At 13:29 IST, the barometer index, the S&P BSE Sensex slipped 453.69 points or 0.61% to 73,441.85. The Nifty 50 lost 160.65 points or 0.72% to 22,282.05.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 2.06% and the S&P BSE Small-Cap index fell 1.89%.

The market breadth was weak. On the BSE, 891 shares rose and 2,855 shares fell. A total of 110 shares were unchanged.

Politics:

On 7 May 2024, the Lok Sabha elections will enter their third phase with voting in 96 parliamentary constituencies across 12 states such as Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh, and West Bengal. The BJP is seeking a third consecutive term, facing opposition from a coalition named the Indian National Developmental Inclusive Alliance (INDIA), which includes the Congress party. This round is part of a seven-phase election process running from April 19 to June 1, with the final election results scheduled to be revealed on June 4.

Gainers & Losers:

Hindustan Unilever (up 5.07%), Britannia Industries (up 2.59%), Nestle India (up 2.26%), ITC (up 1.25%) and Kotak Mahindra Bank (up 0.89%) were major Nifty gainers.

Shriram Finance (down 7.03%), Bajaj Auto (down 3.88%), Hindalco Industries (down 3.76%), PowerGrid Corporation of India (down 3.57%) and Cipla (down 3.11%) were major Nifty losers.

Earnings Impact:

Lupin slipped 5.98%. The pharma major?s consolidated net profit surged 52.33% to Rs 359.43 crore in the quarter ended March 2024 as against Rs 235.96 crore during the previous quarter ended March 2023. Sales jumped by 13.04% to Rs 4,895.11 crore in the quarter ended March 2024 as against Rs 4330.30 crore during the previous quarter ended March 2023.

Godrej Consumer Products surged 7.18%. The company reported consolidated net loss of Rs 1,893.21 crore in the quarter ended March 2024 as against net profit of Rs 452.14 crore during the previous quarter ended March 2023. Sales rose 6.08% to Rs 3,365.11 crore in the quarter ended March 2024 as against Rs 3,172.21 crore during the previous quarter ended March 2023.

Uttam Sugar Mills tumbled 4.82% after the company reported -39.8% drop in net profit to Rs 42.14 crore in Q4 FY24 from Rs 70 crore in Q4 FY23. Net sales declined 11.8% year-over-year (YoY) to Rs 465.15 crore in the fourth quarter.

Prudent Corporate Advisory Services declined 2.36%. The financial products distributor's consolidated net profit rose 8.1% to Rs 44.57 crore on 35.45% jump in revenue from operations to Rs 239.7 crore in Q4 FY24 over Q4 FY23.

Global Markets:

European market advanced while most of the Asian stocks traded higher on Tuesday, fueled by continued optimism that U.S. interest rates will eventually decline. Indexes in Japan and South Korea led the gains, catching up to previous advances in other markets. Later in the day, the Reserve Bank of Australia meeting will be a key focus, with analysts expecting the central bank to maintain interest rates but adopt a more hawkish stance.

The positive sentiment stemmed from Wall Street's performance on Monday, particularly the technology sector's rise after a string of strong first-quarter earnings reports. U.S. stocks closed higher overall, buoyed by the expectation of a Federal Reserve interest rate cut later this year.

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