Market Commentary     09-May-24
Barometers edge lower in early trade; breadth positive
The frontline indices traded with limited losses in early trade. The Nifty traded below 22,250 mark. FMCG, oil & gas and healthcare stocks declined while auto, PSU bank and consumer durables shares advanced. Trading could be a volatile due to the expiry of weekly index options on the NSE.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 197.97 points or 0.25% to 73,279.88. The Nifty 50 index lost 55.10 points or 0.25% to 22,247.40.

In the broader market, the S&P BSE Mid-Cap index shed 0.03% and the S&P BSE Small-Cap index rose 0.13%.

The market breadth was positive. On the BSE, 1,624 shares rose and 1,127 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,669.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,928.81 crore in the Indian equity market on 8 May 2024, provisional data showed.

Stocks in Spotlight:

Larsen & Toubro (L&T) slipped 4.60%. The company reported consolidated revenues at Rs 67,079 crore in Q4 March 2024, recording a y-o-y growth of 15%. The share of international revenues during the quarter was 45%. The quarterly PAT was at Rs 4,396 crore, registered a growth of 10% y-o-y basis. The board has recommended a final dividend of Rs 28 per equity share, for the approval of shareholders.

Hero MotoCorp rallied 4.08% after the company’s consolidated net profit jumped 16.13% to Rs 935.01 crore in the quarter ended March 2024 as against Rs 805.12 crore during the previous quarter ended March 2023. Sales rose 14.02% to Rs 9616.68 crore in the quarter ended March 2024 as against Rs 8434.28 crore during the previous quarter ended March 2023.

H.G. Infra Engineering advanced 1.04% after the company’s consolidated net profit jumped 11.17% to Rs 190.03 crore in the quarter ended March 2024 as against Rs 170.93 crore during the previous quarter ended March 2023. Net sales rose 11.26% to Rs 1708.26 crore in the quarter ended March 2024 as against Rs 1535.43 crore during the previous quarter ended March 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal rose rose 0.03% to 7.140 as compared with previous close 7.135.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4625, compared with its close of 83.5200 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement shed 0.04% to Rs 71,098.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 105.52.

The United States 10-year bond yield grew 0.56% to 4.514.

In the commodities market, Brent crude for July 2024 settlement fell 29 cents or 0.35% to $ 82.87 a barrel.

Global Markets:

Asian stocks were traded mixed on Thursday as investors awaited comments from Federal Reserve officials and upcoming U.S. inflation data. Markets were cautious with China being the only bright spot, expecting positive trade data.

U.S. stocks were mixed on Wednesday as investors interpreted signals about potential interest rate cuts and considered a new batch of earnings reports to gauge the possibility of a corporate-driven economic revival.

The Dow Jones Industrial Average rose 0.5%, while the S&P 500 closed almost flat. The tech-heavy Nasdaq Composite edged down slightly by about 0.1%. The Dow has now risen for six consecutive trading sessions and is back above 39,000.

Previous News
  H.G. Infra Engineering incorporates five solar subsidiaries
 ( Corporate News - 22-Jun-24   11:13 )
  H.G. Infra Engineering incorporates two solar energy subsidiaries
 ( Corporate News - 21-Jun-24   12:18 )
  H.G. Infra Engineering to commence project of South Central Railway
 ( Corporate News - 18-Jun-24   19:03 )
  Market hits new life high; Nifty settles above 23,550
 ( Market Commentary - Quick Review 18-Jun-24   15:54 )
  Market trade in positive terrain; realty shares rally for 3rd day
 ( Market Commentary - Mid-Session 18-Jun-24   12:33 )
  L&T's construction arm bags 'significant’ orders for B&F biz
 ( Hot Pursuit - 18-Jun-24   11:06 )
  Larsen & Toubro bags multiple orders under Buildings & Factories biz
 ( Corporate News - 18-Jun-24   11:03 )
  L&T rises on bagging ‘large’ order from ONGC
 ( Hot Pursuit - 13-Jun-24   14:59 )
  H.G. Infra announces incorporation of step-down subsidiary for solar power biz
 ( Corporate News - 13-Jun-24   13:46 )
  L&T Energy wins order from ONGC Corp
 ( Corporate News - 13-Jun-24   13:11 )
  Hero MotoCorp Ltd soars 0.16%, gains for fifth straight session
 ( Hot Pursuit - 13-Jun-24   13:00 )
Other Stories
  Indices trade with modest losses; PSU bank shares decline
  21-Jun-24   14:41
  Nifty below 23,500; European market declines
  21-Jun-24   13:34
  Barometers trade with minor losses; Consumer durables rally
  21-Jun-24   12:33
  Market reverses gains; Sensex slides 272 pts; media shares advance
  21-Jun-24   11:43
  Broader mkt rallies; IT shares in demand
  21-Jun-24   10:32
  Nifty hits new life high; Sensex adds 96 pts; breadth strong
  21-Jun-24   09:40
  Sensex climbs 146 pts; private bank shares advance
  20-Jun-24   14:40
  Market at day's high; European market opens higher
  20-Jun-24   13:31
  Barometer trade with minor gains; oil & gas shares rises
  20-Jun-24   12:32
  Nifty climbs above 23,500; metal shares shine
  20-Jun-24   11:39
Back Top