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Market extends losses; Nifty below 22,750; financial services slide

Published on May 29, 2024 10:32

The key equity benchmarks extended losses in morning trade. The Nifty slipped below the 22,750 mark. Financial Services share declined after advancing in the previous four consecutive trading sessions.

At 10:29 ST, the barometer index, the S&P BSE Sensex, was down 511.89 points or 0.67% to 74,668.86. The Nifty 50 index declined 153.95 points or 0.67% to 22,735.80.

In the broader market, the S&P BSE Mid-Cap index declined 0.28% and the S&P BSE Small-Cap index rose 0.14%.

The market breadth was negative. On the BSE, 1,537 shares rose and 1,847 shares fell. A total of 179 shares were unchanged.

Results Today:

Tata Steel (down 0.14%), Alkem Laboratories (up 1.24%), Deepak Fertilisers & Petrochemicals Corporation (down 0.28%), IPCA Laboratories (up 1.94%), Shriram Properties (down 0.51%), Mahanagar Telephone Nigam (up 1.29%), Mazagon Dock Shipbuilders (up 4.52%), Bata India (down 0.90%), Cummins India (down 0.96%), Dredging Corporation of India (up 3.19%), Droneacharya Aerial Innovations (up 1.91%), GMR Airports Infrastructure (down 0.47%), Gufic Biosciences (up 0.72%), Heidelberg Cement India (up 0.82%), Jubilant Pharmova (up 2.18%), Lemon Tree Hotels (up 1.07%), Liberty Shoes (up 0.71%), Maithan Alloys (up 0.38%), Mishra Dhatu Nigam (up 0.50%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Financial Services index shed 1.02% to 21,758.05. The index advanced 3.07% in the past four trading sessions.

ICICI Prudential Life Insurance Company (down 2.21%), SBI Life Insurance Company (down 2.06%), HDFC Life Insurance Company (down 1.93%), HDFC Asset Management Company (down 1.79%), Axis Bank (down 1.3%) , HDFC Bank (down 1.22%), ICICI Bank (down 1.08%), REC (down 0.81%), Bajaj Finserv (down 0.75%) and Kotak Mahindra Bank (down 0.67%) slipped.

On the other hand, LIC Housing Finance (up 0.92%) ,Cholamandalam Investment & Finance Company (up 0.26%) and Muthoot Finance (up 0.25%) edged higher.

Stocks in Spotlight:

NBCC (India) rallied 2.77% after the company�s consolidated net profit jumped 24.52% to Rs 141.49 crore in Q4 FY24 as compared with Rs 113 crore in Q4 FY23. Revenue from operations increased 42.86% to Rs 3,936.98 crore in Q4 FY24 as compared with Rs 2,755.81 crore in Q4 FY23.

Prestige Estates Projects rose 0.48%. The company has reported 70.1% drop in consolidated net profit to Rs 140 crore in Q4 FY24 from Rs 468.40 crore recorded in Q4 FY23. Net sales declined by 17.8% year-over-year to Rs 2,164 crore during the period under review.

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