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The key equity indices declined further and hit the day’s low in afternoon trade. The Nifty traded below the 22,100 level after hitting day's high of 22,307.75 in early trade. Barring the Nifty Auto inde, all the sectoral indices on the NSE traded in red. Trading could be a volatile due to the expiry of weekly index options on the NSE.
At 13:30 IST, the barometer index, the S&P BSE Sensex slipped 753.43 points or 1.02% to 72,716.15. The Nifty 50 lost 247.40 points or 1.11% to 22,055.10.
In the broader market, the S&P BSE Mid-Cap index fell 1.25% and the S&P BSE Small-Cap index declined 1.56%.
The market breadth was weak. On the BSE, 1,007 shares rose and 2,707 shares fell. A total of 129 shares were unchanged.
Gainers & Losers:
Hero MotoCorp (up 3.52%), Tata Motors (up 2.11%), Mahindra & Mahindra (up 1.64%), HCL Technologies (up 1.15%) and Infosys (up 0.98%) were major Nifty gainers.
Larsen & Toubro (L&T) (down 5.51%), Coal India (down 3.97%), Divi’s Laboratories (down 3.59%), ITC (down 3.19%) and ONGC (down 2.91%) were major Nifty losers.
Larsen & Toubro dropped 5.51%. 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 3.52% 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.
Earnings Impact:
Tata Power Company slipped 3.90%. The company said that its 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.
Bombay Stock Exchange (BSE) declined 2.64%. The company reported 20.63% jump in consolidated net profit to Rs 106.89 crore in Q4 FY24 as compared with Rs 88.61 crore in Q4 FY23. Revenue from operations soared to Rs 488.37 crore during the quarter as compared with Rs 227.01 crore posted in corresponding quarter last year.
Global Markets:
European shares traded mixed on Thursday ahead of the Bank of England’s latest interest rate decision.
Meanwhile, Asian stocks were also traded mixed 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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