BAROMETERS TRADE WITH SMALL CUTS; OIL & GAS SHARES UNDER PRESSURE

The benchmark indices traded near the flat line with tiny losses in mid-afternoon trade. The Nifty traded below the 22,950 mark after hitting the day`s high of 22,998.55 in morning trade. Oil & Gas shares extended losses for the second consecutive trading session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 92.39 points or 0.12% to 75,299.69. The Nifty 50 index shed 15.45 points or 0.07% to 22,917.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.75% and the S&P BSE Small-Cap index fell 0.98%.

The market breadth was weak. On the BSE, 1,209 shares rose and 2,586 shares fell. A total of 106 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index shed 0.73% to 11,838.90. The index fell 1.27% in the two consecutive trading sessions.

Petronet LNG (down 1.84%), Hindustan Petroleum Corporation (HPCL) (down 1.65%), Oil India (down 1.48%), Adani Total Gas (down 1.47%), Bharat Petroleum Corporation (BPCL) (down 1.38%), Gujarat Gas (down 1.33%), Indian Oil Corporation (down 1.3%), GAIL (India) (down 1.11%), Oil & Natural Gas Corporation (down 1.04%) and Mahanagar Gas (down 0.59%) slipped.

On the other hand, Indraprastha Gas (up 1.8%) ,Aegis Logistics (up 1.37%) and Gujarat State Petronet (up 0.21%) edged higher.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.10% to 6.988 as compared with previous close 6.992.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.1850, compared with its close of 83.1350 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.04% to Rs 72,580.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.07% to 104.52.

The United States 10-year bond yield declined 0.49% to 4.451.

In the commodities market, Brent crude for July 2024 settlement gained $1.24 cents or 1.51% to $83.36 a barrel.

Stocks in Spotlight:

Automotive Axles fell 2.40%. The company`s standalone net profit declined 13.22% to Rs 44.09 crore on 17.53% decrease in revenue from operations to Rs 571.52 crore in Q4 March 2024 over Q4 March 2023.

NMDC declined 1.48%. The company�s consolidated net profit from continuing operations declined 37.82% to Rs 1,415.88 crore in Q4 FY24 as compared with Rs 2,277.13 crore recorded in same quarter last year. Total income stood at Rs 6,908.37 crore in the fourth quarter of FY24, registering a growth of 18.24% year on year (YoY).

Adani Energy Solutions slipped 1.14%. The company said that its board has approved raising of funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 12,500 crore by way of Qualified Institutional Placement (QIP).

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