spotlight:

Bajaj Auto fell 1.77% after the auto major's total auto sales declined 2% to 3,40,981 units in June 2023 as against 3,47,004 units sold in June 2022.

TVS Motor Company declined 0.48%. The company said that it has sold 316,411 units of two and three-wheelers in June 2023 as compared with 308,501 units sold in June 2022, thereby registering a growth of 3% on YoY basis.

Hero MotoCorp fell 1.15% after the company's total sales decreased by 9.87% to 436,993 units in June 2023 from 484,867 units in June 2022.

Global Markets:

Asian stocks advanced across the board as investors digest a slew of manufacturing activity reports from the region.

China's factory activity grew at a slower rate in June, according a private survey by Caixin/S&P Global. The country's manufacturing purchasing managers' index fell to 50.5 in June, down from 50.9 in May.

Sentiment among Japan's businesses improved in the second quarter, according to the Bank of Japan's quarterly Tankan survey. The headline index, measuring big manufacturers' mood stood at +5 in June, rebounding from a +1 reading in the first quarter.

US stocks logged strong gains on Friday as inflation showed signs of cooling while Apple closed with a $3 trillion market valuation for the first time.

Market reverses gains; Nifty near 18,700; realty shares slide.

The key equity indices gave up all the gains and traded with minor losses in early afternoon trade. The Nifty traded around the 18,700 level after hitting day's high of 18,777.90 in mid-morning trade. Realty shares witnessed profit booking after rising for six consecutive trading sessions. Trading could be volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex, was down 52.26 points or 0.08% to 63,090.70. The Nifty 50 index lost 24.95 points or 0.13% to 18,701.45.

In the broader market, the S&P BSE Mid-Cap index declined 0.59% while the S&P BSE Small-Cap index shed 0.32%.

The market breadth was negative. On the BSE, 1,444 shares rose and 1,988 shares fell. A total of 126 shares were unchanged.

RBI Maintains Status Quo on Rates:

The Reserve Bank of India (RBI) monetary policy committee (MPC) has voted unanimously to keep the repo rate unchanged at 6.5%.

The standing deposit facility (SDF) rate remains unchanged at 6.25% and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth.

These decisions are in consonance with the objective of achieving the medium term target for consumer price index (CPI) inflation of 4% within a band of +/- 2 per cent, while supporting growth, RBI stated.

The central bank has cut inflation aim to 5.1% from 5.2% forecast in April policy.

Meanwhile, the RBI Governor Shaktikanta Das said real GDP growth is projected at 6.5% for FY24, ? Q1 at 8%, Q2 at 6.5%, Q3 at 6% and Q4 at 5.7%.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.65% to 11.37. The Nifty 29 June 2023 futures were trading at 18,752.40, at a premium of 50.95 points as compared with the spot at 18,701.45.

The Nifty option chain for the 29 June 2023 expiry showed maximum Call OI of 38.9 lakh contracts at the 19,000 strike price. Maximum Put OI of 57.1 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Realty index declined 1.60% to 498.20. The index jumped 6.54 in past six trading sessions.

DLF (down 2.65%), Godrej Properties (down 2.14%), Brigade Enterprises (down 2.13%), Macrotech Developers (down 1.99%), Oberoi Realty (down 1.43%), Sobha (down 0.6%), Indiabulls Real Estate (down 0.6%), Phoenix Mills (down 0.03%) slipped.

On the other hand, Prestige Estates Projects (up 0.64%) ,Mahindra Lifespace Developers (up 0.34%) advanced.

Stocks in Spotlight:

Gati surged 5.91% after the company's total volume, including surface and air express, stood at 98 kiloton (kt) in May 2023, up 1% from 97 kt in May 2022.

Spicejet jumped 4.90% after the company said that it will partner with FTAI Aviation to restore fleet under CFM56 revitalization program.

IndusInd Bank rose 0.01%. The bank said that it has been appointed as an authorized 'agency bank' by the Ministry of Finance, Madhya Pradesh State Government. This appointment will enable IndusInd Bank for online collection of state government revenue and receipts such as GST and VAT, collection of stamp duty and pension amounts on behalf of the Madhya Pradesh state government.

Broader market outperforms; pharma shares edge lower.

