Domestic equity barometers ended a volatile session with minor gains on Tuesday, rising for the third day in a row. The Nifty settled above the 22,350 mark. Realty, FMCG and consumer durables stocks advanced while pharma, healthcare and oil & gas shares declined As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 89.83 points or 0.12% to 73,738.45. The Nifty 50 index added 31.60 points or 0.14% to 22,368.00.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.52% and the S&P BSE Small-Cap index added 1.05%.
The market breadth was strong. On the BSE, 2,339 shares rose and 1,475 shares fell. A total of 120 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 19.72% to 10.20. Volatility zoomed as traders roll over their positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire on Thursday, 25 April 2024.
Economy:
Rising from 61.8 in March to 62.2 in April, the headline HSBC Flash India Composite PMI Output Index ? a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors ? indicated the fastest rate of increase in aggregate business activity since mid-2010. Survey participants overwhelmingly attributed the expansion to buoyant demand from domestic and external clients.
Growth in India remained broad-based across the manufacturing and service sectors. The former saw the sharper rate of increase, albeit one that was softer than in March. In the service economy, business activity rose to the greatest extent in three months.
IPO Update:
The initial public offer (IPO) of JNK India received 35,10,072 bids for shares as against 1,10,83,278 shares on offer, according to stock exchange data at 15:45 IST on Tuesday (23 April 2024). The issue was subscribed 0.32 times.
The issue opened for bidding on Tuesday (23 April 2024) and it will close on Thursday (25 April 2024). The price band of the IPO is fixed at Rs 395 to Rs 415 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Realty index jumped 2.58% to 957.20. The index rallied 3.34% in two trading sessions.
Sobha (up 5.88%), Prestige Estates Projects (up 3.58%), Oberoi Realty (up 3.58%), Macrotech Developers (up 3.33%), Brigade Enterprises (up 2.63%), DLF (up 2.32%), Phoenix Mills (up 2.3%), Godrej Properties (up 1.3%) and Sunteck Realty (up 1.21%) advanced.
Stocks in Spotlight:
Reliance Industries (RIL) slipped 1.39%. The company?s consolidated net profit rose 0.1% to Rs 21,243 crore on 10.8% increase in gross revenue to Rs 264,834 crore in Q4 FY24 over Q4 FY23.
Rallis India declined 4.14% after the company reported a net loss of Rs 21 crore in Q4 FY24, lower than net loss of Rs 69 crore posted in Q4 FY23. Total income dropped to Rs 442 crore from Rs 527 crore.
Mahindra & Mahindra Financial Services dropped 5.47% after the NBFC announced deferment of board meeting for considering quarterly results due to detection of fraud at one of company?s branches in the North East.
Aditya Birla Money was locked in an upper circuit of 5% after the company reported 123.34% surge in net profit to Rs 16.46 crore in Q4 FY24 as compared with Rs 7.37 crore posted in Q4 FY23. Revenue from operations soared 73.05% year on year to Rs 114.06 crore in the quarter ended 31 March 2024.
Netlink Solutions (India) was locked in an upper circuit of 20% after the company reported 62.09% jump in consolidated net profit to Rs 4.49 crore in Q4 FY24 as compared with Rs 2.77 crore in Q4 FY23. Revenue from operations increased 34.31% YoY to Rs 1.84 crore during the quarter.
Tejas Networks was locked in upper circuit of 20% after the company reported consolidated net profit of Rs 146.78 crore in Q4 FY24 as against Rs 11.47 crore posted in Q4 FY23. Revenue from operations zoomed to Rs 1,326.88 crore in March 2024 quarter as compared with Rs 299.32 crore recorded in same quarter last year.
Artson Engineering was locked in an upper circuit of 5% after the company reported consolidated net profit of Rs 1.31 crore in Q4 FY24 as compared with net loss of Rs 9.96 crore posted in corresponding quarter last year. Revenue from operations declined 15.12% YoY to Rs 24.87 crore in Q4 FY24 from Rs 29.30 crore posted in Q4 FY23.
K.P. Energy was locked in 5% upper circuit after the company has received new order for development of 9MW wind power project forming part of the wind-solar hybrid power project to be developed in Gujarat.
Shish Industries jumped 10.53% after the company announced that it has received order worth minimum of $37.5 million from USA-based Best Construction Products Inc. (BCP).
Hatsun Agro Product rallied 8.63% after the company reported net profit stood at Rs 52.15 crore in Q4 FY24, steeply higher than Rs 24.98 crore in Q4 FY23. Revenue from operations jumped 14.38% to Rs 2046.87 crore during the quarter as compared with Rs 1,789.46 crore posted in corresponding quarter last year.
Redtape advanced 3.40% after the company has commenced online operational activity from it's new warehouse situated at Bhiwandi, Maharashtra with effect from 22 April 2024. This new warehouse facility will help the company to fulfil delivery of its products more efficiently to the online shopping customers.
Global Markets:
European stocks advanced while most of the Asian stocks ended higher on Tuesday as tech shares rebounded on Wall Street and investors look toward flash business activity figures from Australia, Japan and India.
Investors remained on edge ahead of earnings from some of the world?s biggest companies this week, while more cues on U.S. interest rates were also in focus.
Wall Street stocks ended higher on Monday following a market sell-off in previous sessions as investors eyed a busy week for quarterly results from key companies that would provide a glimpse of the US economy's health.
Markets were now awaiting earnings reports from some of the biggest companies on Wall Street
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