The domestic indices closed with moderate gains on Friday, tracking positive global cues. The Nifty settled above the 22,050 level. Metal, healthcare and oil & gas shares advanced while IT, realty and PSU bank stocks declined. As per provisional closing data, the barometer index, the S&P BSE Sensex gained 260.30 points or 0.36% to 72,664.47. The Nifty 50 index added 97.70 points or 0.44% to 22,055.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.81% and the S&P BSE Small-Cap index added 0.80%.
The market breadth was positive. On the BSE, 2,214 shares rose and 1,591 shares fell. A total of 126 shares were unchanged.
IPO Update:
The initial public offer (IPO) of TBO Tek received 75,73,17,232 bids for shares as against 92,85,816 shares on offer, according to stock exchange data at 15:36 IST on Friday (10 May 2024). The issue was subscribed 81.56 times.
The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 875 to Rs 920 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.
The initial public offer (IPO) of Aadhar Housing Finance received 1,56,98,24,346 bids for shares as against 7,00,89,373 shares on offer, according to stock exchange data at 15:36 IST on Friday (10 May 2024). The issue was subscribed 22.40 times.
The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 300 to Rs 315 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index advanced 1.54% to 8,977.45. The index slipped 2.92% in the past trading session.
Hindustan Zinc (up 15.2%), Hindustan Copper (up 4.31%), Vedanta (up 4.07%), Steel Authority of India (up 2.52%), JSW Steel (up 2.28%), National Aluminium Company (up 1.87%), Jindal Stainless (up 1.2%), Adani Enterprises (up 1.11%), Jindal Steel & Power (up 1%) and Hindalco Industries (up 1%) gained.
On the other hand, Welspun Corp (down 3.27%) and APL Apollo Tubes (down 0.83%) edged lower.
Stocks in Spotlight:
One 97 Communication (PayTM) was locked in an upper circuit of 5% on bargain hunting after declining for six trading sessions. Meanwhile, the company denied media reports suggesting its lending partners invoking loan guarantees due to repayment defaults.
?Paytm acts as a distributor of loans, and does not provide a First Loss Default Guarantee (FLDG) or other loan guarantees to lending partners. Therefore, the article?s claims about invoking loan guarantees due to repayment defaults by our partnered lenders are inaccurate,? the company stated in exchange filing.
Cipla declined 1.42%. The company reported 79% jump in consolidated net profit to Rs 939.04 crore on 10% increase in revenue from operations to Rs 6,163 core in Q4 FY24 over Q4 FY23. Meanwhile, the company?s board has declared a final dividend of Rs 13 per equity share for FY24. The record date for the purpose of dividend will be 2 August 2024.
Bharat Petroleum Corporation advanced 4.44%. The state-owned oil marketing firm?s standalone net profit dropped 34.79% to Rs 4,224.18 crore in Q4 FY24 as against Rs 6,477.74 crore posted in Q4 FY23. Net sales (excluding excise duty) fell marginally to Rs 1,16,555.12 crore in the March quarter from Rs 1,18,112.08 crore recorded in the corresponding quarter previous year.
Dr. Lal PathLabs rallied 5.20% after the company?s consolidated net profit surged 49.03% to Rs 84.5 crore in Q4 FY24 as compared to Rs 56.7 crore recorded in Q4 FY23. Revenue from operations grew by 11.08% to Rs 545.4 crore in the quarter ended 31 March 2024 as compared to Rs 491 crore recorded in Q4 FY23.
Abbott India advanced 3.33% after the company?s net profit jumped 24.04% to Rs 287.06 crore in the quarter ended March 2024 as against Rs 231.42 crore during the previous quarter ended March 2023. Sales rose 7.11% to Rs 1438.63 crore in the quarter ended March 2024 as against Rs 1343.08 crore during the previous quarter ended March 2023.
Relaxo Footwears declined 0.17%. The company?s consolidated net profit declined 3.02% to Rs 61.39 crore in the quarter ended March 2024 as against Rs 63.30 crore during the previous quarter ended March 2023. Sales shed 2.32% to Rs 747.21 crore in the quarter ended March 2024 as against Rs 764.94 crore during the previous quarter ended March 2023.
Mahanagar Gas declined 2.16% after the company?s net profit declined 6.16% to Rs 252.26 crore in the quarter ended March 2024 as against Rs 268.81 crore during the previous quarter ended March 2023. Sales rose 0.13% to Rs 1612.61 crore in the quarter ended March 2024 as against Rs 1610.48 crore during the previous quarter ended March 2023.
Polycab India gained 6.07% after the company reported 28.46% increase in consolidated net profit to Rs 546 crore on 29.33% rise to revenue from operations to Rs 5,591.89 crore in Q4 FY24 over Q4 FY23. The growth in revenue was on the back of strong volume growth in wires & cables (W&C) business.
Global Markets:
The US Dow Jones index futures were currently up by 107 points, signaling a positive opening for US stocks today.
Markets in Europe edged higher on Friday. The U.K. economy emerged from recession, as gross domestic product rose 0.6% in the first quarter, official figures showed Friday. The U.K. had entered a shallow recession in the second half of 2023.
Asian stocks ended higher on Friday after an upbeat day on Wall Street following jobs data that supported the case for US rate cuts. Hong Kong shares surged after news of a potential tax break for individual investors.
In the US, the Dow on Thursday extended its winning streak to seven days as all major indexes rose on jobless claims data hinting at a possible shift in Federal Reserve policy.
While US initial unemployment claims for the week ending May 4th increased to 231,000, exceeding expectations, the jump was interpreted by markets as a sign of a cooling labor market, potentially prompting the Fed to lower interest rates. This follows a previous report indicating slower US job growth and wage increases.
Next week's release of the April producer and consumer price indexes (PPI and CPI) will be closely watched for signs of continued inflation decline towards the Fed's 2% target, further influencing expectations for interest rate adjustments.
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