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.

Sensex jumps 242 pts, rises for 8th session; Nifty ends above 18,100.

The key equity indices ended a range bound session with modest gains on Tuesday. The Nifty settled a tad below the 18,150 level. Metal, oil & gas and IT shares advanced while pharma, FMCG and realty stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex rose for the eighth consecutive session, advancing 242.27 points or 0.40% to 61,354.71. The Nifty 50 index added 82.65 points or 0.46% to 18,147.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index advanced 0.63%.

The market breadth was strong. On the BSE, 2,117 shares rose and 1,515 shares fell. A total of 184 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 8.67% to 11.90.

Economy:

The gross Goods and Services Tax (GST) revenue collection grew by 12% in April to Rs 1.87 lakh crore. It is the highest monthly mop-up since the rollout of the indirect tax regime in July 2017. Previously, the highest GST collection was recorded in April last year at Rs 1.68 lakh crore. Meanwhile, the GST collection for March 2023 stood at Rs 1.60 lakh crores.

The output of eight infrastructure sectors registered a growth of 3.6% in March 2023, the slowest in five months, showed government data released on Friday. The output of core sectors had increased by 7.2% in February 2023 and 4.8% in the year-ago month. The previous low was 0.7% in October 2022. The output of crude oil declined by 2.8%, power by 1.8% and cement by 0.8% in March this year.

India's manufacturing activity expanded at the fastest pace in four months amid faster rises in new orders and output along with a lack of pressure on supplier capacity, the results of the purchasing managers' survey from S&P Global showed on Monday. The manufacturing Purchasing Managers' Index, or PMI, rose to 57.2 in April from 56.4 in February.

April Auto Sales Impact:

Mahindra & Mahindra (M&M) rose 0.68%. M&M announced that its overall auto sales for the month of April 2023 stood at 62,294 vehicles, up by 36% from 45,640 vehicles sold in the same period last year. M&M's Farm Equipment Sector (FES) sold 36,405 tractor units in April 2023 as against 40,939 tractor units in the same period last year, recording a de-growth of 11% on YoY basis.

Tata Motors declined 1.06% after the company's domestic and international sales for April 2023 stood at 69,599 vehicles, down 3.69% compared to 72,468 units during April 2022.

Maruti Suzuki India advanced 2.10%. The company announced that its total sales in the month of April 2023 aggregated to 160,529 units, which is higher by 7% as compared with 150,661 units sold in the same period last year. While the company's total domestic sales rose by 9% to 143,558 units, exports declined by 8% to 16,971 units in April 2023 over April 2022.

?The shortage of electronic components had some impact on the production of vehicles. The Company took all possible measures to minimise the impact,? the auto maker said in a statement.

Bajaj Auto added 1.46%. The auto company's total auto sales increased by 7% to 3,31,278 units in April 2023 from 3,10,774 units sold in April 2022.

TVS Motor Company rose 2.01%. The auto major said that total sales in the month of April 2023 were 306,224 units, recording a sales growth of 4% as compared with the same period last year. Total sales in April 2022 amounted to 295,308 units.

Escorts Kubota increased 0.43%. The company said that its Agri Machinery business had sold 7,565 tractors in April 2023 as against 8,325 tractors sold in April 2022, recording a de-growth of 9.1% on YoY basis. Domestic tractor sales during the month fell by 5.5% to 7,252 units from 7,676 units sold in April 2022.

Ashok Leyland declined 1.51%.The commercial vehicles maker reported 10% rise in total vehicle sales to 12,974 units in April 2023 from 11,847 units in April 2022.

Hero MotoCorp slipped 2.32% after the company's total sales declined by 5% to 396,107 units in April 2023 from 418,622 units in April 2022.

Stocks in Spotlight:

Oil and Natural Gas Corporation (ONGC) (up 3.43%), Oil India (up 1.16%) and Reliance Industries (up 0.82%) climbed after the government cut the windfall tax on petroleum crude to Rs 4,100 per tonne from Rs 6,400 per tonne, effective from 2 May 2023. The government left the windfall tax on petrol, diesel and aviation turbine fuel at zero.

Kotak Mahindra Bank shed 1.02%. The bank's net profit rose to Rs 3,495.59 crore in Q4 FY23 as against Rs 2,767.40 crore posted in Q4 FY22. Total income rose to Rs 12,007.23 crore in Q4 FY23 from Rs 8,770.04 crore recorded in the corresponding quarter of previous year.

