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Benchmark drifts lower; breadth strong

Published on Apr 25, 2024 09:45

The domestic equity benchmarks traded with moderate losses in early trade. The Nifty traded below 22,350 mark. Realty, FMCG and consumer durables stocks declined while PSU bank, media and oil & gas shares advanced.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 164.76 points or 0.23% to 73,686.11. The Nifty 50 index lost 59.65 points or 0.27% to 22,342.75.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index rose 0.21% and the S&P BSE Small-Cap index added 0.39%.

The market breadth was strong. On the BSE, 1,804 shares rose and 974 shares fell. A total of 112 shares were unchanged.

Volatility may zoom as traders roll over positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire today, 25 April 2024.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,511.74 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,809.90 crore in the Indian equity market on 24 April, provisional data showed.


The second phase of voting will be held on April 26 in 89 constituencies spread across 13 states and Union territories. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called Indian National Developmental Inclusive Alliance (INDIA) bloc to deny PM Modi another victory. The elections will occur in 7 phases, from 19 April to 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Stocks in Spotlight:

Kotak Mahindra Bank was locked in 10% lower circuit after the Reserve Bank of India (RBI) has directed Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and issuing new credit cards. This restriction comes into effect immediately. However, the bank will continue to service its existing customers, including those with credit cards.

Axis Bank rallied 3.39% after the private lender reported net profit of Rs 7,129.67 crore in Q4 FY24 as against net loss of Rs 5,728.42 recorded in Q4 FY23. Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024.

Hindustan Unilever slipped 1.23% after the FMCG major reported 5.72% fall in standalone net profit to Rs 2,406 crore in Q4 FY24 as compared to Rs 2,552 crore recorded in Q4 FY23. Revenue from operations rose marginally to Rs 14,693 crore in Q4 FY24 as against Rs 14,638 crore reported in Q4 FY23.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.11% to 7.194 as compared with previous close 7.186.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3700, compared with its close of 83.3300 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement shed 0.42% to Rs 70,749.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.07% to 105.79.

The United States 10-year bond yield fell 0.09% to 4.651.

In the commodities market, Brent crude for June 2024 settlement gained 6 cents or 0.07% to $ 88.08 a barrel.

Global Markets:

Asian stocks were traded mixed on Thursday after two straight days of rallies, mirroring moves on Wall Street. Markets in Australia and New Zealand are closed for a public holiday.

The Bank of Japan kicks off its monetary policy meeting Thursday. Due to be published on Friday, investors will monitor the outcomes from the Bank of Japan, especially for any action to restrict the yen weakness.

Wall Street ended on a mixed note on Wednesday as traders assessed bleak outlook from Meta Inc., one of the magnificent seven, and as treasury yields rose following sales of 5-year U.S. Treasury notes. The US first-quarter gross domestic product figures are due on April 25.

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