 

The key equity indices traded in a narrow range in mid-morning trade. The Nifty continued to trade above the 18,300 level after hitting the day's low at 18,289.35 in morning trade. Pharma shares witnessed significant selling pressure.

The barometer index, the S&P BSE Sensex, was up 54.96 points or 0.09% to 61,995.16. The Nifty 50 index added 15.85 points or 0.09% to 18,330.95.

In the broader market, the S&P BSE Mid-Cap index gained 0.38% while the S&P BSE Small-Cap index advanced 0.72%.

The market breadth was strong. On the BSE, 2121 shares rose and 1153 shares fell. A total of 159 shares were unchanged.

On the political front, the Congress party is reportedly likely to get a majority of the seats in Karnataka, predicted various exit polls. The majority mark in the 224-seat Karnataka assembly stands at 113 seats. The results of the election will be declared on May 13.

Buzzing Index:

The Nifty Pharma index fell 1.04% to 12,584.75. The index had advanced 0.86% in the past three sessions.

Aurobindo Pharma (down 2.23%), Natco Pharma (down 1.31%), Alkem Laboratories (down 1.1%) and Zydus Lifesciences (down 1.07%) were the top losers.

Among the other losers were Laurus Labs (down 0.93%), Divis Laboratories (down 0.74%), Torrent Pharmaceuticals (down 0.46%) and Cipla (down 0.41%).

On the other hand, Sanofi India (up 4.38%), Ipca Laboratories (up 1.53%) and Pfizer (up 1.18%) moved up.

Dr Reddys Laboratories slumped 6.48%. The drug major reported consolidated net profit of Rs 959.2 crore in Q4 FY23, which was steeply higher than Rs 87.5 crore reported in Q4 FY22. Revenues increased 15.82% year on year to Rs 6,296.8 crore in the quarter ended 31 March 2023.

Stocks in Spotlight:

Hindalco Industries fell 2.93%. The company's wholly-owned subsidiary Novelis Inc has reported a 27% fall in net income to $156 million for the quarter ended 31 March 2023. The company had posted a net income of $215 million in the corresponding period of the previous fiscal. Net sales decreased 9% YoY to $4.4 billion for the fourth quarter of fiscal year 2023.

Gujarat Gas __ . The gas distribution company's standalone net profit declined 16.9% to Rs 369.22 crore on 15.9% fall innet sales to Rs 3,928.57 crore in Q4 FY23 over Q4 FY22.

Ratnamani Metals & Tubes surged 9.89% to Rs 2466.25 after the company's consolidated net profit jumped 71.59% to Rs 191.55 crore on 53.90% increase in net sales to Rs 1499.08 crore in Q4 March 2023 over Q4 March 2022.

H.G. Infra Engineering rallied 3% to Rs 938 after the company's net profit jumped 64.43% to Rs 170.92 crore on 44.22% increase in revenue from operations to Rs 1,535.43 crore in Q4 FY23 over Q4 FY22.

Global markets:

Asian stocks are trading mixed after Wall Street saw a tech rally as U.S. consumer price index rose less than expected for April.

China's consumer price index rose 0.1% in April year-on-year, the slowest since early 2021. Month-on-month, prices declined by 0.1%. April's reading comes after China's inflation rate eased to 0.7% in March after marking a recent peak of 2.8% in September.

US stock markets closed mixed on Wednesday on lower-than-expected growth in inflation in April.

US inflation was slightly weaker than forecast in April. The Consumer Price Index (CPI) increased 4.9% from April 2022 to April 2023, Bureau of Labor Statistics report showed on Wednesday. That's just below the 5.0% forecast and under the year-over-year percent increase of 5.0% in March.

The White House said in a statement on Wednesday that easing gas and food prices were providing ?some welcome breathing room for families? at a time when the US economy and job market are strong.

Sensex, Nifty end flat; PSU Bank record steep selling.

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.

Benchmarks sharply pare gains; European markets open lower.

The key equity benchmarks sharply pared gains in afternoon trade. The Nifty traded above the 18,250 level. Private bank, IT and auto shares advanced while PSU bank, realty and FMCG shares declined.

The barometer index, the S&P BSE Sensex, was up 109.3 points or 0.18% to 61,873.55. The Nifty 50 index added 23.60 points or 0.13% to 18,288.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was positive. On the BSE, 1,811 shares rose and 1,603 shares fell. A total of 152 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.

