BROADER MARKET OUTPERFORMS; PSU BANKS ADVANCE

The frontline indices traded with small losses in mid-morning trade. The Nifty traded below the 22,250 mark after hitting the day`s high of 22,297.55 in morning trade. PSU bank shares advanced for the second consecutive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 115.67 points or 0.16% to 72,983.14. The Nifty 50 index shed 12.40 points or 0.06% to 22,205.45.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.64% and the S&P BSE Small-Cap index gained 0.90%.

The market breadth was strong. On the BSE, 2,278 shares rose and 1,316 shares fell. A total of 143 shares were unchanged.

Economy:

Passenger vehicle wholesales in India rose to record levels in April driven by strong demand for utility vehicles, automobile industry body SIAM said on Tuesday. The overall passenger vehicle dispatches from companies to dealers rose 1.3 per cent year-on-year to record levels of 3,35,629 units in April, as compared to 3,31,278 units in April 2023. Utility vehicle sales stood at 1,79,329 units last month, up 21 per cent from 1,48,005 units in the same month last year.

IPO Update:

The initial public offer of Go Digit General Insurance received bids for 65,45,550 shares as against 5,28,69,677 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (15 May 2024). The issue was subscribed 0.12 times.

The issue opened for bidding on Wednesday (15 May 2024) and it will close on Friday (17 May 2024). The price band of the IPO is fixed at Rs 258-272 per share. An investor can bid for a minimum of 55 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank gained 1.95% to 7,197.60. The index added 2.86% in the two trading sessions.

Union Bank of India (up 4.49%), Canara Bank (up 4.45%), Indian Bank (up 3.62%), Punjab & Sind Bank (up 2.67%), Bank of India (up 2.36%), Bank of Baroda (up 2.22%), UCO Bank (up 2.02%), Indian Overseas Bank (up 1.46%), Central Bank of India (up 1.32%) and Bank of Maharashtra (up 1.01%) edged higher

Stocks in Spotlight:

Oberoi Realty rallied 3.78% after the company`s consolidated net profit rose 64.07% to Rs 788.03 crore in the quarter ended March 2024 as against Rs 480.29 crore during the previous quarter ended March 2023. Sales rose 36.75% to Rs 1314.77 crore in the quarter ended March 2024 as against Rs 961.43 crore during the previous quarter ended March 2023.

Sagar Cements added 2.61% after the company�s consolidated net profit declined 85.36% to Rs 13.25 crore in the quarter ended March 2024 as against Rs 90.48 crore during the previous quarter ended March 2023. Sales rose 14.02% to Rs 708.71 crore in the quarter ended March 2024 as against Rs 621.54 crore during the previous quarter ended March 2023.

KDDL jumped 7.36% after the company�s consolidated net profit rose 58.33% to Rs 25.57 crore in the quarter ended March 2024 as against Rs 16.15 crore during the previous quarter ended March 2023. Sales rose 16.16% to Rs 347.61 crore in the quarter ended March 2024 as against Rs 299.24 crore during the previous quarter ended March 2023.

Global Markets:

Asian stocks traded mixed on Wednesday, as traders digested conflicting U.S. producer price data and awaited the critical consumer price report later in the day, which is expected to impact the Federal Reserve`s near-term policy decisions.

The Nasdaq closed at a new all-time high on Tuesday as U.S. stocks rallied, dismissing data indicating higher-than-anticipated April wholesale inflation. The tech-heavy index ended up 0.8%. The Dow Jones Industrial Average gained 0.3%, and the broad-based S&P 500 rose 0.5%.

U.S. wholesale prices surged by 0.5% in April, exceeding expectations, in a trend that could lead to extended periods of higher Federal Reserve interest rates. All eyes are now on Wednesday`s U.S. consumer price report.

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