Indices break 4-day streak, Nifty ends near 22,150

Domestic stock market staged a comeback on Friday, ending a four-day losing streak. The Nifty 50 clawed its way back from early lows to settle near 22,150. Banks and financial stocks were the bright spot, while media and healthcare took a hit. Worries lingered though, with simmering tensions in the Middle East and jittery global markets keeping investors cautious. Rising US bond yields continued to be a headwind, leading to more foreign investor selling in Indian shares.

The barometer index, the S&P BSE Sensex jumped 599.34 points or 0.83% to 73,088.33. The Nifty 50 index gained 151.15 points or 0.69% to 22,147. In the previous four trading sessions, the Sensex shed 3.40% while the Nifty 50 declined 3.33%.

Bajaj Finance (up 3.38%), HDFC Bank (up 2.46%) and ICICI Bank (up 1.04%) boosted the indices.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.39% while the S&P BSE Small-Cap index declined 0.04%.

The market breadth was negative. On the BSE, 1662 shares rose and 2127 shares fell. A total of 114 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, climbed 3.20% to 13.46.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.53% to 7.218 as compared with previous close 7.180.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4750, compared with its close of 83.5250 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.16% to Rs 72,566.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 106.03.

The United States 10-year bond yield declined 1.55% to 4.577.

In the commodities market, Brent crude for June 2024 settlement lost 55 cents or 0.63% to $86.56 a barrel.

Global Markets:

The US Dow Jones index futures were currently down by 85 points, signaling a negative opening for US stocks today.

European and Asian stocks declined on Friday, as reports of Israeli strikes on Iran further ramped up concerns over worsening geopolitical conditions in the Middle East. Israel, early Friday morning local time, launched missiles in a retaliatory strike against Iran, as per reports. The missile launches follow Iran`s attack last Saturday.

U.S. stocks closed mixed on Thursday, as investors focused on rising bond yields and uncertain oil prices.

Stocks in Spotlight:

Infosys shed 0.63%. The IT major`s consolidated net profit jumped 30.51% to Rs 7,969 crore in Q4 FY24 from Rs 6,106 crore in Q3 FY24. Revenue from operations declined 2.31% to Rs 37,923 crore in Q4 FY24 as compared with Rs 38,821 crore in Q3 FY24. In terms of guidance, the company has revised its FY25 revenue guidance to 1%-3% in constant currency and operating margin guidance at 20%-22%.

Bajaj Auto slipped 2.47%. The auto major�s standalone net profit jumped 35.11% to Rs 1,936 crore on 28.97% rise in revenue from operations to Rs 11,484.68 crore in Q4 FY24 over Q4 FY23.

ICICI Securities rose 1.05%. The broking firm�s consolidated net profit zoomed 104.3% to Rs 536.53 crore in Q4 FY24 as against Rs 262.68 crore recorded in Q4 FY23. Total income was at Rs 1,544.44 crore in the quarter ended 31 March 2024, registering a growth of 74.5% year on year (YoY).

ITC added 1.40% after the company announced that its wholly owned subsidiary, ITC Infotech India has entered into Share Purchase Agreement to acquire 100% stake in Blazeclan Technologies for total consideration of Rs 485 crore.

Aurionpro Solutions jumped 5% after its board approved acquisition of 67% stake in Mumbai-based banking and insurance focused PaaS startup, Arya.ai, operated through legal entity Lithasa Technologies.

Motilal Oswal Financial Services gained 7.39% after the company said that its board will consider a bonus share issue on 26 April 2024.

Network18 Media & Investments declined 1.51% after the company�s consolidated net loss widened to Rs 206.92 crore in Q4 FY24 as against Rs 35.19 crore recorded in Q4 FY23. Revenue from operations climbed 63.06% year on year to Rs 2,419.28 crore in the quarter ended 31 March 2024.

TV18 Broadcast declined 2.57% after the media company reported a consolidated net loss of Rs 51.73 crore in Q4 FY24 as against a net profit of Rs 35.19 crore posted in Q4 FY23. Revenue from operations jumped 65.7% year on year to Rs 2,329.58 crore in Q4 FY24.

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