Market Commentary     09-May-24
Mid-Session
Maket at day’s low; auto shares advance
The domestic equity benchmarks traded in a narrow range near the day's low in mid-morning trade. The Nifty traded below the 22,150 mark after hitting day's high of 22,307.75 in early trade. Auto shares extended gains for second consecuitive trading session. Trading could be a volatile due to the expiry of weekly index options on the NSE.

At 11:30 IST, the barometer index, the S&P BSE Sensex slipped 518.4 points or 0.72% to 72,940.40. The Nifty 50 lost 165.65 points or 0.74% to 22,136.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.78% and the S&P BSE Small-Cap index declined 1.04%.

The market breadth was weak. On the BSE, 1,069 shares rose and 2,472 shares fell. A total of 176 shares were unchanged.

IPO Update:

The initial public offer (IPO) of TBO Tek received 1,74,34,240 bids for shares as against 92,85,816 shares on offer, according to stock exchange data at 11:15 IST on Thursday (9 May 2024). The issue was subscribed 1.88 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 4,58,39,382 bids for shares as against 7,00,89,373 shares on offer, according to stock exchange data at 11:15 IST on Thursday (9 May 2024). The issue was subscribed 0.65 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.

Buzzing Index:

The Nifty Auto index jumped 1.74% to 22,849.35. The index rallied 3.32% in two consecutive trading sessions.

Hero MotoCorp (up 4.66%), TVS Motor Company (up 4.52%), Mahindra & Mahindra (up 2.27%), Bajaj Auto (up 1.6%), Tata Motors (up 1.55%), Tata Motors-DVR (up 1.39%), Bharat Forge (up 0.83%), Maruti Suzuki India (up 0.39%), Bosch (up 0.25%) and MRF (up 0.02%) advanced.

On the other hand, Exide Industries (down 0.83%), Ashok Leyland (down 0.45%) and Balkrishna Industries (down 0.34%) edged lower.

Stocks in Spotlight:

Tata Power Company declined 3.90%. The company's consolidated net profit increased 11% to Rs 1,046 crore in Q4 FY24 as compared with Rs 939 crore in Q4 FY23. Revenue from operations jumped 27.24% to Rs 15,846 crore during the quarter as compared with Rs 12,453.76 crore in the corresponding quarter last year.

NTPC shed 0.79%. NTPC Green Energy signed MoU with Mahatma Phule Renewable Energy for developing renewable energy projects in Maharashtra.

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.

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