UltraTech Cement fell 1.28%. The cement major's consolidated net profit (from continuing operations) tumbled 31.48% to Rs 1,685.95 crore in Q4 FY23 as against Rs 2,460.51 crore posted in Q4 FY22. Revenue from operations grew by 18.36% to Rs 18,662.38 crore in Q4 FY23 from Rs 15,767.28 crore recorded in the corresponding quarter of previous year.

Adani Green Energy (AGEL) added 2.78% after the power generation company reported a consolidated net profit of Rs 508 crore in Q4 FY23, steeply higher than Rs 121 crore recorded in Q4 FY22. Revenue from operations climbed 81.65% year on year to Rs 2,583 crore during the quarter.

SBI Cards and Payment Services advanced 1.32%. The NBFC reported a 2.7% rise in net profit to Rs 596.47 crore in Q4 FY23 from Rs 580.86 crore recorded in Q4 FY22. Total income jumped 29.9% year on year to Rs 3,916.57 crore in the quarter ended 31 March 2023.

Rail Vikas Nigam Limited (RVNL) was locked in an upper circuit of 10% after the company and its JV partner emerged as the lowest bidder for construction works related to an irrigation project in Rajasthan. The project costs Rs 2248.95 crore and is divided between RVNL and SCC, with RVNL owning 51% of the project and SCC owning 49%. Meanwhile, RVNL was recently accorded with the status of 'Navratna' central public sector enterprise (CPSE) by the Finance Ministry.

IDFC First Bank rallied 3.65% after the bank's net profit surged 134.2 % to Rs 802.62 crore in Q4 FY23 as compared with Rs 342.73 crore in Q4 FY22. Total income jumped 45.3% to Rs 7,821.83 crore in quarter ended 31 March 2023 as against Rs 5,384.88 crore recorded in quarter ended 31 March 2022.

IDBI Bank rose 0.40% after the bank's standalone net profit surged 64.11% to Rs 1,133.37 crore on 28.87% rise in total income to Rs 7,013.84 crore in Q4 FY23 over Q4 FY22.

L&T Finance Holdings gained 0.24%. The company's consolidated net profit jumped 46.4% to Rs 501.08 crore on 11.42% rise in total income to Rs 3,417.53 crore in Q4 FY23 over Q4 FY22.

Global Markets:

Most of the shares in Europe declined while its Asian peers advanced on Tuesday, as investors awaiting the start of the U.S. Federal Reserve's latest monetary policy meeting.

Headline inflation of the Euro zone came in at 7% for last month, according to Eurostat, after it dropped to 6.9% in March. At the same time, core inflation, which excludes food and energy prices, stood at 5.6% in April from 5.7% in March.

Mainland Chinese markets are closed for a holiday Tuesday. South Korea's inflation rate softened to 3.7% in April, lower than March's figure of 4.2%.

Investors will be closely watching Australia's central's bank to see if it will continue to hike interest rates, having held the benchmark policy rate at 3.6% in their last meeting.

U.S. stocks ended little changed on Monday as investors took in the weekend auction of First Republic Bank and braced for this week's expected interest rate hike from the Federal Reserve. The Fed, which has been raising rates to cool inflation, is reportedly expected to hike rates an additional 25 basis points on Wednesday.

Market turns range bound; IT shares advance.

The domestic benchmarks continued to trade in a narrow range with significant gains in mid-morning trade. The Nifty hovered near the 18,150 level. IT shares advanced for fourth consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 293.75 points or 0.48% to 61,406.19. The Nifty 50 index added 82.65 points or 0.46% to 18,147.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.77% while the S&P BSE Small-Cap index gained 0.78%.

The market breadth was strong. On the BSE, 2,108 shares rose and 1,301 shares fell. A total of 191 shares were unchanged.

Economy:

The gross Goods and Services Tax (GST) revenue collection grew by 12% in April to Rs 1.87 lakh crore. It is the highest monthly mop-up since the rollout of the indirect tax regime in July 2017. Previously, the highest GST collection was recorded in April last year at Rs 1.68 lakh crore. Meanwhile, the GST collection for March 2023 stood at Rs 1.60 lakh crores.

Buzzing Index:

The Nifty IT index rose 1.38% to 28,090.70, extending gains for the fourth day in a row. The index jumped 4.09% in four trading sessions.

