Market Commentary - End-Session
Investors take profits after benchmarks hit milestones As on : 09-Apr-24  17:31

Domestic benchmark indices ended with minor cuts after scaling fresh all-time highs on Tuesday. Both the Sensex and Nifty crossed significant milestones - the Sensex surpassed 75,000 points and the Nifty topped 22,750 points for the first time ever. However, investor profit-taking pushed the markets lower before the close.

This comes as the fourth-quarter earnings season kicks off this week. Investors are closely watching these reports for clues about the future direction of the market. Additionally, rising oil prices and bond yields are causing some concern.

The S&P BSE Sensex shed 58.80 points or 0.08% to 74,683.70. The Nifty 50 index lost 23.55 points or 0.10% to 22,642.75.

Titan Company (down 1.81%), Reliance Industries (down 1.48%) and Adani Enterprises (down 0.84%) were major drags.

The Sensex and Nifty clocked a new all-time high of 75,124.28 and 22,768.40, respectively in morning session. Further, the Nifty Bank index also registered a fresh record high at 48,960.75.

Metals, realty and private banks shares were in demand. Conversely, media, PSU banks and consumer durables shares were under pressure.

In the broader market, the S&P BSE Mid-Cap index declined 0.47% and the S&P BSE Small-Cap index shed 0.15%.

The market breadth was weak. On the BSE, 1554 shares rose and 2288 shares fell. A total of 109 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.04% to 11.37.

Monsoon Forecast:

Skymet, a private weather forecaster in India, predicts a normal monsoon for 2024 with rainfall around 102% of the long-term average. While the El Nino effect might weaken the monsoon's start, a shift to La Nina and a positive Indian Ocean Dipole point towards a strong second half. Rainfall distribution may vary with some eastern states receiving less rain during peak monsoon months.

Numbers to Track:

MCX Gold futures for 5 June 2024 settlement was up 1.01% to Rs 71,626.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, shed 0.10% to 104.04.

The United States 10-year bond yield was down 0.70% to 4.395.

In the commodities market, Brent crude for June 2024 settlement added 27 cents or 30% to $90.65 a barrel.

Global Markets:

European stocks traded lower while most Asian stocks advanced on Tuesday, as investors await key events later this week, including U.S. inflation data and a meeting by the European Central Bank.

Japan?s consumer confidence index increased marginally to 39.5 in March as compared with 39.0 in February 2024.

US stocks remained largely range bound on Monday, with investors awaiting the consumer price index report out on Wednesday.

Stocks in Spotlight:

Axis Bank rose 0.52% after large block deals early today. The media reported that private equity firm Bain Capital was looking to mark its exit from the private lender by selling 3.34 crore shares worth $431 million via block deal.

Tata Motors shed 0.47%. The company announced that the Jaguar Land Rover (JLR) wholesale volume increased 9% QoQ and 16% YoY to 110,190 units in Q4 FY24 (excluding the Chery Jaguar Land Rover China JV).

Sterlite Technologies surged 11% after the company?s board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 119 per share.

Premier Explosives zoomed 16% as its board will meet on Friday, 19 April 2024, to consider a stock split.

Ajmera Realty & Infra rallied 5.18% after the company?s sales value stood at Rs 287 crore in Q4 FY24, registering a growth of 104% as compared with Rs 140 crore posted in Q4 FY23.

Omaxe rallied 4.14% as its wholly owned subsidiary and special purpose company (SPC), Worldstreet Sports Center, will be developing an international cricket and football stadium, an indoor stadium along with a retail and hospitality hub spread across an area of 50.40 acres in Delhi's Dwarka area for around Rs 1500 crore.

IRB Infrastructure Developers rose 0.49%. The company announced that its toll collection jumped 30% to Rs 480.9 crore in March 2024 from Rs 370 crore in March 2023.

JTL Industries gained 2.17% after the company said that it has acquired a controlling stake of 67% in Nabha Steels and Metals, situated in Mandi Gobindgarh, Punjab.

Paisalo Digital jumped 2.49% as its board is scheduled to meet on Friday, 12 April 2024, to approve allotment of non-convertible debentures (NCDs) through private placement basis.

Sula Vineyards shed 0.20% after the company announced that it has recorded highest ever Q4 net revenues, overall as well as for own brands and the wine tourism business.

UCO Bank rose 0.84% after the bank reported 15.92% rise in total advances to Rs 1.87 lakh crore as on 31 March 2024 as against Rs 1.62 lakh crore recorded as on 31 March 2023.

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