Gainers and Losers:

IndusInd Bank (up 1.59%), Divi's Laboratories (Up 1.47%), Asian Paints (up 1.23%), Axis Bank (up 1.08%), Tata Motors (up 1.06%) were major Nifty gainers.

UPL (down 2.43%), ITC (down 1.18%), State Bank of India (down 1.09%), Grasim Industries (down 0.96%), JSW Steel (down 0.96%) were were top Nifty losers.

Stocks in Spotlight:

Pidilite Industries fell 0.20%. 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 7.94% after 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 8.37% after 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 rose 0.32% after 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.

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 week.

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.

Key indices trade with strong gains; auto shares rise for 3rd day.

The key equity indices continued to trade with strong gains in mid-morning trade. The Nifty scaled marched towards the 18,250 level. Auto shares extended gains for third consecutive session.

The barometer index, the S&P BSE Sensex, was up 606.7 points or 0.99% to 61,660.99. The Nifty 50 index added 163.95 points or 0.91% to 18,232.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index gained 0.69%.

The market breadth was strong. On the BSE, 2133 shares rose, and 1287 shares fell. A total of 156 shares were unchanged.

Buzzing Index:

The Nifty Auto index added 1.54% to 13,551.10. The index has added 2.05% in three sessions.

Sona BLW Precision Forgings (up 4.16%), Tata Motors (up 2.65%), TVS Motor Company (up 1.98%), Ashok Leyland (up 1.94%) and Mahindra & Mahindra (up 1.73%) were the top gainers.

Among the other gainers were Bharat Forge (up 1.66%), Bajaj Auto (up 1.37%), Hero MotoCorp (up 1.24%), Maruti Suzuki India (up 0.97%) and Samvardhana Motherson International (up 0.8%).

On the other hand, Tube Investments of India (down 0.37%) and MRF (down 0.31%) turned lower.

Stocks in Spotlight:

Alembic Pharma rose 1.51%. The company reported net profit of Rs 152.60 crore in Q4 FY23, steeply higher from Rs 21.92 crore in Q4 FY22. Revenue from operations declined marginally to Rs 1406.45 crore in quarter ended 31 march 2023 from Rs 1415.74 crore in same quarter last year.

Equitas Small Finance Bank advanced 3.87%. The company reported 32% jump in net profit to Rs 922 crore on a 28% increase in net interest income to Rs 707 crore in Q4 FY23 as compared with Q4 FY22.

Olectra Greentech rallied 6.45%. The company's consolidated net profit jumped 52% to Rs 27.01 crore on 38.6% rise in revenue from operations to Rs 375.91 crore in Q4 FY23 over Q4 FY22.

SJVN gained 1.54%, The state-owned firm said that it has bagged a contract for setting up a connected wind power plant anywhere in India from Gujarat Urja Vikas Nigam.

Global markets:

Asian stocks traded mostly higher on Monday after Wall Street snapped a four-day losing streak Friday.

The Bank of Japan's board members discussed concerns over inflation rising more than expected, minutes from former governor Haruhiko Kuroda's final meeting showed. They also warned against ?hasty? changes to the central bank's monetary policy, including its inflation target of 2%.

US stocks rebounded Friday, ending largely higher as shares of Apple surged after upbeat results and U.S. jobs data pointed to a resilient labor market.

U.S. job growth accelerated in April while wage gains increased solidly. The non-farms payroll report showed U.S. employers added 253,000 new jobs in April, up from 165,000 in March. The Labor Department's closely watched employment report on Friday also showed the unemployment rate falling back to 3.4%.

Indices end with major cuts amid volatility; Nifty below 18,100; HDFC twins tumble.

The domestic equity benchmarks ended a volatile session with major losses on Friday. The Nifty traded settled below the 18,100 level. Consumer durables, auto and FMCG stocks were in demand while banking, financial services and media stocks witnessed a bit of a selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 694.96 points or 1.13% to 61,054.29. The Nifty 50 index lost 186.80 points or 1.02% to 18,069.

In the broader market, the S&P BSE Mid-Cap index declined 0.50% while the S&P BSE Small-Cap index shed 0.39%.

The market breadth was negative. On the BSE, 1,499 shares rose and 2,015 shares fell. A total of 127 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 4.79% to 12.30.

