Market Commentary - End-Session
Nifty fails to hold 22,500 level, Sensex tumbles 732 pts; Coal India up 4.75% As on : 03-May-24  16:54

The key benchmarks indices ended with substantial losses on Friday. The Nifty started the day on higher note further hit an intraday high at 22,794.70, as the day progress it witnessed selling pressure and settled below 22,500 levels.

As per the provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 732.96 points or 0.98% to 73,878.15. The Nifty 50 index fell 172.35 points or 0.76% to 22,475.85. The Nifty 50 reached an all-time high of 22,794.70 during early trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.21% and the S&P BSE Small-Cap index fell 0.55%.

The market breadth was weak. On the BSE, 1,538 shares rose and 2,296 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, climbed 8.72% to 14.62.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.13% to 7.153 as compared with previous close 7.162.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4375, compared with its close of 83.4675 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.16% to Rs 70,621.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 105.20.

The United States 10-year bond yield lost 0.09% to 4.564.

In the commodities market, Brent crude for July 2024 settlement gained 23 cents or 0.27% to $83.90 a barrel.

Stocks in Spotlight:

Coal India rallied 4.75% after the company reported 25.8% rise in consolidated net profit to Rs 8,640 crore in Q4 FY24 from Rs 6,869 crore in Q4 FY23. Net sales, however, declined 3% to Rs 34,263.89 crore in the fourth quarter from Rs 35,161.44 crore recorded in the same period last year.

Coforge tumbled 10.07% after IT company?s consolidated net profit decreased 6.01% to Rs 223.7 crore on in Q4 FY24 as compared to Rs 238 crore in Q3 FY24. Revenue from operations stood at Rs 2,358.5 crore in fourth quarter of FY24, registering a growth of 1.52%.

Bajaj Finance added 0.70% after the Reserve Bank of India (RBI) lifted restrictions on the sanction and disbursal of new loans under 'eCOM' and online/digitally on 'Insta EMI Card'.

In exchange filings on Thursday, Bajaj Finance said that the RBI, based on the remedial actions taken by the company, has conveyed its decision of lifting the said restrictions on eCOM and online digital ?Insta EMI Card?, with immediate effect.

The company would now resume sanction and disbursal of loans in the above two business segments including issuance of EMI cards,? the NBFC said in a statement.

Ajanta Pharma rallied 6.22% after the pharmaceutical company reported 65.82% jump in consolidated net profit to Rs 203 crore in Q4 FY24 as compared with Rs 122 crore in Q4 FY23. Revenue increased 19.53% YoY to Rs 1,054.08 crore in Q4 FY24.

MRF declined 4.06%. The company reported a consolidated net profit increased 16.28% to Rs 396.11 crore in Q4 FY24 as compared to Rs 340.65 crore posted in Q4 FY23. Revenue from operations grew 8.68% year on year (YoY) to Rs 6,349.36 crore in the quarter ended 31 March 2024.

Adani Green Energy rose 0.61%. The power generation company's consolidated net profit tumbled 70.47% to Rs 150 crore in Q4 FY24 as against Rs 508 crore reported in Q4 FY23. Revenue from operations stood at Rs 2,527 crore in Q4 FY24, down 2.32% from Rs 2,587 crore posted in Q4 FY23.

Raymond fell 3.17%. The company reported 18% jump in consolidated net profit to Rs 229 crore in Q4 FY24 as compared with Rs 194 crore posted in Q4 FY23. Revenue from operations increased 21.32% to Rs 2,608.50 crore during the quarter as compared with Rs 2,150.18 crore in corresponding quarter last year.

CEAT declined 2.96% after the company?s consolidated net profit fell 18.80% to Rs 108.56 crore in Q4 FY24 as compared net to Rs 133.70 crore posted in corresponding quarter last year. Revenue from operations increased 4.07% to Rs 2,991.85 crore in Q4 FY24 as against revenue of Rs 2,874.82 crore posted in Q4 FY23.

Godrej Properties rose 1.82% after the company said that its consolidated net profit jumped 14.34% to Rs 471.26 crore in Q4 FY24 as compared with Rs 412.14 crore in Q4 FY23. Revenue from operations declined 13.37% YoY to Rs 1,426.09 crore in Q4 FY24.

Blue Dart Express rallied 7.66% after the company reported 12.01% rise in consolidated net profit to Rs 77.78 crore on 8.74% increase in revenue from operations to Rs 1,322.87 crore in Q4 FY24 over Q4 FY23.

Global Markets:

European stocks advanced while Asian stocks ended mixed on Friday as investors look ahead to the release of key U.S. employment data later today. Stock markets in Japan and mainland China were shut for public holidays.

The employment data release will be closely watched by the trading community after the U.S. Federal Reserve held interest rates steady at the end of its two-day meeting on Wednesday.

The Japanese yen was still in focus as it continued to show strength against the U.S. dollar amid suspected government intervention to support the currency on Monday.

Stocks in the U.S. closed higher on Thursday as investors looked ahead to more earnings as well as the nonfarm payrolls report set to be released on Friday.

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