The domestic equity benchmarks ended with moderate losses on Tuesday, declining for the third consecutive trading session. Investor sentiments were affected by the geopolitical worries triggered by Iran's attack on Israel. The Nifty settled below 22,150 mark. Media, oil & gas and FMCG shares advanced while IT, banking and realty stocks declined. As per provisional closing data, the barometer index, the S&P BSE Sensex declined 456.10 points or 0.62% to 72,943.68. The Nifty 50 index lost 124.60 points or 0.56% to 22,147.90. In three trading sessions, the Sensex shed 2.79% while the Nifty 50 declined 2.66%.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index gained 0.57%.
The market breadth was positive. On the BSE, 2,255 shares rose and 1,566 shares fell. A total of 112 shares were unchanged.
The domestic stock markets will remain closed on Wednesday, 17 April 2024 on account of Ram Navami.
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 IT index dropped 2.53% to 33,593.10. The index slipped 4.82% in three consecutive trading sessions.
Infosys (down 3.7%), Mphasis (down 3.51%), Coforge (down 3.49%), LTIMindtree (down 3.16%), L&T Technology Services (down 2.59%), Persistent Systems (down 2.37%), Wipro (down 2.36%), Tech Mahindra (down 1.87%), HCL Technologies (down 1.75%) and Tata Consultancy Services (down 1.74%) edged lower.
Stocks in Spotlight:
Jio Financial Services added 2.43% after the company announced the signing of an agreement with BlackRock Advisors Singapore, to form a 50:50 joint venture (JV) for setting up the wealth management and broking business.
Sterlite Technologies jumped 6.53% after the company announced that it has raised Rs 1000 crore through a qualified institutional placement (QIP) route.
Happy Forgings rallied 3.80% after the company announced that it has secured a major order from a leading global Tier 1 manufacturer of automobile driveline components and systems.
Caplin Point Laboratories advanced 1.53% after its subsidiary, Caplin Steriles received final approval from the US drug regulator for its abbreviated new drug application (ANDA) Ofloxacin Ophthalmic Solution.
Gujarat Gas (GGL) declined 3.40% while Indian Oil Corporation (IOCL) gained 1.44%. GGL and IOCL have entered into a non-binding memorandum of understanding (MoU) to expand the scope and accessibility of energy solutions for consumers.
Ugro Capital rallied 3.17% after the company?s asset under management (AUM) jumped 48% to Rs 9,000 crore in Q4 FY24 as compared with Rs 6,081 crore in Q4 FY23. During the quarter, net loans stood at Rs 1,555 crore as compared with Rs 1,459 crore in Q4 FY23.
Dynacons Systems & Solutions was locked in an upper circuit of 20% after the company announced that it has secured a contract worth Rs 233 crore from National Bank for Agriculture and Rural Development (NABARD).
Global Markets:
European and Asian stocks tumbled on Tuesday, in the shadow of Middle East tensions.
China?s economy grew stronger than expected at the start of this year, partly thanks to robust factory activity. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. It also accelerated from the 5.2% growth in the previous three months. China has set an annual growth target of around 5% for 2024.
US stocks declined on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings and hot retail sales data.
Retail sales in the United States grew more than anticipated last month. US retail sales picked up by 0.7% in March to $709.6 billion, after February's increase was revised to 0.9%, said the Commerce Department.
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