INDICES TRADE HIGHER; CONSUMER DURABLE SHARES RALLY

The key equity benchmarks traded in positive terrain with significant gains in afternoon trade. The Nifty traded above 22,250 mark. All the sectoral indices on the NSE were traded in green with consumer durables, PSU Bank and realty shares gaining the most.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 312.83 points or 0.42% to 73,392.71. The Nifty 50 index advanced 116.25 points or 0.52% to 22,263.25.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.80% while the S&P BSE Small-Cap index gained 1.25%.

The market breadth was strong. On the BSE, 2,652 shares rose and 1,164 shares fell. A total of 158 shares were unchanged.

Economy:

The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 show that Net collections are at Rs. 19.58 lakh crore, compared to Rs. 16.64 lakh crore in the preceding Financial Year i.e. FY 2022-23, representing an increase of 17.70%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023- 24 were fixed at Rs. 18.23 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs. 19.45 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%.

Meanwhile, India�s foreign exchange (forex) reserves declined $5.401 billion to $643.162 billion during the week ended April 12, according to the latest RBI data. In the previous reporting week, overall reserves had risen $2.88 billion to a new high of $648.562 billion.

For the week ended April 12, the foreign currency assets, a major component of the reserves, decreased by $6.513 billion to $564.653 billion, according to the data released on April 19.

Gold reserves continued their rise and increased by $1.241 billion to $55.798 billion during the week. The special drawing rights (SDRs) were down $93 million to $18.077 billion, the RBI said.

India�s reserve position with the IMF was also down by $35 million to $4.634 billion in the reporting week, the central bank data showed.

Gainers & Losers:

Eicher Motors (up 3.01%), Tata Consumer Products (up 2.97%), Bharat Petroleum Corporation (BPCL) (up 2.71%), SBI Life Insurance Company (up 2.21%) and Axis Bank (up 2.17%) were major Nifty gainers.

NTPC (down 1.68%), HDFC Bank (down 1.04%), JSW Steel (down 0.82%), Bajaj Auto (down 0.40%) and IndusInd Bank (down 0.34%) were major Nifty losers.

HDFC Bank declined 1.04%. The bank said that its net profit jumped 37.06% to Rs 16,511.85 crore in Q4 FY24 as compared with Rs 12,047.45 crore posted in Q4 FY23. Total income jumped 66.46% YoY to Rs 89,6939 crore as compared with Rs 53,850.54 crore posted in corresponding quarter last year.

Stocks in Spotlight:

Zydus Lifesciences rallied 3.09% after the company announced the launch launch of Mirabegron Extended-Release Tablets in the US market, following the receipt of final approval from the United States Food and Drug Administration for the same.

Wipro advanced1.58% after the IT major`s consolidated net profit grew 5.21% to Rs 2,834.6 crore in Q4 FY24 as against Rs 2,694.2 crore recorded in Q3 FY24. Revenue from operations rose marginally to Rs 22,208.3 crore in the March quarter as against Rs 22,205.1 crore reported in the preceding quarter same year.

Persistent Systems tumbled 9.31%. The company said that its consolidated net profit increased 10.2% to Rs 315.31 crore in Q4 FY24 as compared with Rs 286.13 crore posted in Q3 FY24. Revenue from operations rose 3.7% QoQ to Rs 2,590.52 crore in Q4 FY24. During the quarter, EBIT margin remained flat at 14.5% as compared with Q3 FY24.

Indian Renewable Energy Development Agency (IREDA) jumped 6.87% after the company�s net profit jumped 33% to Rs 337.38 crore in Q4 FY24 as compared with Rs 253.62 crore in Q4 FY23. Revenue from operations increased 33.6% to Rs 1,339.77 crore in Q4 FY24 as compared with Rs 1,002.67 crore posted in corresponding quarter last year.

Global Markets:

European and Asian stocks were trading mixed on Monday as the focus shifted from Middle East tensions to company earnings and economic data for insight into the direction of central bank policy. Investors look to fresh data points out of China, Japan and South Korea this week.

China�s central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively on Monday. The one-year LPR is seen as the peg for most household and corporate loans, while the five-year LPR is the benchmark for most property mortgages.

In US, the Nasdaq and the S&P 500 closed sharply lower on Friday as investors juggled lackluster earnings, uncertainties surrounding central bank policy and geopolitical strife.

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