Sensex slips 118 pts, Nifty holds 22,200; TaMo slips 1.8%

Domestic stocks ended a touch lower today, snapping a 3-day winning streak. Investors grew jittery ahead of key US inflation data that could influence the Fed's rate decisions. Real estate and energy shares provided a lift, but FMCG and media shares fell. Foreign outflows persist, while domestic investors cherry-pick stocks. Uncertainty due to Fed rate decisions and continous foreign selling is causing investors to be cautious.

The barometer index, the S&P BSE Sensex declined 117.58 points or 0.16% to 72,987.03. The Nifty 50 index lost 17.30 points or 0.08% to 22,200.55.

Tata Motors (down 1.81%), HDFC Bank (down 1.57%) and Reliance Industries (down 0.30%) were major drags.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index added 0.60% and the S&P BSE Small-Cap index gained 0.96%.

The market breadth was strong. On the BSE, 2161 shares rose and 1641 shares fell. A total of 133 shares were unchanged.

Economy:

Passenger vehicle sales in India reached a record high in April 2024, according to the Society of Indian Automobile Manufacturers (SIAM). The increase was driven by strong utility vehicles sales, which rose 21% year-over-year. Overall sales grew 1.3% to 335,629 units compared to 331,278 units in April 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.30% to 7.088 as compared with previous close 7.109.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.5000, compared with its close of 83.5175 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.54% to Rs 72,685.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 104.85.

The United States 10-year bond yield lost 0.58% to 4.420.

In the commodities market, Brent crude for July 2024 settlement gained 3 cents or 0.04% to $82.41 a barrel.

Global Markets:

Shares in Europe and Asia were 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.

Stocks in Spotlight:

Siemens gained 7% after heavy electrical equipment maker?s net profit jumped 73.72% to Rs 896.4 crore in March 2024 quarter as against Rs 516 crore reported in the same period last year. Total revenue from operations jumped 19% year on year (YoY) to Rs 5,313.8 crore during the second quarter ended March 2024.

Colgate-Palmolive (INDIA) slipped 5.14%. The FMCG major's net profit jumped 20.11% to Rs 379.82 crore in Q4 FY24 as against Rs 316.22 crore posted in Q4 FY23. Revenue from operations increased 10.35% year on year (YoY) to Rs 1,480.66 crore in the quarter ended 31 March 2024.

Oberoi Realty rallied 3.53% 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.

Bharti Hexacom jumped 6% after the company?s standalone net profit jumped 10.25% to Rs 223 crore in Q4 FY24 as compared with Rs 202 crore in Q4 FY23. Revenue from operations increased 7.8% to Rs 1,868 crore during the quarter as compared with Rs 1,733 crore posted in the quarter ended 31 March 2023

Repco Home Finance advanced 6.21% after the company's consolidated net profit increased 21.12% to Rs 99.44 crore on 15.34% rise in total revenue from operations to Rs 392.58 crore in Q4 FY24 over Q4 FY23.

Aurionpro Solutions jumped 3.96% after the company?s consolidated net profit jumped 48% to Rs 39.46 crore in Q4 FY24 as compared with Rs 26.60 crore posted in Q4 FY23. Revenue from operations increased 29% to Rs 246.87 crore as compared with Rs 190.65 crore posted in Q4 FY23. Meanwhile, the company?s board approved the proposal of issuance of bonus shares in the ratio of 1:1.

Archean Chemical Industries slipped 4.42%. The company?s reported 56.4% fall in net profit to Rs 59.64 crore on a 25.9% decline in net sales to Rs 283.39 crore in Q4 FY24 as compared with Q4 FY23.

Power Finance Corporation (PFC) rallied 3.56% after the company's consolidated net profit grew 20.26% to Rs 5,624.36 crore in Q4 FY24 as against Rs 4,676.71 crore recorded in Q4 FY23. Revenue from operations increased 29% to Rs 246.87 crore as compared with Rs 190.65 crore posted in Q4 FY23.

New Listing:

Shares of Aadhar Housing Finance were closed at Rs 329.55 on the BSE, representing a premium of 4.62% as compared with the issue price of Rs 315.

The scrip was listed at Rs 314.30, exhibiting a discount of 0.22% to the issue price. The stock has hit a high of 343.20 and a low of 293.35. On the BSE, over 32.97 lakh shares of the company were traded in the counter.

Shares of TBO TEK were settled at Rs 1,404.85 on the BSE, representing a premium of 52.70% as compared with the issue price of Rs 920.

The scrip was listed at Rs 1,380, exhibiting a premium of 50% to the issue price. The stock has hit a high of 1,455.95 and a low of 1,275. On the BSE, over 6.89 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer of Go Digit General Insurance received bids for 1,88,86,890 shares as against 5,28,69,677 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (15 May 2024). The issue was subscribed 36%.

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.

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