SENSEX JUMPS 123 PTS, NIFTY ABOVE 18,300; BREADTH NEGATIVE

The key equity benchmarks ended a volatile session with minor gains on Friday. Sentiment was fragile due to weak Asian cues. After opening below the 18,300 level, the Nifty edged lower and hit the day`s low at 18,194.55 in early trade. Bargain buying at lower levels pushed the Nifty above the 18,300 mark. Autos and banks shares advanced while metals oil & gas shares declined.

The S&P BSE Sensex was gained 123.38 points or 0.20% to 62,027.90. The Nifty 50 index added 17.80 points or 0.1% to 18,314.80.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.33% while the S&P BSE Small-Cap index shed 0.08%.

The market breadth was negative. On the BSE, 1,655 shares rose and 1,858 shares fell. A total of 125 shares were unchanged.

Numbers to track:

The yield on India`s 10-year benchmark federal paper declined to 6.999 as compared with previous close of 7.023.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.1650, compared with its close of 82.0850 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement declined 0.40% to Rs 60,650.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 102.07.

The United States 10-year bond yield advanced 0.44% to 3.412.

In the commodities market, Brent crude for July 2023 settlement added 20 cents or 0.27% to $75.18 a barrel.

Global markets:

The Dow Jones index futures were up 133 points, indicating a positive opening for US shares later today.

Shares in Europe rose across the board while Asian stocks ended lower on Friday.

In US, the Dow and the S&P 500 fell on Thursday, pressured by a drop in Disney shares after the company reported a fall in subscriber growth, while PacWest`s latest woes sparked another rout in the regional banking sector.

The Nasdaq was boosted by rise in shares of Alphabet Inc after Google rolled out more artificial intelligence products on Wednesday to take on competition from Microsoft Corp.

U.S. and Chinese officials reportedly met for two days in Vienna to discuss a range of topics, including Russia`s war in Ukraine, amid tensions between the world`s two largest economies.

U.S. Treasury Secretary Janet Yellen urged Congress to raise the federal debt limit and warned that a default could have severe repercussions on the global economy. Markets are keenly watching for any updates on raising the United States` $31.4 trillion debt ceiling, as the country races to avert an unprecedented default.

In economic data, the producer price index for April, posted a year-on-year increase of 0.2%, after declining 0.4% in March. Excluding food and energy, core PPI also rose 0.2%.

Stocks in Spotlight:

Eicher Motors surged 6.56%. The company`s consolidated net profit jumped 48.42% to Rs 905.58 crore in Q4 FY23 from Rs 610.14 crore in Q4 FY22. Total revenue from operations was recorded at Rs 3,804.32 crore, up 19.13% as compared to Rs 3,193.32 crore in the corresponding quarter previous year.

Mahindra & Mahindra rose 1.91%. The company said that the total production in the month of April 2023 was 58,644 units, up by 18.54% from 49,472 units produced in the same period last year. The auto major`s total sales jumped 40.9% to 60,481 units in April 2023 as against 42,937 units sold in the same period a year ago. Meanwhile, exports for the period under review declined 32.9% YoY to 1,813 units.

Siemens advanced 2.51%. The company`s standalone net profit (from continuing operations) surged 61.9% to Rs 516 crore in the quarter ended 31 March 2023 from Rs 318.70 crore recorded in the quarter ended 31 March 2022.

Oil and Natural Gas Corporation (ONGC) shed 0.96%. The company said that it has made discoveries of oil and gas reserves in the Amrit and Moonga exploration blocks in Mumbai Offshore on the Arabian Sea. "Detailed assessment of the discoveries is in progress,� the company said in a statement. With these discoveries, ONGC continues its impressive streak in the OALP blocks by making new discoveries in consecutive years.

Ambuja Cements fell 0.51%. The company said that it has been declared as the `preferred bidder` for the Devalmari Katepalli limestone block in an e-auction conducted by the Government of Maharashtra.

Intellect Design Arena soared 14.02%. The company`s consolidated net profit fell to Rs 90.66 crore in Q4 FY23 from Rs 95.26 crore in Q4 FY22. Total income rose to Rs 620.54 crore from Rs 500.11 crore.

Zensar Technologies surged 9.60%. The company`s consolidated net profit rose 55.82% to Rs 119.2 crore on 1.25% increase in net sales to Rs 1,212.60 crore in Q4 March 2023 over Q3 December 2022.

Gillette India fell 1.32%. The company reported 48.2% jump in net profit to Rs 102.70 crore in the quarter ended March 2023 as against Rs 69.31 crore recorded in quarter ended March 2022. Revenue form operations grew by 9.3% year on year to Rs 619.07 crore during the quarter.

South Indian Bank zoomed 8.28%. The company reported 22.7% jumped in net profit of Rs 333.89 crore on 26% rise in total income to Rs 2,318.33 crore in Q4 FY23 over Q4 FY22.

PDS tumbled 7.26%. The company`s consolidated net profit slipped 26.6% to Rs 56.58 crore in Q4 FY23 from Rs 77.13 crore recorded in Q4 FY22. Revenue from operations fell marginally to Rs 2,741.66 crore in Q4 FY23 as against Rs 2,775.44 crore reported in the same period a year ago.

Sharika Enterprises hit an upper limit of 20%. The company said it has secured a purchase order of Rs 24.69 crore for supplying 48F OPGW and optical unit to LS Cables India. The company will supply 2000 KM Optical Ground Wire (OPGW) (48 Fiber) to LS Cable India.

NIBE jumped 4.17%. The company said it received seven purchase order from Larsen & Toubro for manufacturing of bridge center module structure for a total consideration of Rs 16.80 crore.

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