BAROMETERS TRADE WITH SMALL GAINS; EUROPEAN MKT DECLINES

The key equity indices traded with small gains in afternoon trade. The Nifty traded above the 22,550 mark after hitting the day`s low of 22,404.55 in early trade. Metal, PSU Bank and media stocks advanced while FMCG, private bank and realty stocks declined.

At 13:27 IST, the barometer index, the barometer index, the S&P BSE Sensex, was up 63.56 points or 0.08% to 74,067.95. The Nifty 50 index gained 51.15 points or 0.23% to 22,553.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index fell 0.22%.

The market breadth was negative. On the BSE, 1,591 shares rose and 2,262 shares fell. A total of 168 shares were unchanged.

Gainers & Losers:

Coal India (up 4.35%), Hindalco Industries (up 4.19%), Tata Steel (up 3.75%), JSW Steel (up 1.43%) and Tata Steel (up 3.67%) and Adani Ports and Special Economic Zone (up 3.56%) were major Nifty gainers.

Nestle India (down 1.53%), Tata Consultancy Services (down 0.83%), SBI Life Insurance Company (down 0.83%) HDFC Life Insurance Company (down 0.80%), and UltraTech Cement (down 0.77%) were major Nifty losers.

JSW Steel gained 3.80% after the company reported 64.66% decline in consolidated net profit to Rs 1,332 crore in Q4 FY24 as compared with Rs 3,741 crore in Q4 FY23. Revenue from operations fell 1.48% YoY to Rs 46,269 crore in Q4 FY24.

Further, the company through its wholly owned subsidiary, JSW Natural Resources, has executed Quotas sale agreement, assignment of contractual position agreement and other transaction related documents to acquire 92.19% equity stake and shareholders loans of MDR (Minas de Revuboe Limitada).

Stocks in Spotlight:

Rainbow Children`s Medicare declined 4.64%. The company reported 4.89% decrease in consolidated net profit to Rs 50.97 crore in Q4 FY24 as against Rs 53.59 crore in Q4 FY23. Revenue from operations increased 7.61% year on year (YoY) to Rs 341.10 crore in the quarter ended 31 March 2024.

Oil India added 2.02% after the petroleum business company reported 13.45% increase in standalone net profit to Rs 2,028.83 crore on 2.46% rise in revenue from operations to Rs 5,527.3 crore in Q4 FY24 over Q4 FY23.

Meanwhile, the board recommended issue of bonus shares in the ratio of one equity share for every two existing equity shares held (1:2). The board has fixed 2nd July 2024 as record date.

Rail Vikas Nigam (RVNL) surged 13.95% after the company reported 33.16% increase in consolidated net profit to Rs 478.40 crore in Q4 FY24 as compared with Rs 359.25 crore in Q4 FY23. Revenue from operations jumped 17.38% year on year (YoY) to Rs 6,714.01 crore in the fourth quarter of FY24.

Further, the company has bagged a work order from South Eastern Railway. The scope of the order is to design, supply, erect, testing and commissioning for upgradation of electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Kharagpur(Excl.)- Bhadrak(Excl.) section of Kharagpur division of South Eastern Railway to meet 3000 MT loading Target. The time period for executing the project is 18 months and the cost of the project is Rs 148.26 crore.

Bharat Electronics (BEL) advanced 6.57% after the company reported 30.04% growth in consolidated net profit to Rs 1,797.11 crore in Q4 FY24 as against Rs 1,382.02 crore in Q4 FY23. Revenue from operations jumped 32.18% year on year (YoY) to Rs 8,564.08 crore in the quarter ended 31 March 2024.

Glenmark Pharmaceuticals slipped 1.30%. The company said that its subsidiary Glenmark Specialty S.A. has signed an exclusive marketing and distribution agreement with BeiGene, a global oncology company.

Global Markets:

European stocks and Asian stocks declined on Tuesday as investors weighed US central bank policy and the health of the global economy. Additionally, developments in the Middle East add a layer of uncertainty, potentially triggering a flight to safer assets.

Meanwhile, US stocks edged higher on Monday, with the Nasdaq Composite (^IXIC) reaching a record close, driven by Nvidia (NVDA) shares ahead of their earnings report this week. The S&P 500 rose slightly by 0.1%, while the Dow Jones Industrial Average dipped below 40,000, down 0.5% after Friday`s record high.

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