Barometers turn rangebound, HDFC twins tumble

The domestic equity barometers traded in a narrow range with modest losses in afternoon trade. The Nifty traded a tad below the 18,150 mark. Consumer durables, auto and realty stocks were in demand while banking, financial services and media stocks witnessed a bit of a selling pressure.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 410.84 points or 0.67% to 61,338.41. The Nifty 50 index lost 112.75 points or 0.62% to 18,143.05.

In the broader market, the S&P BSE Mid-Cap index declined 0.17% while the S&P BSE Small-Cap index shed 0.12%.

The market breadth was negative. On the BSE, 1,498 shares rose and 1,894 shares fell. A total of 157 shares were unchanged.

Gainers & Losers:

Titan Company (up 3.39%), Maruti Suzuki India (up 1.98%), Adani Ports and Special Economic Zone (up 1.95%), Adani Enterprises (up 1.91%) and Larsen & Toubro (up 1.81%) were the top Nifty gainers.

HDFC Bank (down 5.25%), Housing Development Finance Corporation (HDFC) (down 5.01%), Tata Steel (down 1.94%), UPL (down 1.74%) and Hindalco Industries (down 1.71%) were the top Nifty losers.

HDFC Bank and Housing Development Finance Corporation (HDFC) fell by over 5% amid reports that the merged HDFC entity could see $150-200 million in outflows. MSCI plans to include HDFC Bank in the large-cap segment of MSCI Global Standard Indexes with an adjustment factor of 0.5, causing concerns of potential outflows of $150-200 million instead of expected inflows. If the adjustment factor had been 1, HDFC Bank would have seen an incremental inflow of around $3 billion.

Stocks in Spotlight:

Hero MotoCorp rose 1.25%. The two-wheeler major`s consolidated net profit rose to Rs 810.80 crore in Q4 March 2023 as compared to net profit of Rs 620.56 crore in Q4 March 2022. Total income rose to Rs 8,671.82 crore in Q4 March 2023 from Rs 7,627.99 crore in Q4 March 2022.

Tata Power fell 1.01%. The company`s consolidated net profit rose 48% to Rs 939 crore in Q4 March 2023 as compared to net profit of Rs 632 crore in Q4 March 2022. Revenue rose 6% to Rs 12,755 crore in Q4 March 2023 from Rs 12,085 crore in Q4 March 2022.

TVS Motor Company rallied 3.93%. The company`s consolidated net profit rose to Rs 335.67 crore in Q4 March 2023 as compared to net profit of Rs 274.67 crore in Q4 March 2022. Total income rose to Rs 8,098.54 crore in Q4 March 2023 from Rs 6,598.75 crore in Q4 March 2022.

CEAT jumped 4.07% after the company reported consolidated net profit of Rs 133.70 crore in Q4 FY23, steeply higher from Rs 25.25 crore posted in Q4 FY22. Revenue from operations jumped 10.9% to Rs 2,874.82 crore in Q4 FY23 as compared with Rs 2,591.99 crore in Q4 FY22.

United Breweries slipped 2.38% after the company`s consolidated net profit slumped 94% to Rs 9.81 in Q4 FY23 as against Rs 163.40 crore recorded in Q4 FY22. Net sales stood at Rs 1,765.88 crore in Q4 FY23, up 3.3% from Rs 1,709.17 crore reported in Q4 FY22.

Global Markets:

Markets in Europe advanced across the board while Asian stocks traded mixed on Friday.

The European Central Bank (ECB) announced a 0.25% raise on Thursday, bringing the eurozone`s key interest rate to 3.75% in a bid to curb inflation. �The inflation outlook continues to be too high for too long,� the central bank said in a statement.

Wall Street ended lower on Thursday after PacWest`s move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players.

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