The key equity benchmarks ended with heavy losses on Thursday. The Nifty settled below 22,000 level after hitting the day's high of 22,307.75 in early trade. Trading was volatile due to the expiry of weekly index options on the NSE. Barring the Nifty Auto index, all the other sectorial indices on the NSE ended in red. As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 1,062.22 points or 1.45% to 72,404.17. The Nifty 50 slumped 345 points or 1.55% to 21,957.50.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.01% and the S&P BSE Small-Cap index fell 2.41%.
The market breadth was weak. On the BSE, 929 shares rose and 2,901 shares fell. A total of 112 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 6.55% to 18.20.
IPO Update:
The initial public offer (IPO) of TBO Tek received 2,80,91,808 bids for shares as against 92,85,816 shares on offer, according to stock exchange data at 15:30 IST on Thursday (9 May 2024). The issue was subscribed 3.03 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 9,10,90,982 bids for shares as against 7,00,89,373 shares on offer, according to stock exchange data at 15:30 IST on Thursday (9 May 2024). The issue was subscribed 1.30 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 Oil & Gas index dropped 3.15% to 11,212.35. The index advanced 1.77% in the past trading session.
Bharat Petroleum Corporation (down 4.63%), Indian Oil Corporation (down 4.14%), Castrol India (down 4.11%), GAIL (India) (down 4.05%), Oil & Natural Gas Corporation (down 4.05%), Oil India (down 3.88%), Hindustan Petroleum Corporation (down 3.86%), Petronet LNG (down 3.76%), Mahanagar Gas (down 3.51%) and Aegis Logistics (down 2.69%) declined.
Stocks in Spotlight:
Larsen & Toubro dropped 5.56%. The company reported consolidated revenues at Rs 67,079 crore in Q4 March 2024, recording a y-o-y growth of 15%. The share of international revenues during the quarter was 45%. The quarterly PAT was at Rs 4,396 crore, registered a growth of 10% y-o-y basis. The board has recommended a final dividend of Rs 28 per equity share, for the approval of shareholders.
Hero MotoCorp advanced 2.98% after the company?s consolidated net profit jumped 16.13% to Rs 935.01 crore in the quarter ended March 2024 as against Rs 805.12 crore during the previous quarter ended March 2023. Sales rose 14.02% to Rs 9616.68 crore in the quarter ended March 2024 as against Rs 8434.28 crore during the previous quarter ended March 2023.
State Bank of India rose 1.27% after the largest PSU bank?s standalone net profit grew 23.98% to Rs 20,698.35 crore on 20.11% rise in total income to Rs 1,28,411.88 in Q4 FY24 over Q4 FY23.
Tata Power Company slipped 4.42%. The company said that its consolidated net profit increased 11% to Rs 1,046 crore in Q4 FY24 as compared with Rs 939 crore in Q4 FY23. Revenue from operations jumped 27.24% to Rs 15,846 crore during the quarter as compared with Rs 12,453.76 crore in the corresponding quarter last year.
Bombay Stock Exchange (BSE) declined 3.70%. The company reported 20.63% jump in consolidated net profit to Rs 106.89 crore in Q4 FY24 as compared with Rs 88.61 crore in Q4 FY23. Revenue from operations soared to Rs 488.37 crore during the quarter as compared with Rs 227.01 crore posted in corresponding quarter last year.
SKF India rallied 7.49% after the firm reported a 42.54% jump in consolidated net profit to Rs 175.23 crore in Q4 FY24 as compared to Rs 122.92 crore in Q4 FY23. Revenue from operations stood Rs 1,203.4 crore in March 2024 quarter, up by 9.93% from Rs 1,094.69 crore in same quarter last year.
H.G. Infra Engineering declined 3.40%. The company?s consolidated net profit jumped 11.17% to Rs 190.03 crore in the quarter ended March 2024 as against Rs 170.93 crore during the previous quarter ended March 2023. Net sales rose 11.26% to Rs 1708.26 crore in the quarter ended March 2024 as against Rs 1535.43 crore during the previous quarter ended March 2023.
Gujarat State Petronet (GSPL) shed 0.70%. The company reported 16.4% jump in standalone net profit to Rs 261.13 crore on 14.4% increase in revenue from operations to Rs 506.81 crore in Q4 FY24 over Q4 FY23.
Global Markets:
European shares advanced on Thursday ahead of the Bank of England?s latest interest rate decision.
Meanwhile, Asian stocks traded mixed as investors awaited comments from Federal Reserve officials and upcoming U.S. inflation data. Markets were cautious with China being the only bright spot, expecting positive trade data.
U.S. stocks were mixed on Wednesday as investors interpreted signals about potential interest rate cuts and considered a new batch of earnings reports to gauge the possibility of a corporate-driven economic revival.
The Dow Jones Industrial Average rose 0.5%, while the S&P 500 closed almost flat. The tech-heavy Nasdaq Composite edged down slightly by about 0.1%. The Dow has now risen for six consecutive trading sessions and is back above 39,000.
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