BENCHMARKS TURN RANGEBOUND; CONSUMER DURABLES GAIN

The frontline indices traded in a narrow range with decent gains in mid-morning trade. The Nifty scaled above the 22,950 mark after hitting the day`s low of 22,932 in morning trade. Consumer durables shares gained after declining in the previous trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 219.98 points or 0.29% to 75,629.57. The Nifty 50 index added 38.75 points or 0.17% to 22,995.85.

The Sensex and Nifty clocked an all-time high of 75,679.67 and 23,043.20 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.54% and the S&P BSE Small-Cap index rose 0.08%.

The market breadth was negative. On the BSE, 1,752 shares rose and 1,999 shares fell. A total of 160 shares were unchanged.

Economy:

India�s forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.

Gold reserves increased $1.244 billion to $57.195 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, the apex bank said.

India�s reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the apex bank data showed.

IPO Update:

The initial public offer (IPO) of Awfis Space Solutions received 18,61,91,148 bids for shares as against 86,29,670 shares on offer, according to stock exchange data at 11:33 IST on Monday (27 May 2024). The issue was subscribed 21.58 times.

The issue opened for bidding on Wednesday (22 May 2024) and it will close on Monday (27 May 2024). The price band of the IPO is fixed between Rs 364 to Rs 383 per share. An investor can bid for a minimum of 39 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables gained 0.81% to 35,842.25. The index shed 0.13% in the past trading sessions.

Voltas (up 2.87%), Kajaria Ceramics (up 2.51%), Havells India (up 1.25%), Kalyan Jewellers India (up 1.22%) , V-Guard Industries (up 1.07%), Amber Enterprises India (up 0.95%), Bata India (up 0.94%), Blue Star (up 0.76%), Rajesh Exports (up 0.58%) and Century Plyboards (India) (up 0.49%) edged higher.

On the other hand, Dixon Technologies (India) (down 0.5%), Whirlpool of India (down 0.08%) and Titan Company (down 0.04%) slipped.

Stocks in Spotlight:

Cochin shipyard advanced 3.81% after the company reported a consolidated net profit of Rs 258.88 crore in Q4 FY24, steeply higher than Rs 39.34 crore recorded in Q4 FY23. Revenue from operations zoomed 114.31% to Rs 1,286.05 crore in the March quarter as against Rs 600.09 crore reported in the same period a year ago.

Nazara Technologies rallied 3.31% after the gaming and sports media company`s consolidated net profit (from continuing operations) increased 43.4% to Rs 17.05 crore in Q4 FY24 from Rs 11.89 crore reported in Q4 FY23. Revenue from operations slipped 7.99% year on year (YoY) to Rs 266.21 crore during the quarter ended March 2024.

Global Markets:

Asian stocks advanced as an easing in US consumer inflation expectations bolstered the case for the Federal Reserve to cut rates this year.

US stocks rebounded on Friday, buoyed by news of an improving consumer outlook on inflation. The Nasdaq rose for a fifth straight week, closing at a record high. The Dow Jones Industrial Average edged up slightly, while the S&P 500 gained modestly.

University of Michigan data showed that consumers expect prices to climb at a 3.3% annual rate over the next year, down from the 3.5% expected earlier in the month. This suggests that inflation pressures may be easing, which could lead the Federal Reserve to cut interest rates later this year.

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