IMSL Integrated Master Securities Pvt Ltd

The domestic equity barometers extended gains and hit the day?s high in afternoon trade. The Nifty marched above the 22,350 level after hitting the day's low of 22,185.20 in mid-morning trade. PSU bank, oil & gas and metal shares advanced while private bank, bank and financial services stocks declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex was up 156.04 points or 0.21% to 73,667.89. The Nifty 50 added 55.85 points or 0.25% to 22,358.35.

In the broader market, the S&P BSE Mid-Cap index rose 1.31% and the S&P BSE Small-Cap index added 0.91%.

The market breadth was strong. On the BSE, 2,255 shares rose and 1,426 shares fell. A total of 150 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.

Gainers & Losers:

Coal India (up 3.21%), BPCL (up 3.04%), NTPC (up 2.59%), Power Grid Corporation of India (up 2.30%) and Tata Motors (up 2.30%) were major Nifty gainers.

Dr. Reddy's Laboratories (down 3.50%), Asian Paints (down 2.21%), Hindustan Unilever (down 1.91%), UltraTech Cement (down 1.62%) and HDFC Bank (down 1.26%) were major Nifty losers.

Dr Reddy's Laboratories slipped 3.50%. The company?s consolidated net profit jumped 36.42% to Rs 1,309.80 crore in Q4 FY24 as against Rs 960.10 crore recorded in Q4 FY23. Sales rose 12.49% to Rs 7,083.00 crore in the quarter ended March 2024 as against Rs 6296.80 crore during the previous quarter ended March 2023.

Earnings Impact:

Indraprastha Gas rallied 4.51% after the company?s net profit jumped 16% to Rs 382.20 crore in Q4 FY24 as compared with Rs 329.75 crore in Q4 FY23. Revenue from operations (excluding excise duty) fell 2% to Rs 3,596.69 crore in Q4 FY24 from Rs 3681.99 crore posted in Q4 FY23.

Pidilite Industries slipped 3.96%. The company reported 6% increase in consolidated net profit to Rs 304 crore on an 8% rise in net sales to Rs 2,890 crore in Q4 FY24 as compared with Q4 FY23.

PB Fintech shed 0.29%. The company reported consolidated net profit of Rs 60.59 crore in Q4 FY24 as compared with net loss of Rs 8.95 crore in Q4 FY23. Revenue from operations jumped 25.37% to Rs 1,089.57 crore in Q4 FY24 as compared with Rs 869.10 crore in Q4 FY23.

CreditAccess Grameen added 1.49% after the company?s consolidated net profit jumped 33.89% to Rs 397.08 crore on 36.85% rise in total income to Rs 1,459.10 crore in Q4 FY24 over Q4 FY23.

Global Markets:

European market advanced while Asian stocks traded mixed on Wednesday following a sluggish US session overnight. Investors are looking for signs of strong corporate earnings before pushing this month's rally further. Optimism over eventual interest rate cuts was dampened by Fed officials signaling steady rates in the near-term.

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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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