INDICES SNAP 5-DAY LOSING STREAK, NIFTY REGAINS 22,500

The domestic stocks finally snapped their losing streak today, clawing back small gains after five days in the red. The Nifty 50 regained the 22,500 mark. Investors seem to be done with pre-election jitters and are now waiting for exit polls to make their next move. Real estate, metals, and state-owned banks were in favor, while media, tech, and healthcare took a hit.

The Lok Sabha Election 2024 exit polls are scheduled to be released after the final phase of voting on Saturday, 1 June 2024, at 6:30 PM, with the final election results set to be announced on Tuesday, 4 June 2024.

The barometer index, the S&P BSE Sensex, was up 75.71 points or 0.10% to 73,961.31. The Nifty 50 index added 42.05 points or 0.19% to 22,530.70.

Adani Enterprises (up 6.84%), Adani Ports & SEZ (up 3.93%) and ICICI Bank (up 0.43%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index added 0.06% and the S&P BSE Small-Cap index rose 0.76%.

The market breadth was negative. On the BSE, 1732 shares rose and 2099 shares fell. A total of 84 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, added 1.76% to 24.60.

Numbers to Track:

The yield on India`s 10-year benchmark federal declined 0.16% to 6.992 as compared with previous close 7.003.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.4750, compared with its close of 83.2950 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement gained 0.28% to Rs 72,100.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.04% to 104.68.

The United States 10-year bond yield grew 0.31% to 4.566.

In the commodities market, Brent crude for July 2024 settlement rose 10 cents or 0.12% to $ 81.98 a barrel.

Global Markets:

Most shares in Europe and Asia declined on Friday as investors awaited inflation readings from Europe and the U.S., which will likely dictate the path of interest rates globally.

China stocks rose, even though the nation`s manufacturing activity unexpectedly fell in May. This weak economic data fueled calls for additional government stimulus to counteract the ongoing property crisis, which is still impacting businesses, consumers, and investor confidence.

U.S. stocks fell further on Friday on concerns about a delayed interest rate cut. The Dow Jones Industrial Average dropped 0.86%, the Nasdaq Composite fell 1.0%, and the S&P 500 closed down 0.6%.

Stocks in Spotlight:

Swan Energy hit a lower circuit of 5% after the company reported a 10.55% decline in consolidated net profit to Rs 55.58 crore as against Rs 62.14 crore posted in Q4 FY23. Revenue from operations climbed 49.79% to Rs 1,397.90 crore in Q4 FY24 over Q4 FY23.

Mrs. Bectors Food Specialities gained 3.19% after the company reported 21.6% rise in net profit to Rs 33.6 crore on a 17.4% increase in revenues to Rs 406.4 crore in Q4 FY24 as compared with Q4 FY23.

Bharat Dynamics rose 0.68%. The missiles maker�s net profit soared 89.04% to Rs 288.78 crore in Q4 FY24 as against Rs 152.76 crore recorded in Q4 FY23. Revenue from operations stood at Rs 848.57 crore in the March quarter, up 6.5% from Rs 796.79 crore reported in Q4 FY23.

Apollo Hospitals Enterprise added 1.37% after the company�s consoloidated net profit surged 75.64% to Rs 253.8 crore as compared to Rs 144.5 crore reported in Q4 FY23. Revenue from operations jumped 14.92% year on year to Rs 4,943.9 crore in the quarter ended 31 March 2024.

V2 Retail rose 1%. The company reported a consolidated net profit of Rs 3.59 crore in Q4 FY24 as against a net loss of Rs 7.70 crore in Q4 FY23. Income from operations surged 51.86% year on year to Rs 296.98 crore in the final quarter of FY24.

Rajesh Exports slipped 1.21%. The company reported a consolidated net loss from ordinary activities of Rs 31.56 crore as against net profit from ordinary activities of Rs 366.01 crore in Q4 FY24 over Q4 FY23. Income from operations (inclusive of excise duty) tumbled 20.79% year on year to Rs 91,444.96 crore in the fourth quarter.

Suzlon Energy rallied 5% after the company announced that it has received a new order for the development of 81.9 MW wind power project for Oyster Green Hybrid One.

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