The domestic barometers continued to trade with decent gains in the mid-morning trade. The Nifty traded above the 22,050 mark. Metal shares saw buying demand after declining in the past trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex gained 266.78 points or 0.37% to 72,670.95. The Nifty 50 index jumped 108.15 points or 0.49% to 22,065.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.79% and the S&P BSE Small-Cap index added 0.60%.
The market breadth was positive. On the BSE, 2,139 shares rose and 1,419 shares fell. A total of 171 shares were unchanged.
IPO Update:
The initial public offer (IPO) of TBO Tek received 6,72,69,440 bids for shares as against 92,85,816 shares on offer, according to stock exchange data at 11:24 IST on on Friday (10 May 2024). The issue was subscribed 7.24 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 17,81,70,467 bids for shares as against 7,00,89,373 shares on offer, according to stock exchange data at 11:24 IST on Friday (10 May 2024). The issue was subscribed 2.54 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 jumped 1.61% to 8,983.20. The index slipped 2.92% in the previous trading session.
Hindustan Zinc (up 6.99%), Vedanta (up 2.58%), Hindustan Copper (up 2.42%), Steel Authority of India (up 1.54%), JSW Steel (up 1.5%), National Aluminium Company (up 1.38%), Jindal Steel & Power (up 1.22%), Tata Steel (up 1.17%), Hindalco Industries (up 1.17%) and Adani Enterprises (up 1.08%) edged higher.
On the other hand, Welspun Corp (down 3.73%) and APL Apollo Tubes (down 1.64%) edged lower.
Stocks in Spotlight:
Intellect Design Arena tumbled 12.56% after the company?s consolidated net profit declined 6.59% to Rs 85 crore as compared with Rs 91 crore in Q4 FY23. Total revenue fell 1.45% YoY to Rs 612 crore in Q4 FY24.
Relaxo Footwears rose 0.84%. The footweat maker?s net profit decreased 3.01% to Rs 61.39 crore on 2.32% fall in net sales to Rs 747.21 crore in Q4 FY24 over Q4 FY23. The decline in sales is due to slight decline in overall volumes, which was partly offset by improved average realisation.
Mahanagar Gas declined 2.085 after the LPG supplier reported 1% fall in net profit to Rs 264.99 crore on a 3% decline in net revenue from operations to Rs 1,567.03 crore in Q4 FY24 as compared with Q4 FY23.
Global Markets:
Asian stocks advanced across the board 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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