The benchmark indices ended with significant losses on Thursday, sliding for the fourth day in a row. The Nifty closed below the 22,000 level after hitting day's high of 22,326.50 in early afternoon trade. Barring the Nifty Media index, all the other sectoral indices traded in the red. Trading was volatile due to the expiry of weekly index options on the NSE. As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 454.69 points or 0.62% to 72,488.99. The Nifty 50 index lost 152.05 points or 0.69% to 21,995.85.
In the broader market, the S&P BSE Mid-Cap index declined 0.39% while the S&P BSE Small-Cap index gained 0.06%.
The market breadth was negative. On the BSE, 1,888 shares rose and 1,909 shares fell. A total of 132 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 3.36% to 13.04.
Economy:
The International Monetary Fund raised India?s FY25 GDP growth forecast by 30 bps to 6.8% from its January forecast of 6.5%, citing bullish domestic demand conditions and a rising working-age population. IMF sees India's FY26 GDP growth at 6.5%. The global financial agency sees India's retail inflation at 4.6% in FY25 and 4.2% in FY26.
Politics:
India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.
Buzzing Index:
The Nifty Media index rose 0.77% to 1,889.55. The index advanced 2.35% in two trading sessions.
Network 18 Media & Investments (up 4.19%), Hathway Cable & Datacom (up 4.02%), Saregama India (up 3.05%), PVR Inox (up 3.03%), TV18 Broadcast (up 1.73%), Nazara Technologies (up 0.84%), Sun TV Network (up 0.34%) gained.
On the other hand, Zee Entertainment Enterprises (down 1.96%), Dish TV India (down 0.28%) and Tips Industries (down 0.24%) edged lower.
Hathway Cable & Datacom gained 4.02% after the cable TV & fiber internet provider reported consolidated net profit of Rs 34.57 crore in Q4 FY24 as against net loss of Rs 14.62 crore posted in Q4 FY23. Revenue from operations rose 7.35% year on year (YoY) to Rs 493.37 crore in the quarter ended 31 March 2024.
Stocks in Spotlight:
Just Dial surged 13.36% after the company?s net profit jumped 38.02% to Rs 115.65 crore on 16.23% rise in revenue from operations to Rs 270.27 crore in Q4 FY24 over Q4 FY23.
Angel One shed 1.84%. The brokerage company reported 27.34% rise in consolidated net profit (from continuing operations) to Rs 339.95 crore in Q4 FY24 as against Rs 266.97 crore recorded in Q4 FY23. Total income climbed 63.46% to Rs 1,358.54 crore in Q4 FY24 from Rs 831.09 crore recorded in the corresponding quarter previous year.
Biocon rose 1.79% after the company has signed a licensing and supply agreement with Biomm S.A., for the commercialization of Semaglutide (gOzempic), which is used to improve glycemic control in adults with type-2 diabetes.
Power Grid Corporation of India advanced 2.42% after its board has approved the raising of bonds as POWERGRID bonds issue(s) upto Rs 12,000 crore during FY 2024-25.
Further, the power ? transmission firm has been declared as the successful bidder under tariff based competitive bidding to establish inter-state transmission system for three projects on build, own operate and transfer (BOOT) basis. Additionally, the company has also received letters of Intent (LoI) for the same projects.
Jubilant Pharmova gained 5.42% after Jubilant Generics received a communication from the US drug regulator, which determined the inspection classification of its Roorkee facility as ?Voluntary Action Indicated (VAI)?.
Meanwhile, the pharma company informed that its subsidiary, Jubilant Cadista Pharmaceuticals Inc., USA has decided to close the manufacturing operations of its solid dosage formulation facility at Salisbury, Maryland, USA. The expected date of cessation of manufacturing operation and first separations at the said facility will be on 17 June 2024.
Nestle India declined 3.04%, following news reports that the company added sugar to its Cerelac baby cereal in India, but not in its main European and UK markets.
In a joint investigation between Public Eye and International Baby Food Action Network (IBFAN) sent baby food samples in Asia, Latin America, and Africa from Nestle to a testing laboratory in Belgium. The study said that Nestle added the sugar equivalent to an average of 4 gram per sugar cube in wheat-based cereals, Cerelac. It is made for children aged between six months and two years.
Brigade Enterprises rallied 4.48% after the company announced that it has achieved pre- sales of Rs 2,243 crore in Q4 FY24. The company?s sales volume stood at Rs 2.72 million square feet (sq.ft) in Q4 FY24.
Sterling Tools zoomed 7.11% after the company announced the signing of a memorandum of understanding (MoU) with South Korea?s Yongin Electronics Company for setting up new greenfield manufacturing facility for EV components.
Global Markets:
Markets in Europe and Asia advanced on Thursday.
Investors will assess Australia?s unemployment rate, which is one of the metrics the country?s central bank weighs when considering monetary policy.
US stocks closed lower on Wednesday as crude prices tumbled and investors weighed cautious US Federal Reserve commentary and ongoing geopolitical strife against mixed quarterly earnings.
The U.S. economy grew ?slightly? over the past six weeks while price increases moved at a ?modest? pace and employment showed ?slight? gains as well, the Federal Reserve said in its latest Beige Book report filed Wednesday.
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