BENCHMARKS SUFFER 3RD STRAIGHT SESSION OF LOSSES; NIFTY BELOW 22,150

Stock markets got slammed today for a third straight session, with the Nifty 50 falling below 22,150. IT and banking stocks dragged the benchmarks, spooked by a nasty cocktail of worries. Rising US bond yields, a record-low Rupee, and simmering Middle East tensions. Foreign investors are pulling out of Indian shares, and strong US retail sales data is stoking fears of delayed US interest rate cuts.

The barometer index, the S&P BSE Sensex slipped 456.10 points or 0.62% to 72,943.68. The Nifty 50 index lost 124.60 points or 0.56% to 22,147.90. In three trading sessions, the Sensex shed 2.79% while the Nifty 50 declined 2.66%.

Infosys (down 3.65%), Bajaj Finance (down 1.80%) and ICICI Bank (down 1.04%) tumbled.

The broader market bucked the trend. The S&P BSE Mid-Cap index rose 0.05% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was positive. On the BSE, 2,177 shares rose and 1,638 shares fell. A total of 118 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, advanced 1.18% to 12.62.

The domestic stock markets will remain closed on Wednesday, 17 April 2024, on account of Ram Navami.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.28% to 7.195 as compared with previous close 7.175.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.58, compared with its close of 83.4450 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.40% to Rs 72,568.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.04% to 106.25.

The United States 10-year bond yield grew 0.48% to 4.653.

In the commodities market, Brent crude for June 2024 settlement lost 22 cents or 0.24% to $89.88 a barrel.

Global Markets:

The US Dow Jones index futures were currently up by 220 points, signaling a positive opening for US stocks today.

European and Asian stocks tumbled on Tuesday, in the shadow of Middle East tensions.

China�s economy grew stronger than expected at the start of this year, partly thanks to robust factory activity. Gross domestic product grew by 5.3% in the first quarter from a year ago, according to the National Bureau of Statistics on Tuesday. It also accelerated from the 5.2% growth in the previous three months. China has set an annual growth target of around 5% for 2024.

US stocks declined on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong Goldman Sachs earnings and hot retail sales data.

Retail sales in the United States grew more than anticipated last month. US retail sales picked up by 0.7% in March to $709.6 billion, after February`s increase was revised to 0.9%, said the Commerce Department.

Stocks in Spotlight:

Jio Financial Services added 2.10% after the company announced the signing of an agreement with BlackRock Advisors Singapore, to form a 50:50 joint venture (JV) for setting up the wealth management and broking business.

CRISIL declined 3.18% after company reported 5.50% fall in consolidated net profit to Rs 137.72 crore in Q1 CY24 as against Rs 145.75 crore posted in corresponding quarter last year. Revenue from operations jumped 3.18% to Rs 737.68 crore in Q1 CY24 as compared to Rs 714.89 crore posted in Q1 CY23. Total income for the March quarter, was up 3.62% to Rs 758.77 crore as against Rs 732.23 crore posted in the corresponding quarter previous year.

Sterlite Technologies jumped 6.75% after the company announced that it has raised Rs 1000 crore through a qualified institutional placement (QIP) route.

Happy Forgings rallied 4.19% after the company announced that it has secured a major order from a leading global Tier 1 manufacturer of automobile driveline components and systems.

Ugro Capital rallied 2.94% after the company�s asset under management (AUM) jumped 48% to Rs 9,000 crore in Q4 FY24 as compared with Rs 6,081 crore in Q4 FY23. During the quarter, net loans stood at Rs 1,555 crore as compared with Rs 1,459 crore in Q4 FY23.

Dynacons Systems & Solutions hit an upper circuit of 20% after the company announced that it has secured a contract worth Rs 233 crore from National Bank for Agriculture and Rural Development (NABARD).

Caplin Point Laboratories advanced 1.52% after its subsidiary, Caplin Steriles received final approval from the US drug regulator for its abbreviated new drug application (ANDA) Ofloxacin Ophthalmic Solution.

Gujarat Gas (GGL) declined 3.46% while Indian Oil Corporation (IOCL) gained 1.53%. GGL and IOCL have entered into a non-binding memorandum of understanding (MoU) to expand the scope and accessibility of energy solutions for consumers.

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