LTI Mindtree (up 4.36%), Tech Mahindra (up 3.78%), Mphasis (up 3.38%), Infosys (up 1.74%), Wipro (up 1.44%), L&T Technology Services (up 1.33%), Persistent Systems (up 1%), HCL Technologies (up 0.63%), Tata Consultancy Services (up 0.18%) and Coforge (up 0.11%) advanced.

Stocks in Spotlight:

TVS Motor Company rose 1.23%. The auto major said that total sales in the month of April 2023 were 306,224 units, recording a sales growth of 4% as compared with the same period last year. Total sales in April 2022 amounted to 295,308 units.

SBI Cards and Payment Services declined 0.06%. The NBFC reported a 2.7% rise in net profit to Rs 596.47 crore in Q4 FY23 from Rs 580.86 crore recorded in Q4 FY22. Total income jumped 29.9% year on year to Rs 3,916.57 crore in the quarter ended 31 March 2023.

Escorts Kubota fell 0.11%. The company said that its Agri Machinery business had sold 7,565 tractors in April 2023 as against 8,325 tractors sold in April 2022, recording a de-growth of 9.1% on YoY basis. Domestic tractor sales during the month fell by 5.5% to 7,252 units from 7,676 units sold in April 2022.

Global Markets:

Asian stocks were trading mostly higher as most markets reopen after the long Labor Day weekend. Mainland Chinese markets are closed for a holiday Tuesday.

South Korea's inflation rate softened to 3.7% in April, lower than March's figure of 4.2%.

Investors will be closely watching Australia's central's bank to see if it will continue to hike interest rates, having held the benchmark policy rate at 3.6% in their last meeting.

U.S. stocks ended little changed on Monday as investors took in the weekend auction of First Republic Bank and braced for this week's expected interest rate hike from the Federal Reserve. The Fed, which has been raising rates to cool inflation, is reportedly expected to hike rates an additional 25 basis points on Wednesday.

Indices trade with minor cuts, PSU bank advance.

The key equity indices continued to trade with small losses in morning trade. The Nifty traded around the 17,900 level. PSU Bank extended its winning streak for the fifth consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 62.75 points or 0.10% to 60,586.63. The Nifty 50 index shed 5.20 points or 0.03% to 17,909.85.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.53% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was strong. On the BSE, 2,028 shares rose and 1,092 shares fell. A total of 143 shares were unchanged.

Results Today:

UltraTech Cement (up 0.17%), SBI Cards and Payment Services (down 2.02%), CSB Bank (up 0.34%), L&T Finance Holdings (up 0.77%), Mahindra & Mahindra Financial Services (down 0.95%), Vedant Fashions (down 0.27%), Atul (up 1.59%), CarTrade Tech (up 2.57%), eMudhra (up 0.63%), Himadri Speciality Chemical (up 1.47%), Ramkrishna Forgings (down 0.38%), Star Health and Allied Insurance Company (up 0.29%), and Tata Metaliks (up 0.27%) will announce their quarterly earnings later in the day.

Kotak Mahindra Bank (down 0.61%), IDBI Bank (up 1.05%), RBL Bank (up 0.97%), IDFC First Bank (up 2.47%), Aarti Drugs (up 1.23%), Central Bank of India (up 3.61%), GHCL (down 0.18%), Meghmani Organics (up 0.24%), Rossari Biotech (up 0.67%), and Satin Creditcare Network (down 0.58%) will announce their quarterly results on Saturday, 29 April 2023.

Buzzing Index:

The Nifty PSU Bank index rose 1.107% to 4,115.60, extending gains for the fifth day in a row. The index jumped 6% in five trading sessions.

UCO Bank (up 4.04%), Central Bank of India (up 3.79%), Indian Overseas Bank (up 3.24%), Bank of India (up 2.22%), Indian Bank (up 2.11%), Union Bank of India (up 1.89%), Punjab National Bank (up 1.88%), Punjab & Sind Bank (up 1.8%), Canara Bank (up 1.39%) and Bank of Maharashtra (up 0.84%).

Stocks in Spotlight:

Wipro rallied 2.82% after the IT firm said that its board has approved a share buyback of upto Rs 12,000 crore at a price of Rs 445 per equity share through tender offer route, on a proportionate basis. The company plans to buyback up to 26.96 crore equity shares, representing 4.91% of the total paid-up equity shares of the company.

Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback.

