IMSL Integrated Master Securities Pvt Ltd

The frontline indices reversed all gains and traded with minor losses in mid-afternoon trade. The Nifty traded near the 22,250 mark after hitting the day's high of 22,368.65 in afternoon trade. Private Bank shares extended losses for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex was down 146.81 points or 0.20% to 73,359.33. The Nifty 50 lost 44.25 points or 0.20% to 22,258.25.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.43% and the S&P BSE Small-Cap index added 0.46%.

The market breadth was weak. On the BSE, 2,039 shares rose and 1,693 shares fell. A total of 146 shares were unchanged.

Economy:

The Federation of Automobile Dealers Associations (FADA) today released Vehicle Retail Data for April'24. The Indian Auto Retail sector achieved a 27% YoY growth in April 2024, with the combined March-April period showing a 14% YoY increase.

The two-wheeler (2W), three-wheeler (3W), passenger vehicle (PV), tractor (Trac) and commercial vehicle (CV) segments grew by 33%, 9%, 16%, 1%, and 2%, respectively.

Comparing combined March and April 2024 with the same period last year shows a 14% YoY growth for the entire industry.

The industry remains cautiously optimistic due to rising interest in new models and strategic planning, but careful monitoring of election-related uncertainty and financial challenges is crucial to navigate the evolving market.

Buzzing Index:

The Nifty Private Bank index slipped 0.84% to 23,842.40. The index fell 2.36% in two consecutive trading sessions.

HDFC Bank (down 1.55%), ICICI Bank (down 1.08%), IndusInd Bank (down 0.85%), IDFC First Bank (down 0.83%), Bandhan Bank (down 0.52%), Federal Bank (down 0.5%) and City Union Bank (down 0.26%) declined.

On the other hand, RBL Bank (up 2.11%), Kotak Mahindra Bank (up 0.1%) and Axis Bank (up 0.09%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.07% to 7.134 as compared with previous close 7.129.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5125, compared with its close of 83.5100 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement lost 0.26% to Rs 70,966.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 105.58.

The United States 10-year bond yield added 0.25% to 4.470.

In the commodities market, Brent crude for July 2024 settlement lost 98 cents or 1.18% to $ 82.18 a barrel.

Stocks in Spotlight:

IRB Infrastructure Developers advanced 2.44% after the company reported 45.12% jump in consolidated net profit to Rs 188.88 crore on 27.24% increase in revenue from operations to Rs 2,061.24 crore in Q4 FY24 over Q4 FY23.

Larsen & Toubro rose 0.83% after the company said that its Power Transmission & Distribution (PT&D) arm has won multiple ?major? orders in India and abroad.

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Integrated Master Securities Pvt Ltd: Member of NSE & BSE- SEBI Registration No-INZ000175931 | CDSL: Depository Services through Integrated Master Securities Pvt Ltd- SEBI Registration No: | NDSL: Depository Services through Integrated Master Securities Pvt Ltd- SEBI Registration No: IN-DP-499-2020 | Commodity trading through MCX & Ncdex.- SEBI registration No-INZ000033534

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