Market Commentary - End-Session
Cautious calm in stock market: election fog, lackluster earnings keep investors sidelined As on : 08-May-24  17:15

Domestic stock market ended flat Wednesday, with the Nifty 50 settling near the 22,300 mark. Investor caution ruled the day as election jitters kept them on the sidelines. While oil & gas, auto, and metals found some buying interest, banking and IT stocks saw profit-taking, dragging the indices. Even supportive European cues could not lift spirits, as ongoing foreign fund outflows and a lack of earnings season fireworks keeping a lid on optimism.

The barometer index, the S&P BSE Sensex was down 45.46 points or 0.06% to 73,466.39. The Nifty 50 ended flat at 22,302.50.

HDFC Bank (down 1.61%), ICICI Bank (down 0.77%) and Infosys (down 0.75%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.78% and the S&P BSE Small-Cap index added 0.50%.

The market breadth was positive. On the BSE, 2128 shares rose and 1667 shares fell. A total of 131 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.42% to 17.08.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.15% to 7.140 as compared with previous close 7.129.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5200, compared with its close of 83.5100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.04% to Rs 71,176.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 105.51.

The United States 10-year bond yield added 0.42% to 4.478.

In the commodities market, Brent crude for July 2024 settlement lost 82 cents or 0.99% to $82.34 a barrel.

Global Market:

European market advanced while Asian stocks ended mixed on Wednesday following a sluggish US session overnight. Investors are looking for signs of strong corporate earnings before pushing this month's rally further. Optimism over eventual interest rate cuts was dampened by Fed officials signaling steady rates in the near-term.

Stocks in Spotlight:

Hero MotoCorp gained 3.26% after the two-wheeler major's standalone net profit increased 18.29% to Rs 1,016.05 crore on 14.6% rise in revenue from operations to Rs 9,519.30 crore in Q4 FY24 over Q4 FY23. Hero MotoCorp sold 13.92 lakh units of motorcycles and scooters in fourth quarter of FY24, up 9.61% from 13.92 lakh units sold in Q4 FY23.

Dr Reddy's Laboratories slipped 3.34%. The company?s consolidated net profit jumped 36.42% to Rs 1,309.80 crore in Q4 FY24 as against Rs 960.10 crore recorded in Q4 FY23. Sales rose 12.49% to Rs 7,083.00 crore in the quarter ended March 2024 as against Rs 6296.80 crore during the previous quarter ended March 2023.

Indraprastha Gas advanced 3.33% after the company?s net profit jumped 16% to Rs 382.20 crore in Q4 FY24 as compared with Rs 329.75 crore in Q4 FY23. Revenue from operations (excluding excise duty) fell 2% to Rs 3,596.69 crore in Q4 FY24 from Rs 3681.99 crore posted in Q4 FY23.

Pidilite Industries slipped 4.54%. The company reported 6% increase in consolidated net profit to Rs 304 crore on an 8% rise in net sales to Rs 2,890 crore in Q4 FY24 compared with Q4 FY23.

Bharat Forge (BFL) zoomed 13.54% after the company?s standalone net profit jumped 59.23% to Rs 389.65 crore in the quarter ended 31 March 2024 as compared with Rs 244.52 crore recorded in the quarter ended 31 March 2023. Revenue from operations increased 16.59% YoY to Rs 2,328.58 crore in Q4 FY24.

Sonata Software tumbled 15.16%. The company reported consolidated net profit of Rs 110.36 crore in Q4 FY24 as compared with net loss of Rs 46.16 crore posted in Q3 FY24. Revenue from operations fell 12.10% to Rs 2,191.61 crore in Q4 FY24 as compared with Rs 2,493.35 crore recorded in Q3 FY24.

PB Fintech (PolicyBazaar) rose 0.17%. The company reported consolidated net profit of Rs 60.59 crore in Q4 FY24 as compared with net loss of Rs 8.95 crore in Q4 FY23. Revenue from operations jumped 25.37% to Rs 1,089.57 crore in Q4 FY24 as compared with Rs 869.10 crore in Q4 FY23.

CreditAccess Grameen added 0.44%. The company?s consolidated net profit jumped 33.89% to Rs 397.08 crore on 36.85% rise in total income to Rs 1,459.10 crore in Q4 FY24 over Q4 FY23.

IRB Infrastructure Developers advanced 2.76% after the company reported 45.12% jump in consolidated net profit to Rs 188.88 crore on 27.24% increase in revenue from operations to Rs 2,061.24 crore in Q4 FY24 over Q4 FY23.

United Breweries added 0.03%. The company reported consolidated net profit of Rs 81.55 crore in Q4 FY24, steeply higher than Rs 9.87 crore posted in corresponding quarter last year. Revenue from operations (excluding excise duty) jumped 20% to Rs 2,133.38 crore in Q4 FY24 as compared with Rs 1,765.88 crore in Q4 FY23.

IPO Update:

The initial public offer (IPO) of TBO Tek received 1,06,08,800 bids for shares as against 92,85,816 shares on offer, according to stock exchange data at 17:00 IST today. The issue was subscribed 1.14 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.

Aadhar Housing Finance's IPO received 3,01,29,209 bids for shares as against 7,00,89,373 shares on offer, according to stock exchange data at 17:00 IST today. The issue was subscribed 43%.

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.

Indegene's IPO received 2,00,95,39,554 bids for shares as against 2,88,66,677 shares on offer, according to stock exchange data at 17:00 IST today. The issue was subscribed 69.61 times.

The issue opened for bidding on Monday (6 May 2024) and it will close on Wednesday (8 May 2024). The price band of the IPO is fixed at Rs 430 to Rs 452 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.

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