Meanwhile, the IT major's consolidated net profit rose 0.71% to Rs 3,074.5 crore on 0.17% decline in revenue form operations to Rs 23,190.3 crore in Q4 FY23 over Q3 FY23. On a year on year (YoY) basis, the IT firm's net profit declined 0.41% while revenue jumped 11.17% in Q4 FY23.

Axis Bank slipped 2.66% after the private lender reported a net loss of Rs 5,728.42 crore in Q4 FY23 as against a net profit of Rs 4,117.77 crore in Q4 FY22. Total income increased 31.2% year on year (YoY) to Rs 28,865.08 crore in the quarter ended 31 March 2023.

Net profit (excluding exceptional items) grew by 61% YoY to Rs 6,625 crore in Q4 FY23 and jumped 68% YoY to Rs 21,933 crore FY23. Exceptional items during the quarter and year ended 31 March 2023, aggregated to Rs 12,490 crore.

ACC rose 1.22%. The cement major's consolidated net profit tumbled 40.5% to Rs 235.63 crore in Q1 March 2023 as against Rs 396.31 crore in Q1 March 2022. Net revenue rose 8.2% year on year to Rs 4,790.91 crore in the quarter ended 31 March 2023.

During the March 2023 quarter, volume increased by 9% QoQ and 7.6% YoY at 8.5 million tonne, supported by an increase in blended cement (clinker factor reduced from 56.1% to 54.8%), better route planning and higher operational synergies with parent, Ambuja Cements. Market leadership was maintained across key markets, said ACC.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper declined to 7.114 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 81.71 compared with its close of 81.74 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement advanced 0.43% to Rs 60,151.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 101.38.

The United States 10-year bond yield rose 0.48% to 3.447.

In the commodities market, Brent crude for June 2023 settlement gained 33 cents or 0.42% to $78.02 a barrel.

Global Markets:

Most of the Asian stocks were trading higher on Friday after Wall Street logged one of its best days in the year, powered by earnings from Big Tech companies. Investors in Asia will be closely watching as the Bank of Japan concludes its monetary policy meeting today, the first under new BOJ governor Kazuo Ueda.

U.S. stocks closed sharply higher on Thursday thanks to upbeat results from bellwether tech firms, with Meta Platforms Inc, Microsoft Corp and Alphabet Inc soaring after reporting results.

Data showed that gross domestic product rose at an annual rate of 1.1% in the first quarter of the year. That was down from a 2.6% increase in the final three months of 2022.

Sensex jumps 348 pts, Nifty settles above 17,900, Bajaj twins rally.

Indian equity indices ended with significant gains on Thursday. The Nifty scaled above the 17,900 level after hitting the intraday low of 17,797.90 in early trade. Baring the Nifty FMCG index, all the sectoral indices on the NSE closed in green. Trading was volatile today due to expiry of April 2023 futures and options (F&O) contracts.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 348.80 points or 0.58% to 60,649.38. The Nifty 50 index rose 101.45 points or 0.57% to 17,915.05.

In the broader market, the S&P BSE Mid-Cap index gained 0.52% while the S&P BSE Small-Cap index advanced 0.62%.

The market breadth was strong. On the BSE, 2,034 shares rose and 1,453 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, slipped 1.95% to 11.43.

IPO Update:

The initial public offer (IPO) of Mankind Pharma received bids for 35.91 crore shares as against 2.80 crore shares on offer, according to stock exchange data at 15:24 IST on Thursday (27 April 2023). The issue was subscribed 12.81 times.

The issue opened for bidding on Tuesday (25 April 2023) and it will close on Thursday (27 April 2023). The price band of the IPO is fixed at Rs 1,026 - Rs 1,080 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index rose 1.53% to 442.60, extending gains for the fourth straight session. The index rallied 4.51% in four trading sessions.

Macrotech Developers (up 4.02%), Prestige Estates Projects (up 2.3%), Phoenix Mills (up 1.89%), Godrej Properties (up 1.8%), Indiabulls Real Estate (up 1.41%) , DLF (up 1.28%), Sobha (up 1.13%), Oberoi Realty (up 0.91%), Brigade Enterprises (up 0.14%) advanced.

Earnings Impact:

Hindustan Unilever (HUL) declined 1.39%. 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 Finserv advanced 1.90% after the company reported 31.41% jump in consolidated net profit to Rs 1,768.95 crore on a 25.25% increase in total income to Rs 23,624.95 crore in Q4 FY23 over Q4 FY22.

