The key equity indices ended with major losses on Monday owing to geopolitical concerns sparked by Iran's attack on Israel. The Nifty settled below the 22,300 level. Barring the Nifty Oil & Gas index, all the other sectoral indices on the NSE traded in the red. As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 845.12 points or 1.14% to 73,399.78. The Nifty 50 index lost 246.90 points or 1.10% to 22,272.50.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index lost 1.50%, while the S&P BSE Small-Cap index fell 1.54%.
The market breadth was firmly in favour of declines. On the BSE, 917 shares rose and 2,984 shares fell. A total of 148 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.10% to 12.47.
Weather Update:
The Indian Meteorological Department (IMD) announced that the rainfall is estimated at 106% of the long-period average (LPA), which is the rainfall recorded over a particular region for a given interval (like month or season) average over a long period like 30 years, 50 years, etc. The LPA of the season rainfall over the country for the period 1971?2020 is 87 cm.
Economy:
Ministry of Commerce & Industry stated in a latest update today that India?s overall export (Merchandise and Services combined) in March 2024 is estimated to be $70.21 Billion, exhibiting a negative growth of (-) 3.01% over March 2023. Overall import in March 2024 is estimated to be $73.12 Billion, exhibiting a negative growth of (-) 6.11% over March 2023.
India?s overall exports (Merchandise and Services combined) in FY 2023-24 (April-March) are estimated to be $776.68 Billion, exhibiting a positive growth of 0.04% over FY 2022-23 (April-March). Overall imports in FY 2023-24 (April-March) are estimated to be $854.80 Billion, exhibiting a negative growth of (-) 4.81% over FY 2022-23 (April-March).
Overall trade deficit for FY 2023-24 (April-March) is estimated at $78.12 Billion as compared to the deficit of $121.62 Billion during FY 2022-23 (April-March), registering a decline of (-) 35.77%.
India's wholesale inflation rate quickened to three-month high of 0.53% in February, mainly driven by food and primary articles, data released by the commerce ministry on April 15 showed.
Wholesale Price Index (WPI) inflation stood at 0.2% in February and 1.34% in March 2023. Food prices rose 4.65% as compared with an increase of 4.09% in February.
For the FY24, the wholesale inflation index fell 0.7% versus a 9.41% rise a year ago.
Retail inflation eased to a five-month low in March on the marginally moderating food inflation, while industrial output growth rebounded to a four-month high in February, led by robust infra sectors and consumer durables output.
India's retail inflation eased to 4.85% on an annual basis in March as against 5.09% in the previous month, data showed on Friday. Meanwhile, the industrial production surged to a four-month high of 5.7% in February compared with 4.3% in the previous month.
Buzzing Index:
The Nifty Oil & Gas index rose 0.60% to 11,717.45. The index fell 1.23% in the previous trading session.
Oil & Natural Gas Corporation (up 5.63%), Gujarat Gas (up 2.19%), Mahanagar Gas (up 1.83%), Indraprastha Gas (up 1.76%), Aegis Logistics (up 1.74%), GAIL (India) (up 1.64%), Oil India (up 1.59%) and Gujarat State Petronet (up 0.73%) advanced.
On the other hand, Castrol India (down 5.84%), Hindustan Petroleum Corporation (down 2.39%) and Adani Total Gas (down 2.31%) edged lower.
Stocks in Spotlight:
Tata Consultancy Services (TCS) shed 1.47%. The company announced that its consolidated net profit increased 12.44% to Rs 12,434 crore in Q4 FY24 as compared with Rs 11,058 crore in Q3 FY24. Revenue from operations increased 1.08% QoQ to Rs 61,237 crore in Q4 FY24.
Adani Enterprises declined 1.80%. The company on Friday announced that its wholly owned subsidiary, Adani Global will acquire a 49% stake in Adani Esyasoft Smart Solutions, Abu Dhabi.
Adani Green Energy slipped 3.44%. The power generation company reported a 7% YoY increase in solar portfolio energy sales to 3,066 million units in Q4 FY24 as against 2,872 million units posted in Q4 FY23.
Aster DM Healthcare surged 7.59% after the company said its board has declared a special dividend of Rs 118 per equity share.
Anand Rathi Wealth rallied 4.88% after its consolidated net profit rose 32.83% to Rs 56.60 crore in Q4 FY24 as against Rs 42.61 crore in Q4 FY23. Total revenue increased 34.08% year on year (YoY) to Rs 197.19 crore in the quarter ended 31 March 2024.
Container Corporation of India (CONCOR) declined 1.73%. The firm reported 11.24% increase in total throughput to 12,44,798 twenty-foot equivalent units (TEUs) in Q4 FY24 as compared with 11,19,034 TEUs recorded in Q4 FY23.
Ambuja Cements shed 0.11%. The company said that it has signed a definitive agreement to acquire My Home Group's 1.5 million tones per annum (MTPA) Cement Grinding Unit in Tuticorin, Tamil Nadu. The acquisition estimated at a total value of Rs. 413.75 Crores through internal accruals will aid in enhancing the coastal footprint across southern markets of Tamil Nadu and Kerela. The total cement capacity of Adani Group stands at 78.9 MTPA,? the company said in a statement.
Senco Gold surged 17.49% after the company said that it has achieved 39% year on year (YoY) revenue growth in the quarter ended 31 March 2024. Gold prices continued its northward journey throughout FY 23-24 including in Q4 on account of heightened geopolitical tensions, increased gold buying by central banks across the globe, high FED rates and likely soft landing, INR US$ exchange rates and momentum effect, added the company.
Global Markets:
The US Dow Jones index futures were currently up by 114 points, indicating a positive opening for US stocks today.
Most of the European stocks advanced while its Asian peers declined on Monday as geopolitical tension heightened after Iran's attack on Israel over the weekend.
Traders weighed the impact of Iran?s massive drone and missile attacks on Israel. Iran launched more than 300 drones and missiles against military targets in Israel on Saturday. Though significant in scale, the Iranian attack caused little actual damage in Israel, as per reports.
China will announce its first quarter GDP numbers on Tuesday. Japan will release its March trade data and inflation numbers on Wednesday and Friday, respectively.
US stocks tumbled Friday following a mixed start to earnings reporting season. Worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.
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