BAROMETERS TRADE WITH DEEP CUTS; CONSUMER DURABLES SLIDE FOR 3RD DAY

The benchmark indices extended losses and traded near the day`s low in mid-afternoon trade. The Nifty traded below the 22,500 level. Consumer durables shares extended losses for the third consecutive trading session. Trading was volatile due to May F&O series expiry today.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 605.31 points or 0.82% to 73,889.75. The Nifty 50 index declined 200.80 points or 0.88% to 22,494.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.96% and the S&P BSE Small-Cap index fell 0.1.06%.

The market breadth was weak. On the BSE, 1,216 shares rose and 2,568 shares fell. A total of 102 shares were unchanged.

Weather update:

Southwest Monsoon has set in over Kerala and advanced into most parts of Northeast India. Monsoon hit Kerala`s coasts a day earlier than forecasted by the Indian Meteorological Department.

Cyclone Remal, which struck West Bengal and Bangladesh on Sunday, may have drawn the monsoon flow to the Bay of Bengal, potentially contributing to its early onset in the northeast.

Buzzing Index:

The Nifty Consumer Durables index declined 1.55% to 34,953.70. The index fell 1.93% in the three consecutive trading sessions.

Whirlpool of India (down 3.99%), Titan Company (down 2.91%), Kajaria Ceramics (down 2.33%), Blue Star (down 2.12%), V-Guard Industries (down 1.86%), Voltas (down 1.66%), Kalyan Jewellers India (down 1.52%), Havells India (down 1.06%), Amber Enterprises India (down 0.83%) and Crompton Greaves Consumer Electricals (down 0.58%) slipped.

On the other hand, Bata India (up 1.29%), Dixon Technologies (India) (up 0.5%) and Cera Sanitaryware (up 0.17%) edged higher.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.10% to 7.000 as compared with previous close 6.997.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.2900, compared with its close of 83.4000 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement declined 0.55% to Rs 71,796.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 104.981.

The United States 10-year bond yield slipped 0.56% to 4.597.

In the commodities market, Brent crude for July 2024 settlement lost 0.44 cents or 0.53% to $83.16 a barrel.

Stocks in Spotlight:

Alembic Pharmaceuticals shed 0.46%. The company said that has received final approval from the US Food & Drug Administration (US FDA) for its abbreviated new drug application (ANDA) for Sacubitril and Valsartan Tablets.

Ahluwalia Contracts (India) tumbled 11.57%. The civil construction company reported a consolidated net profit of Rs 199.80 crore in Q4 FY24, steeply higher than Rs 72.16 crore posted in Q4 FY23. Revenue from operations jumped 34.83% year on year to Rs 1,163.66 crore in the quarter ended 31 March 2024.

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