Buzzing Index:

The Nifty Bank index declined 2.82% to 21,478.95. The index advanced 3.66% in past eight trading sessions.

Federal Bank Ltd (down 8.72%), HDFC Bank Ltd (down 5.86%), IndusInd Bank Ltd (down 5.6%), City Union Bank Ltd (down 4.29%), RBL Bank Ltd (down 4.28%), Bandhan Bank Ltd (down 1.52%), Kotak Mahindra Bank Ltd (down 1.3%), IDFC First Bank Ltd (down 0.86%), Axis Bank Ltd (down 0.12%) slipped.

HDFC Bank slipped 5.86% and Housing Development Finance Corporation (HDFC) skid 5.52% amid reports that the merged HDFC entity could see $150-200 million in outflows. MSCI plans to include HDFC Bank in the large-cap segment of MSCI Global Standard Indexes with an adjustment factor of 0.5, causing concerns of potential outflows of $150-200 million instead of expected inflows. If the adjustment factor had been 1, HDFC Bank would have seen an incremental inflow of around $3 billion.

Federal Bank slumped 8.72%. The private bank's standalone net profit surged 67% to Rs 902.61 crore on a 38.2% increase in total income to Rs 4,120.03 in Q4 FY23 over Q4 FY22. Meanwhile, the board of directors recommended a final dividend of Re 1 for the year ended 31 March 2023.

Stocks in Spotlight:

Hero MotoCorp rose 1.25%. The two-wheeler major's consolidated net profit rose to Rs 810.80 crore in Q4 March 2023 as compared to net profit of Rs 620.56 crore in Q4 March 2022. Total income rose to Rs 8,671.82 crore in Q4 March 2023 from Rs 7,627.99 crore in Q4 March 2022.

Tata Power fell 1.94%. The company's consolidated net profit rose 48% to Rs 939 crore in Q4 March 2023 as compared to net profit of Rs 632 crore in Q4 March 2022. Revenue rose 6% to Rs 12,755 crore in Q4 March 2023 from Rs 12,085 crore in Q4 March 2022.

TVS Motor Company rallied 3.77%. The company's consolidated net profit rose to Rs 335.67 crore in Q4 March 2023 as compared to net profit of Rs 274.67 crore in Q4 March 2022. Total income rose to Rs 8,098.54 crore in Q4 March 2023 from Rs 6,598.75 crore in Q4 March 2022.

CEAT jumped 3.26% after the company reported consolidated net profit of Rs 133.70 crore in Q4 FY23, steeply higher from Rs 25.25 crore posted in Q4 FY22. Revenue from operations jumped 10.9% to Rs 2,874.82 crore in Q4 FY23 as compared with Rs 2,591.99 crore in Q4 FY22.

Bharat Forge declined 1.35% after the company's standalone net profit declined 6.66% to Rs 244.52 crore in Q4 FY23 as against Rs 261.96 crore reported in Q4 FY22. Revenue from operations jumped 19.31% year on year to Rs 1,997.28 crore during the quarter. Shipment Tonnage rose by 12.3% YoY, Domestic revenue was higher by 10% YoY and Export revenue surged 25.7% YoY.

United Breweries slipped 2.45% after the company's consolidated net profit slumped 94% to Rs 9.81 in Q4 FY23 as against Rs 163.40 crore recorded in Q4 FY22. Net sales stood at Rs 1,765.88 crore in Q4 FY23, up 3.3% from Rs 1,709.17 crore reported in Q4 FY22.

Fertilizers & Chemicals Travancore (FACT) tumbled 7.21% after the company's consolidated net profit declined 26.9% to Rs 165.60 crore in Q4 FY23 as against Rs 226.54 crore in Q4 FY22. Revenue from operations dropped 26.22% to Rs 1,248.84 crore during the quarter ended 31 March 2023 from Rs 1,692.55 crore posted in corresponding quarter last year.

360 ONE WAM added 2.10% after the company's consolidated net profit fell 6% to Rs 155.45 crore in Q4 FY23 on 8.5% decline in total income to Rs 529.83 crore in Q4 FY23 over Q4 FY22.

Global Markets:

Markets in Europe advanced across the board while Asian stocks ended mixed on Friday.

