As per provisional closing data, the barometer index, the S&P BSE Sensex was down 45.46 points or 0.06% to 73,466.39. The Nifty 50 ended flat at 22,302.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.78% and the S&P BSE Small-Cap index added 0.50%.

The market breadth was positive. On the BSE, 2,133 shares rose and 1,662 shares fell. A total of 131 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.

IPO Update:

The initial public offer (IPO) of TBO Tek received 73,19,952 bids for shares as against 92,85,816 shares on offer, according to stock exchange data at 13:45 IST on Wednesday (8 May 2024). The issue was subscribed 0.79 times.

The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 875 to Rs 920 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.

The initial public offer (IPO) of Aadhar Housing Finance received 2,29,58,983 bids for shares as against 7,00,89,373 shares on offer, according to stock exchange data at 15:45 IST on Wednesday (8 May 2024). The issue was subscribed 0.33 times.

The issue opened for bidding on Wednesday (8 May 2024) and it will close on Friday (10 May 2024). The price band of the IPO is fixed between Rs 300 to Rs 315 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.

The initial public offer (IPO) of Indegene received 1,94,30,63,166 bids for shares as against 2,88,66,677 shares on offer, according to stock exchange data at 15:45 IST on Wednesday (8 May 2024). The issue was subscribed 67.31 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 Oil & Gas index gained 1.70% to 11,577.05. The index fell 4.54% in past three consecutive trading sessions.

GAIL (India) (up 4.46%), Petronet LNG (up 3.36%), Indraprastha Gas (up 3.36%), Mahanagar Gas (up 2.99%), Bharat Petroleum Corporation (up 2.78%), Indian Oil Corporation (up 2.16%), Hindustan Petroleum Corporation (up 2.06%), Gujarat Gas (up 1.49%), Oil & Natural Gas Corpn (up 1.35%) and Reliance Industries (up 1.12%) advanced.

Stocks in Spotlight:

Hero MotoCorp gained 3.26% to Rs 4,624.35 after the two-wheeler major's standalone net profit increased 18.29% to Rs 1,016.05 crore on 14.6% rise in revenue from operations to Rs 9,519.30 crore in Q4 FY24 over Q4 FY23. Hero MotoCorp sold 13.92 lakh units of motorcycles and scooters in fourth quarter of FY24, up 9.61% from 13.92 lakh units sold in Q4 FY23.

Dr Reddy's Laboratories slipped 3.34%. 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.

Indraprastha Gas advanced 3.45% 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 4.57%. 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.

Bharat Forge (BFL) zoomed 15.74% after the company’s standalone net profit jumped 59.23% to Rs 389.65 crore in the quarter ended 31 March 2024 as compared with Rs 244.52 crore recorded in the quarter ended 31 March 2023. Revenue from operations increased 16.59% YoY to Rs 2,328.58 crore in Q4 FY24.

PB Fintech rose 0.17%. 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 0.44%. 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.

IRB Infrastructure Developers advanced 2.42% 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.

Sonata Software tumbled 14.50%. The company reported consolidated net profit of Rs 110.36 crore in Q4 FY24 as compared with net loss of Rs 46.16 crore posted in Q3 FY24. Revenue from operations fell 12.10% to Rs 2,191.61 crore in Q4 FY24 as compared with Rs 2,493.35 crore recorded in Q3 FY24.

United Breweries added 0.03%. The company reported consolidated net profit of Rs 81.55 crore in Q4 FY24, steeply higher than Rs 9.87 crore posted in corresponding quarter last year. Revenue from operations (excluding excise duty) jumped 20% to Rs 2,133.38 crore in Q4 FY24 as compared with Rs 1,765.88 crore in Q4 FY23.

Global Markets:

European market advanced while most of the Asian stocks ended lower 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.