SHARES DEFY GLOBAL WORRIES, NIFTY CLIMBS PAST 22,400 FOR A 4-DAY WIN STREAK

The domestic equity market continued its rise for the fourth consecutive day, with the Nifty 50 breaching the 22,400 mark. Metals and healthcare stocks emerged as the frontrunners, brushing aside worries about high US bond yields and Middle East tensions. This resilience is despite the ongoing selloff by foreign investors (FPIs). However, aggressive buying by domestic institutional investors (DIIs) is neutralising the FPI outflow, fueling the current rally.

The barometer index, the S&P BSE Sensex, was up 114.49 points or 0.16% to 73,852.94. The Nifty 50 index added 34.40 points or 0.15% to 22,402.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.92% and the S&P BSE Small-Cap index added 0.79%.

The market breadth was positive. On the BSE, 2228 shares rose and 1594 shares fell. A total of 107 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.27% to 7.186 as compared with previous close 7.167.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.3025, compared with its close of 83.3150 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.03% to Rs 71,109.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.15% to 105.84.

The United States 10-year bond yield advanced 0.91% to 4.640.

In the commodities market, Brent crude for June 2024 settlement lost 39 cents or 0.44% to $88.03 a barrel.

Global Markets:

European and Asian stocks advanced on Wednesday following Wall Street�s continued rally for a second straight day.

U.S stock indexes climbed for a second straight session on Tuesday as a strong batch of corporate earnings assuaged concerns over higher rates.

Stocks in Spotlight:

The Nifty Metal index jumped 2.69% to settle at 9,140.10. It hit a record high of 9,158.40 today.

In the index, Steel Authority of India (up 7.36%), NMDC (up 5.58%), Ratnamani Metals & Tubes (up 4.21%), Hindalco Industries (up 3.96%), JSW Steel (up 3.87%), Tata Steel (up 2.82%), Jindal Steel & Power (up 2.81%), National Aluminium Company (up 2.54%), Welspun Corp (up 2.01%) and Hindustan Copper (up 2%) rallied.

Axis Bank rose 0.69%. The private lender reported net profit of Rs 7,129.67 crore in Q4 FY24 as against net loss of Rs 5,728.42 recorded in Q4 FY23. Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024. Net interest income (NII) grew 11% YoY to Rs 13,089 crore while net interest margin (NIM) slipped 16 basis points (bps) YoY to 4.06% during the quarter.

Hindustan Unilever (HUL) fell 0.16%. The FMCG major reported 5.72% fall in consolidated net profit to Rs 2,406 crore as compared to Rs 2,552 crore recorded in Q4 FY23. Revenue from operations increased marginally to Rs 14,693 crore in Q4 FY24 as compared to Rs 14,638 crore posted in Q4 FY23. HUL delivered Underlying Sales Growth (USG) of 1% and Underlying Volume Growth (UVG) of 2% in Q4 FY24.

Tata Consumer Products slipped 5.40% after the company`s consolidated net profit declined 19.35% to Rs 216.63 crore in Q4 FY24 as compared with Rs 268.59 crore recorded in Q4 FY23. Revenue from operations rose 8.52% year on year (YoY) to Rs 3,926.94 crore in March 2024 quarter.

Nippon Life India Asset Management (AMC) rallied 4% after its consolidated net profit surged 73.17% to Rs 342.92 crore in Q4 FY24 as compared with Rs 198.02 crore in Q4 FY23. Total income jumped 44.47% year on year (YoY) to Rs 560.57 crore in the quarter ended March 2024.

ICICI Prudential Life Insurance Company declined 2.92% after the company`s net profit fell 26.02% to Rs 173.76 crore in Q4 FY24 from Rs 234.87 crore posted in Q4 FY23. Total income jumped 96.45% YoY to Rs 22,591.46 crore in Q4 FY24.

Tata Elxsi fell 4.85% after the design led technology service provider�s net profit declined 2.28% to Rs 196.93 crore in Q4 FY24 as against Rs 201.52 crore posted in Q4 FY23. Revenue from operations rose 8.12% year on year (YoY) to Rs 905.94 crore in the quarter ended 31 March 2024.

360 One Wam jumped 5.02% after the company�s consolidated net profit jumped 24.3% to Rs 241 crore in Q4 FY24 as compared with Rs 155 crore in Q4 FY23. Revenue from operations increased 45.8% YoY to Rs 573 crore in Q4 FY24.

Cyient DLM surged 5% after the company�s net profit surged 80.62% to Rs 22.74 crore on 30.46% rise in revenue from operations to Rs 361.84 crore in Q4 FY24 over Q4 FY23. Sequentially, the company�s net profit jumped 23.32% and revenue grew by 12.7% in Q4 FY24.

Huhtamaki India dropped 8% after the company�s net profit declined 26.66% to Rs 26.03 crore in Q1 CY24 as compared with Rs 35.49 crore in Q1 CY23. Revenue from operations fell 7.77% YoY to Rs 610.2 crore in Q1 CY24.

Multi Commodity Exchange of India (MCX) declined 4.73%. The company reported consolidated net profit of Rs 878.7 crore in Q4 FY24, steeply higher than Rs 5.45 crore in Q4 FY23. Revenue from operations increased 35.43% year on year (YoY) to Rs 181.14 crore in the quarter ended 31 March 2024.

Puravankara hit an upper circuit of 5% after the company announced that it has been unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai.

Rail Vikas Nigam (RVNL) advanced 2.58% after the company`s consortium was named the lowest bidder for the redevelopment project of Thiruvananthapuram Central Railway Station. The joint venture (JV) comprised of Kerala Rail Development Corporation (KRDCL) (holding a 51% stake) and RVNL (with a 49% stake) was selected by Southern Railway for the project which will be undertaken using the engineering, procurement, and construction (EPC) mode.

Sakuma Exports added 2.19% after the company has entered into a contract amounting to approximately Rs 150 crore for the supply of sugar to the North East, West Bengal, and Bihar regions.

IPO Update:

The initial public offer (IPO) of JNK India received 1,14,14,556 bids for shares as against 1,10,83,278 shares on offer. The issue was subscribed 1.03 times.

The issue opened for bidding on 23 April 2024 and it will close on 25 April 2024. The price band of the IPO is fixed at Rs 395 to Rs 415 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

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