The European Central Bank (ECB) announced a 0.25% raise on Thursday, bringing the eurozone's key interest rate to 3.75% in a bid to curb inflation. ?The inflation outlook continues to be too high for too long,? the central bank said in a statement.

Wall Street ended lower on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players.

Nifty hovers below 18,150; private banks slide.

The key equity indices continued to trade in a narrow range with major losses in mid-afternoon trade. The Nifty hovered below the 18,150 mark. Private bank stocks witnessed selling pressure after gaining for six consecutive trading sessions.

The barometer index, the S&P BSE Sensex, was down 529.41 points or 0.86% to 61,219.84. The Nifty 50 index lost 140.85 points or 0.77% to 18,114.95.

In the broader market, the S&P BSE Mid-Cap index declined 0.30% while the S&P BSE Small-Cap index shed 0.29%.

The market breadth was negative. On the BSE, 1,467 shares rose and 1,977 shares fell. A total of 147 shares were unchanged.

Numbers to track:

MCX Gold futures for 5 June 2023 settlement declined 0.26% to Rs 61,336.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 101.30.

The United States 10-year bond yield added 1.41% to 3.399.

In the commodities market, Brent crude for July 2023 settlement added $1.21 or 1.67% to $73.71 a barrel.

Buzzing Index:

The Nifty Bank index declined 2.08% to 21,642.35. The index advanced 3.66% in past eight trading sessions.

Federal Bank Ltd (down 7.35%), HDFC Bank Ltd (down 5.46%), IndusInd Bank Ltd (down 3.75%), RBL Bank Ltd (down 3.64%), City Union Bank Ltd (down 3.23%), Bandhan Bank Ltd (down 1.03%), IDFC First Bank Ltd (down 0.16%) slipped.

On the other hand, ICICI Bank Ltd (up 1.15%) ,Kotak Mahindra Bank Ltd (up 0.58%) and Axis Bank Ltd (up 0.5%) advanced.

Federal Bank slumped 7.35%. The private bank's standalone net profit surged 67% to Rs 902.61 crore on a 38.2% increase in total income to Rs 4,120.03 in Q4 FY23 over Q4 FY22. Meanwhile, the board of directors recommended a final dividend of Re 1 for the year ended 31 March 2023.

Stocks in Spotlight:

Fertilizers & Chemicals Travancore (FACT) tumbled 6.65% after the company's consolidated net profit declined 26.9% to Rs 165.60 crore in Q4 FY23 as against Rs 226.54 crore in Q4 FY22. Revenue from operations dropped 26.22% to Rs 1,248.84 crore during the quarter ended 31 March 2023 from Rs 1,692.55 crore posted in corresponding quarter last year.

360 ONE WAM shed 0.85% after the company's consolidated net profit fell 6% to Rs 155.45 crore in Q4 FY23 on 8.5% decline in total income to Rs 529.83 crore in Q4 FY23 over Q4 FY22.

Global Markets:

Markets in Europe advanced across the board while Asian stocks traded mixed on Friday.

The European Central Bank (ECB) announced a 0.25% raise on Thursday, bringing the eurozone's key interest rate to 3.75% in a bid to curb inflation. ?The inflation outlook continues to be too high for too long,? the central bank said in a statement.

Wall Street ended lower on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players.

Nifty slides below 18,150; media shares decline; breadth turns negative.

The domestic barometers traded near the day's low with significant losses in mid-morning trade. The Nifty slipped below the 18,150 mark. Media shares saw profit booking after gaining for six consecutive trading sessions.

The barometer index, the S&P BSE Sensex, was down 462.58 points or 0.75% to 61,286.67. The Nifty 50 index lost 120.15 points or 0.66% to 18,135.65.

In the broader market, the S&P BSE Mid-Cap index slipped 0.16% while the S&P BSE Small-Cap index shed 0.29%.

The market breadth was negative. On the BSE, 1,460 shares rose and 1,824 shares fell. A total of 128 shares were unchanged.

Results Today:

Britannia Industries (up 0.81%), Bharat Forge (up 0.86%), Federal Bank (down 1.72%), Marico (up 0.09%), Gujarat Fluorochemicals (up 0.31%), Alembic Pharmaceuticals (down 0.19%), Piramal Enterprises (down 0.65%), Blue Dart Express (up 0.31%), Ajanta Pharma (up 1.64%), Equitas Small Finance Bank (down 0.44%), DCB Bank (down 0.27%), Stylam Industries (0%), Go Fashion India (up 1.14%), Tatva Chintan Pharma Chem (down 2.28%), KFin Technologies (down 0.92%), Tata Investment Corporation (up 0.28%), Sundaram-Clayton (up 1.29%) will announce their quarterly earnings later in the day.

