At 13:29 IST, the barometer index, the S&P BSE Sensex, was down 462.94 points or 0.62% to 73,878.60. The Nifty 50 index lost 125.45 points or 0.56% to 22,444.90.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.63% and the S&P BSE Small-Cap index added 0.41%.

The market breadth was positive. On the BSE, 2,047 shares rose and 1,644 shares fell. A total of 127 shares were unchanged.

Politics:

The second phase of voting, scheduled for April 26, encompasses 89 constituencies across 13 states and Union territories. The BJP seeks a third consecutive term, while the opposition, including the Congress, has united under the banner of the Indian National Developmental Inclusive Alliance (INDIA) bloc to thwart PM Modi's re-election. The extensive Lok Sabha elections 2024 span seven phases from April 19 to June 1, with the results set to be announced on June 4.

Gainers & Losers:

Tech Mahindra (up 8.31%), LTI Mindtree (up 3.74%), Divi’s Laboratories (up 3.70%), Wipro (up 2.43%) and Bajaj Auto (up 2.35%) were major Nifty gainers.

Bajaj Finance (down 8.18%), Shriram Finance (down 5.47%), bajaj Finserv (down 4.06%), Nestle India (down 2.88%) and Mahindra & Mahindra (down 1.90%) were major Nifty losers.

Tech Mahindra surged 8.31% after the IT major's consolidated net profit jumped 29.51% to Rs 661 crore in Q4 FY24 as against Rs 510.4 crore reported in Q3 FY24. Revenue from operations stood at Rs 12,871.3 crore in the March quarter, down 1.76% from Rs 13,101.3 crore recorded in the preceding quarter of FY24.

Stocks in Spotlight:

L&T Technology Services declined 7.74%. The company said that its consolidated net profit increased 1.4% to Rs 340.9 crore in Q4 FY24 as compared with Rs 336.2 crore in Q3 FY24. Revenue from operations jumped 7.04% to Rs 2,537.5 crore in the quarter ended 31 March 2024 as compared with Rs 2,370.6 crore in the quarter ended 31 December 2023.

Som Distilleries & Breweries rose 0.06% after the company’s consolidated net profit jumped 17.97% to Rs 18.84 crore in Q4 FY24 as compared with Rs 15.97 crore in Q4 FY23. Revenue from operations (excluding excise duty) jumped 43.27% to Rs 381.59 crore in Q4 FY24 as compared with Rs 266.34 crore posted in same quarter last year.

Schaeffler India added 2.53% after the company has reported 3.8% rise in standalone net profit to Rs 227.67 crore on a 9.2% increase in net sales to Rs 1,849.22 crore in Q4 FY24 as compared with Q4 FY23.

Zensar Technologies surged 9.17% after the company’s consolidated net profit jumped 7.17% to Rs 173.3 crore in Q4 FY24 as compared with Rs 161.7 crore in Q3 FY24. Revenue from operations increased 1.41% QoQ to Rs 1,229.7 crore in Q4 FY24.

Global Markets:

European shares advanced while Asian stocks declined on Friday after Bank of Japan (BOJ) kept monetary policy unchanged. Holding its benchmark policy rate at 0%-0.1%

The BOJ now expects inflation between 2.5% and 3% for fiscal 2024, up from 2.2% to 2.5% in its January forecast.

US stocks dropped on Thursday after data showed a sharp slowdown in economic growth and pointed to persistent inflation.

The US economy grew last quarter at the slowest pace in two years as consumer and government spending cooled amid a sharp pickup in inflation. The US gross domestic product (GDP) increased at a 1.6% annualized rate in January-March 2024. The economy grew at a 3.4% rate in the fourth quarter.

Inflation surged, with the personal consumption expenditures (PCE) price index, excluding food and energy, increasing at a 3.7% rate after rising at 2% in the fourth quarter.