Bajaj Finance gained 2.39% after the company reported 30% rise in consolidated net profit to Rs 3,158 crore on a 32% increase in total income to Rs 11,363 crore in Q4 FY23 as compared with Q4 FY22. Loan losses and provisions amounted to Rs 859 crore (up 22% YoY). The company stated that it holds a management and macro-economic overlay of Rs 960 crore as of 31 March 2023.

The company booked 7.56 million new loans during Q4 FY23, which is higher by 20% as compared with 6.28 million in Q4 FY22.Assets under management (AUM) grew by 29% Rs 2,47,379 crore as of 31 March 2023 from core AUM (i.e. AUM excluding short term IPO financing receivable) of Rs 1,92,087 crore as of 31 March 2022. AUM growth in Q4 FY23 was highest ever at Rs 16,537 crore.

SBI Life Insurance Company gained 2.10% after 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.

L&T Technology Services (LTTS) jumped 8.16% after the company reported a 1.98% rise in consolidated net profit to Rs 309.60 crore on 2.32% increase in revenue from operations to Rs 2,096.20 crore in Q4 FY23 over Q3 FY23. As compared to Q4 FY22, the company's net profit and revenue surged by 18.2% and 19.4%, respectively.

IIFL Finance rose 1.81%. The diversified NBFC reported a 28.61% year-on-year growth in consolidated net profit at Rs 412.74 crore in Q4 March FY23. On a consolidated basis, total income for the quarter rose 17.74% to Rs 2,276.01 crore on year-on-year basis in Q4FY23. The microfinance loan AUM stood at Rs 9,786 crore, up 59% y-o-y and 25% q-o-q, as at 31 March 2023.

Voltas dropped 5.41% after the company reported 21.2% decline in net profit to Rs 143.92 crore from Rs 182.70 crore in Q4 FY23 over Q4 FY22. Total income increased by 11% year on year to Rs 3,003.46 crore during the quarter.

Syngene International rallied 4.17% after the company's consolidated net profit increased by 21% to Rs 178.7 crore in Q4 FY23 from Rs 147.8 crore in Q4 FY22. Revenue from operations rose by 31% YoY to Rs 994.4 crore during the quarter.

Oracle Financial Services Software (OFSS) added 0.90% after the company reported a consolidated net income to Rs 479.3 crore in Q4 FY23, which is higher by 10% as compared with Rs 4,373 recorded in Q3 FY23. Total revenues increased by 1% QoQ to Rs 1,470.5 crore in the fourth quarter.

UTI Asset Management Company (UTI AMC) declined 1.21%. The asset manager reported 58.7% jump in consolidated net profit to Rs 85.70 crore in Q4 FY23 from Rs 53.99 crore posted in Q4 FY22. Total revenue from operations declined marginally on year on year basis to Rs 300.69 crore during the quarter ended 31 March 2023. The total assets under management for UTI AMC stood at Rs 15,55,995 crore. Meanwhile, the board recommended a final dividend of Rs 22 per equity share FY23.

Coforge gained 2.76%. 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.

Shoppers Stop advanced 4.32% after the company reported consolidated net profit of Rs 14.26 crore in Q4 FY23 as compared with net loss of Rs 15.85 crore recorded in Q4 FY22. Meanwhile, the board has approved the re-appointment of Venugopal Gopal as managing director designated as managing director and chief executive officer (CEO) for a further period of 3 years from 6 November 2023 to 5 November 2026 (both days inclusive).

Chennai Petroleum Corporation surged 13.80% after the company's standalone net profit increased marginally to Rs 1,004.19 crore in Q4 FY23 as against Rs 994.42 crore recorded in Q4 FY22. Net sales grew by 9.72% to Rs 18,008.89 crore in the quarter ended 31 March 2023 from Rs 16,413.57 crore recorded in the corresponding quarter previous year.

Swaraj Engines rallied 4.28% after the company's consolidated net profit jumped 59.9% to Rs 34.96 crore in Q4 FY23 as compared with Rs 21.86 crore in Q4 FY22. Revenue from operations stood at Rs 359.79 crore in Q4 FY23, registering the growth of 48.5% as against Rs 242.35 crore posted in corresponding quarter last year.

Global Markets:

Most of the shares in Europe and Asia advanced on Thursday

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.