Union Bank of India (up 0.74%), Bank of India (up 2.39%), 3i Infotech (up 0.99%), ADF Foods (down 1.04%), Aether Industries (down 0.25%), Computer Age Management Services (up 1.11%), Gujarat Ambuja Exports (up 1.42%), Greenpanel Industries (down 1.43%), Grindwell Norton (up 1.05%), TVS Electronics (down 0.22%), and Zen Technologies (down 1.08%) will announce their quarterly results on Saturday, 6 May 2023.

Buzzing Index:

The Nifty Media index fell 1.27% to 1,715.90. The index advanced 3.93% in past six trading sessions.

Dish TV India (down 2.77%), Network 18 Media & Investments (down 1.68%), Sun TV Network (down 1.45%), Navneet Education (down 1.29%), TV18 Broadcast (down 1.28%), Zee Entertainment Enterprises (down 1.23%), New Delhi Television (down 0.82%), PVR Inox (down 0.72%), Hathway Cable & Datacom (down 0.36%) declined.

Buzzing Index:

The Nifty Financial Services index fell 0.94% to 19,296.80. The index rose 1.55% in the past trading session.

HDFC Bank (down 4.5%), Housing Development Finance Corporation (down 4.26%), REC (down 0.73%), Power Finance Corporation (down 0.09%) declined.

On the other hand, Indian Energy Exchange (up 3.63%), SBI Cards & Payment Services (up 2.64%) and Axis Bank (up 2.14%) edged higher.

Stocks in Spotlight:

Blue Star rose 0.86% The home appliances company's consolidated net profit zoomed 195.8% to Rs 225.25 crore in Q4 FY23 from Rs 76.16 crore reported in Q4 FY22. Revenue from operations grew by 16.4% year on year to Rs 2,623.83 crore in the quarter ended 31 March 2023.

CEAT rallied 4.01% after the company reported consolidated net profit of Rs 133.70 crore in Q4 FY23, steeply higher from Rs 25.25 crore posted in Q4 FY22. Revenue from operations jumped 10.9% to Rs 2,874.82 crore in Q4 FY23 as compared with Rs 2,591.99 crore in Q4 FY22.

Global Markets:

Asian stocks traded mixed as banking fears were reignited on Wall Street, sending the three major U.S. indexes into a four day losing streak. Markets in Japan and South Korea are closed for a holiday Friday.

Wall Street ended lower on Thursday after PacWest's move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players.

The European Central Bank (ECB) announced a 0.25% raise on Thursday, bringing the eurozone's key interest rate to 3.75% in a bid to curb inflation. ?The inflation outlook continues to be too high for too long,? the central bank said in a statement.

Market ends with minor losses ahead of Fed decision; Nifty below 18,100.

 

The domestic benchmarks ended with limited losses on Wednesday. The Nifty settled below the 18,100 level. FMCG, media and realty shares saw buying demand while IT, metal and PSU bank stocks witnessed a bit of selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 161.41 points or 0.26% to 61,193.30. The Nifty 50 index lost 57.80 points or 0.32% to 18,089.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.35% while the S&P BSE Small-Cap index rose 0.20%.

The market breadth was negative. On the BSE, 1,722 shares rose and 1,774 shares fell. A total of 156 shares were unchanged.

Investors were awaiting the Federal Open Market Committee's (FOMC) interest rate decision due later today. Traders were also anxious for indications from the Fed regarding whether the anticipated hike on Wednesday will be the final one in the cycle or if additional increases are possible if inflation persists at high levels.

Economy:

Service sector growth in India quickened substantially in April, with demand strength promoting the fastest increases in new business and output in close to 13 years. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose to 62.0 in April from 57.8 in March, signaling the fastest expansion in output since mid 2010.

Buzzing Index:

The Nifty PSU Bank declined 0.98% to 4,143.20, snapping its six days gaining streak. The index jumped 7.75% in six trading sessions.

