SENSEX SLIDES 644 PTS; AUTO SHARES UNDER PRESSURE; VIX SOARS OVER 13%

The domestic benchmarks exteded losses in morning trade. The Nifty slipped below the 21,900 level. Auto stocks slipped after gaining in the previous three trading sessions.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 644.38 points or 0.89% to 72,020.09. The Nifty 50 index slipped 178.65 points or 0.81% to 21,876.55.

In the broader market, the S&P BSE Mid-Cap index slipped 1.47% and the S&P BSE Small-Cap index declined 1.57%.

The market breadth was negative. On the BSE, 962 shares rose and 2,668 shares fell. A total of 137 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, zoomed 13.56% to 20.98.

Economy:

India�s industrial output expanded 4.9% year-over-year in March, slower than the 5.6% in February. Among the major three sectors, electricity output grew the most, up by 8.6%. This was followed by a 5.2% rise in manufacturing output. The slowdown in growth was largely due to a weaker upturn in mining output, which rose 1.2% annually in March versus 8.1% surge in the prior month. During April to March, industrial production expanded 5.8% from the same period last year, data showed.

New Listing:

Shares of Indegene were currently trading at Rs 566.70 at 10:38 IST on the BSE, representing a premium of 23.16% as compared with the issue price of Rs 452.

The scrip was listed at Rs 659.70, exhibiting a premium of 45.95% to the issue price.

So far, the stock has hit a high of 659.70 and a low of 552.40. On the BSE, over 11.34 lakh shares of the company were traded in the counter so far.

Results Today :

UPL, Jindal Steel & Power, Zomato, DLF, GIC Housing Finance, Inox India, Varun Beverages, Aarti Pharmalabs, Aditya Birla Capital, Cera Sanitaryware, Chalet Hotels, Ethos, Electrosteel Castings, CE Info Systems, Sanofi India, Tube Investments Of India Aarti Pharmalabs, Aditya Birla Capital, Alembic, Bombay Burmah Trading Corp, BLS E-Services, Cera Sanitaryware, Chalet Hotels, DLF, Ethos, Electrosteel Castings, GIC Housing Finance, INOX India, Jindal Steel and Power, C.E. Info Systems, Sanofi India, Tube Investments of India, UPL, Varun Beverages, and Zomato will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Auto index slipped 2.69% to 22,235.85. The index advanced 3.32% in the past three trading sessions.

Tata Motors Ltd (down 8.6%), Tata Motors-DVR (down 8.39%), Exide Industries Ltd (down 3.16%), Samvardhana Motherson International Ltd (down 2.7%) and Ashok Leyland Ltd (down 2.4%) were the top losers. Among the other losers were Hero MotoCorp Ltd (down 2.3%), TVS Motor Company Ltd (down 1.67%), Balkrishna Industries Ltd (down 1.65%), MRF Ltd (down 1.36%) and Maruti Suzuki India Ltd (down 1.16%).

Tata Motors reported a consolidated net profit of Rs 17,528.59 crore in Q4 FY24, steeply higher from Rs 5,496.04 crore posted in Q4 FY23. Total revenue from operations increased 13.52% YoY to Rs 1,19,213.35 crore in the quarter ended 31 March 2024.

Meanwhile, the company`s board has recommended a final dividend of Rs 6 per ordinary share and Rs 6.20 per �A� ordinary share, for the financial year ended 31 March 2024. The dividend, if declared at the AGM, shall be paid to the eligible shareholders on or before 28 June 2024.

Stocks in Spotlight:

Ami Organics declined 0.59%. The jewellery maker said that its consolidated net profit declined 4.2% to Rs 260 crore in Q4 FY24 as compared with Rs 272 core posted in same quarter last year. Revenue from operations jumped 20.7% to Rs 2,250 crore in Q4 FY24 as compared with Rs 1,864 crore in Q4 FY23.

JSW Steel slipped 1.52%. The company has recorded crude steel production of 21.21 lakh tones in month of April 2024, which is marginally higher as compared with production volume of 21.13 lakh tones reported in the same period last year.

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