At 11:30 IST, the barometer index, the S&P BSE Sensex slipped 552.52 points or 0.74% to 73,353.46. The Nifty 50 declined 182.45 points or 0.81% to 22,260.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.73% and the S&P BSE Small-Cap index declined 1.61%.

The market breadth was weak. On the BSE, 998 shares rose and 2,606 shares fell. A total of 133 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.

IPO Update:

The initial public offer (IPO) of Indegene received 7,27,37,313 bids for shares as against 2,88,66,677 shares on offer, according to stock exchange data at 11:15 IST on Monday (07 May 2024). The issue was subscribed 2.52 times.

The issue opened for bidding on Monday (6 May 2024) and it will close on Wednesday (8 May 2024). The price band of the IPO is fixed at Rs 430 to Rs 452 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Metal index fell 1.85% to 9,019.45. The index slipped 2.80% in three consecutive trading sessions.

Hindustan Zinc (down 1.88%), JSW Steel (down 1.85%), National Aluminium Company (down 1.8%), Steel Authority of India (down 1.26%), Vedanta (down 1.21%), APL Apollo Tubes (down 1.17%), NMDC (down 1.15%), Hindalco Industries (down 1.13%), Tata Steel (down 1.01%) and Jindal Steel & Power (down 0.69%) declined.

Stocks in Spotlight:

Uttam Sugar Mills tumbled 4.89% 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 1.73%. 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:

Most of the Asian stocks advanced 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. The Dow Jones Industrial Average gained 0.5%, the S&P 500 rose 1%, and the Nasdaq Composite climbed 1.2%.

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