Punjab & Sind Bank (down 8.54%), UCO Bank (down 5.2%), Central Bank of India (down 5.13%), Indian Overseas Bank (down 2.71%), Bank of Baroda (down 1.89%), Bank of Maharashtra (down 1.33%), Bank of India (down 1.24%), Union Bank of India (down 0.98%), State Bank of India (down 0.83%) and Punjab National Bank (down 0.38%) declined.

On the other hand, Indian Bank (up 1.61%) advanced.

Punjab & Sind Bank tumbled 8.54%. The bank reported 32.04% jump in net profit to Rs 456.99 crore on 32.08% rise in total income to Rs 2,651.98 crore in Q4 FY23 over Q4 FY22. Net interest income zoomed 154.42% YoY to Rs 547 crore in Q4 FY23 from Rs 215 crore recorded in Q4 FY22.

Stocks in Spotlight:

Tata Steel fell 0.50%. On consolidated basis basis, the steel major reported net profit of Rs 1566 crore in Q4 March 2023 as compared to net profit of Rs 9835 crore in Q4 March 2022. Turnover dropped to Rs 62,962 crore in Q4 March 2023 from Rs 69,324 crore in Q4 March 2022.

Ambuja Cements slipped 3.02%. On consolidated basis basis, the cement major's net profit declined 2.11% year on year to Rs 644.94 crore in March 2023 quarter. Revenue rose marginally to Rs 7,965.98 crore in quarter ended 31 March 2023 from Rs 7,900.04 crore posted in the corresponding quarter last year.

Cipla added 0.42%. A routine current Good Manufacturing Practices (cGMP) inspection was conducted by the United States Food and Drug Administration (USFDA) at the manufacturing facility of InvaGen Pharmaceuticals Inc. (wholly owned subsidiary of Cipla) located in Fall River, Massachusetts, USA, from 24th April 2023 to 1 May, 2023. The inspection concluded with zero Form 483 observations.

JSW Steel shed 0.49%. The steel major on Wednesday announced that its US-based subsidiary, JSW Steel USA Ohio, Inc will invest $145 million in new projects to upgrade its manufacturing operations at Mingo Junction, Ohio. This is in alignment with President Biden Administration's Buy America policies, the company stated in the press release. JSW Steel USA aims to meet the demand for quality steel products that are melted & manufactured in the US. These new projects are expected to be completed & commissioned in FY26.

MRF surged 5.23% after the tyre maker's consolidated net profit zoomed 106.2% to Rs 340.67 crore in Q4 FY23 as against Rs 165.21 crore in Q4 FY22. Revenue from operations was at Rs 5,841.72 crore in Q4 FY23, registering a growth of 10.12% from Rs 5,304.82 crore recorded in the corresponding quarter previous year.

Spandana Sphoorty Financial jumped 3.78%. On consolidated basis basis, the company reported net profit of Rs 105.6 crore in Q4 March 2023 as compared to net profit of Rs 28.6 crore in Q4 March 2022. Total income rose to Rs 533 crore in Q4 March 2023 from Rs 299.10 crore in Q4 March 2022.

Adani Wilmar (AWL) slipped 4.58% after the company's consolidated net profit slumped 60.05% to Rs 93.61 crore in Q4 FY23 as against Rs 234.29 crore in Q4 FY22. Revenue from operations stood at Rs 13,872.64 crore in Q4 FY23, down 7% from Rs 14,917.26 crore recorded in the corresponding quarter previous year.

Godrej Properties rose 0.04%. The realtor reported 58% rise in consolidated net profit to Rs 412.14 crore on 23.72% increase revenue from operations to Rs 1,646.27 crore in Q4 FY23 over Q4 FY22. On the operational front, total booking value increased by 25% to Rs 4,051 crore in Q4 FY23 as compared with Rs 3,248 crore posted in Q4 FY22. Total booking volume rose 24% to 5.25 million sq. ft. in Q4 FY23 as compared to 4.24 million sq. ft. in Q4 FY22.

Global Markets:

Markets in Europe advanced while Asian stocks ended mixed on Wednesday, as global investors brace themselves for the U.S. Federal Reserve's latest monetary policy decision.

Markets in Japan and mainland China are closed for a holiday Wednesday.

Investors remain cautious ahead of the US Fed's interest rate decision, which is due later in the day. The Fed is reportedly likely to hike rates by 25 basis points.

