Indices trade with minor gains, broader mkt outperforms

The key equity barometers continued to trade with minor gains in mid-morning trade. The Nifty hovered near the 17,850 mark. Realty, IT and metal stocks were in demand. On the flip side, pharma, healthcare and FMCG shares corrected.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 105.6 points or 0.18% to 60,406.18. The Nifty 50 index rose 30.80 points or 0.17% to 17,844.40.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.42% while the S&P BSE Small-Cap index gained 0.62%.

The market breadth was strong. On the BSE, 1,975 shares rose and 1,269 shares fell. A total of 153 shares were unchanged.

Trading could be volatile as traders roll over positions in the F&O segment from the near month April series to May series. The April 2023 F&O contracts will expire today, 27 April 2023.

IPO Update:

The initial public offer (IPO) of Mankind Pharma received bids for 5.85 crore shares as against 2.80 crore shares on offer, according to stock exchange data at 11:21 IST on Thursday (27 April 2023). The issue was subscribed 2.09 times.

The issue opened for bidding on Tuesday (25 April 2023) and it will close on Thursday (27 April 2023). The price band of the IPO is fixed at Rs 1,026 - Rs 1,080 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index rose 0.54% to 27,211.85. The index added 0.84% in two trading sessions.

L&T Technology Services Ltd (up 6.61%), LTI Mindtree Ltd (up 3.04%), Persistent Systems Ltd (up 1.74%), Coforge Ltd (up 1.12%), Mphasis Ltd (up 0.96%), Tech Mahindra Ltd (up 0.22%), Infosys Ltd (up 0.2%) edged higher.

On the other hand, Tata Consultancy Services (down 0.44%), HCL Technologies (down 0.04%) and Wipro (down 0.03%) declined.

Stocks in Spotlight:

IIFL Finance rose 0.41%. The diversified NBFC reported a 28.61% year-on-year growth in consolidated net profit at Rs 412.74 crore in Q4 March FY23. On a consolidated basis, total income for the quarter rose 17.74% to Rs 2,276.01 crore on year-on-year basis in Q4FY23. The microfinance loan AUM stood at Rs 9,786 crore, up 59% y-o-y and 25% q-o-q, as at 31 March 2023.

Syngene International rallied 3.12% after the company`s consolidated net profit increased by 21% to Rs 178.7 crore in Q4 FY23 from Rs 147.8 crore in Q4 FY22. Revenue from operations rose by 31% YoY to Rs 994.4 crore during the quarter.

City Union Bank surged 5.11% after the Reserve Bank of India (RBI) approved the re-appointment of Dr. N. Kamakodi as the managing director (MD) & chief executive officer (CEO) of the bank for three years effective from 1 May 2023

Global Markets:

Most of the Asian stocks edged higher on Thursday as investors focus on the Bank of Japan`s first policy meeting led by new BOJ governor Kazuo Ueda. Ueda is expected to maintain the ultra loose monetary policy of predecessor Haruhiko Kuroda for now, but expectations are that he will plot a path out of this policy in the future, as per reports.

US stocks ended mixed on Wednesday as banking fears eclipsed Big Tech earnings on Wall Street. Ongoing congressional wrangling over raising the federal debt ceiling also added to investor anxieties.

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