Nifty climbs above 23,000; European stocks decline

The key equity indices traded with small gains in afternoon trade. The Nifty marched above the 23,000 level after hitting the day`s low of 22,908 in morning trade. Media, oil & gas and auto stocks advanced while FMCG, realty and IT shares declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 126.48 points or 0.17% to 75,545.48. The Nifty 50 index added 41.35 points or 0.18% to 23,009.

The Sensex and Nifty clocked an all-time high of 75,582.28 and 23,019.65 in afternoon trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.90% and the S&P BSE Small-Cap index rose 0.72%.

The market breadth was positive. On the BSE, 1,878 shares rose and 1,874 shares fell. A total of 121 shares were unchanged.

Gainers & Losers:

Bharat Petroleum Corporation (BPCL) (up 2.02%), UltraTech Cement (up 1.71%), Larsen and Toubro (up 1.52%), Divi`s Laboratories (up 1.20%) and HDFC Bank (up 1.10%) were major Nifty gainers.

Adani Ports and Special Economic Zone (down 1.18%), ITC (down 1.03%), Apollo Hospitals Enterprise (down 0.93%) Tata Consultancy Services (down 0.87%), and Asian Paints (down 0.87%) were major Nifty losers.

Stocks in Spotlight:

InterGlobe Aviation�s (IndiGo) declined 3.05%. The company�s consolidated net profit surged 106.14% to Rs 1,894.82 crore in Q4 FY24 from Rs 919.20 crore posted in Q4 FY23. Revenue from operations increased 25.88% year on year (YoY) to Rs 17,825.27 crore in the quarter ended 31 March 2024.

Bikaji Foods International jumped 4.89% after the company reported a consolidated net profit of Rs 116.24 crore in Q4 FY24, steeply higher than Rs 38.10 crore posted in Q4 FY23. Revenue from operations grew by 12.81% year on year to Rs 520.83 crore during the quarter.

Biocon gained 2.57% after the company announced the signing of an exclusive licensing and supply agreement with South Korea-based Handok for the commercialization of its vertically integrated & complex drug product Synthetic Liraglutide.

Brigade Enterprises shed 0.58%. The company said that it has signed Joint Development Agreement (JDA) to develop a residential project on old madras road, Bengaluru with gross development value of Rs 720 crore.

Honasa Consumer (Mamaearth) rallied 2.98% after the company reported a consolidated net profit of Rs 30.47 crore in Q4 FY24 as against with net loss of Rs 159.97 crore recorded in Q4 FY23.

Meanwhile, the company�s board has approved an asset purchase agreement with Cosmogenesis Cosmetics, a sole proprietorship, based out of Thane, Maharashtra to purchase identified assets and intellectual properties as part of this agreement which will benefit the company in expanding the R&D and manufacturing capabilities.

Johnson Controls-Hitachi Air Conditioning India was locked in 20% upper circuit after the company reported a net profit of Rs 50.14 crore in Q4 FY24 as compared with a net loss of Rs 1.88 crore posted in Q4 FY23. Net sales increased by 40.9% year-over-year (YoY) to Rs 771.81 crore during the period under review.

Coral Laboratories surged 17.02% after the company reported consolidated net profit of Rs 5.78 crore in Q4 FY24 as compared with net loss of Rs 0.89 crore in corresponding quarter last year. Revenue from operations soared to Rs 28.88 crore in Q4 FY24 as against 11.43 crore in Q4 FY23.

Global Markets:

European and Asian stocks declined on Friday, positive U.S. economic data increased expectations of sustained higher interest rates and a delayed rate cut by the Federal Reserve, dampening investor appetite for riskier assets.

Data released Thursday showed a decline in U.S. jobless claims, and S&P Global`s Flash PMI survey indicated faster-than-anticipated business activity expansion in May. This robust economic data, coupled with hawkish minutes from the Fed`s most recent meeting earlier this week, has prompted traders to reduce their bets on rate cuts this year. Markets are now fully expecting a rate cut in December, with a September cut remaining uncertain, according to the CME FedWatch tool.

In Japan, inflation moderated for the second consecutive month, as investors continued to assess the Bank of Japan`s capacity for further interest rate hikes this year. Core CPI, which excludes volatile fresh food prices, rose 2.2% year-on-year in April, according to data released by the Statistics Bureau on Friday. This represents a decrease from the 2.6% increase observed in the previous month.

In the United States, the Dow Jones Industrial Average (DJIA) plunged on Thursday, dropping over 600 points and retreating back to the 39,000 level as investors reacted to diminishing hopes for a September interest rate cut by the Federal Reserve.

Initial jobless claims for the week ending May 18th came in at a higher-than-expected 2.15 lakh, while May�s S&P Global Services Purchasing Managers Index (PMI) rose to a 12-month high of 50.9 on Thursday.

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