Overnight in the U.S., all three major indexes fell for a second-straight session on Tuesday as banking fears returned to Wall Street ahead of the Fed rate decision.

Nifty hovers below 18,100; IT shares advance.

The domestic barometers continued to trade with minor cuts in mid-morning trade. The Nifty hovered below the 18,100 level. IT shares snapped four days rising streak.

The barometer index, the S&P BSE Sensex, was down 215.16 points or 0.35% to 61,139.55. The Nifty 50 index lost 65.90 points or 0.36% to 18,081.75

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.37% while the S&P BSE Small-Cap index rose 0.38%.

The market breadth was positive. On the BSE, 1,866 shares rose and 1,409 shares fell. A total of 166 shares were unchanged.

Investors were cautious ahead of the Federal Open Market Committee's (FOMC) interest rate decision later today, as the US central bank commences its two-day meeting.

Results Today:

Titan Company (up 0.18%), Adani Wilmar (down 0.24%), Petronet LNG (up 0.57%), KEC International (up 0.27%), Havells India (down 0.72%), Tata Chemicals (up 0.42%), SIS (down 0.26%), ABB India (up 0.79%), Solar Industries (down 0.09%), KPR Mill (up 0.93%), Godrej Properties (up 1.65%), Sona BLW Precision Forgings (up 1.35%), Jyothy Labs (up 0.65%), Anupam Rasayan (up 2.73%), Bajaj Consumer Care (up 0.92%), MRF (up 0.14%), Reliance Power (down 0.74%), PNB Gilts (up 0.21%), Cholamandalam Investment & Finance (up 1.31%), Sula Vineyards (up 3.84%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty PSU bank index rose 1.04% to 4,140.70, snapping its six days gaining streak. The index jumped 7.75% in six trading sessions.

Central Bank of India (down 3.97%), UCO Bank (down 3.25%), Punjab & Sind Bank (down 3.2%), Bank of Baroda (down 2.76%), Union Bank of India (down 1.37%), Indian Overseas Bank (down 1.16%), Bank of India (down 0.77%), Indian Bank (down 0.53%), Bank of Maharashtra (down 0.5%) and Punjab National Bank (down 0.38%) declined.

Buzzing Index:

The Nifty IT index declined 0.81% to 27,797.10, snapping its four days gaining streak. The index jumped 3.85% in four trading sessions.

L&T Technology Services (down 1.65%), LTI Mindtree (down 0.99%), Tata Consultancy Services (down 0.96%), HCL Technologies (down 0.8%) and Mphasis (down 0.77%), Persistent Systems (down 0.7%), Coforge (down 0.66%), Infosys (down 0.58%), Tech Mahindra (down 0.56%) and Wipro (down 0.4%) slipped.

Stocks in Spotlight:

Fino Payments Bank advanced 1.93% after the bank's net profit jumped 25% to Rs 22.08 crore on 13% rise in total income to Rs 323 crore in Q4 FY23 over Q4 FY22. EBITDA expanded by 46% year on year to Rs 43 crore in Q4 FY23. EBITDA margin stood at 13.3% in Q4 FY23 as against 10.3% in Q4 FY22.

DCM Shriram fell 2.40% after the company reported 53% drop in net profit to Rs 187 crore in Q4 FY23 from Rs 401 crore in Q4 FY22. Net revenue from operations declined 3% YoY to Rs 2,720 crore during the quarter.

Punjab & Sind Bank slipped 4.12%. The bank reported 32.04% jump in net profit to Rs 456.99 crore on 32.08% rise in total income to Rs 2,651.98 crore in Q4 FY23 over Q4 FY22. Net interest income zoomed 154.42% YoY to Rs 547 crore in Q4 FY23 from Rs 215 crore recorded in Q4 FY22.

Global Markets:

Asian stocks traded mixed on Wednesday following the negative cues from Wall Street overnight. Markets in Japan and mainland China are closed for a holiday Wednesday.

Investors remain cautious ahead of the US Fed's interest rate decision, which is due later in the day. The Fed is reportedly likely to hike rates by 25 basis points.

Overnight in the U.S., all three major indexes fell for a second-straight session on Tuesday as banking fears returned to Wall Street ahead of the Fed rate decision.