Market Commentary     29-May-24
Indices trim losses; European mkt declines
The headline equity indices pared some losses in afternoon trade. The Nifty traded above the 22,750 mark after hitting the day's low of 22,705.60 in mid-morning trade. Financial services, private bank and bank shares declined while metal, healthcare and media shares advanced.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 441.87 points or 0.58% to 74,734.86. The Nifty 50 index lost 107.15 points or 0.47% to 22,781.

In the broader market, the S&P BSE Mid-Cap index shed 0.05% and the S&P BSE Small-Cap index rose 0.43%.

The market breadth was negative. On the BSE, 1,735 shares rose and 1,999 shares fell. A total of 117 shares were unchanged.

Gainers & Losers:

Hindalco Industries (up 4.01%), Adani Enterprises (up 2.15%), Adani Ports And Special Economic Zone (up 1.85%), Nestle India (up 1.80%) and Sun Pharmaceutical Industries (up 1.76%) were major Nifty gainers.

SBI Life Insurance Company (down 2.58%), HDFC Life Insurance Company (down 2.22%), ICICI Bank (down 2.07%), Ultratech Cement (down 2%) and Tech Mahindra (down 1.67%) were major Nifty losers.

Stocks in Spotlight:

Vasundhara Rasayans zoomed 13.08% after the company’s net profit stood at Rs 2.13 crore in Q4 FY24, steeply higher than Rs 0.42 crore in Q4 FY23. Revenue from operations jumped 12.31% YoY to Rs 11.13 crore in the quarter ended 31 March 2024.

Amines & Plasticizers surged 10.24% after the company reported 51.34% jump in consolidated profit to Rs 12.94 crore on 6.26% rise in revenue from operations to Rs 177.33 core in Q4 FY24 over Q4 FY23.

Brigade Enterprises advanced 1.89% after the company reported consolidated net profit of Rs 206.09 crore in Q4 FY24, steeply higher than Rs 69.25 crore reported in Q4 FY23. Revenue from operation surged 102.04% to Rs 1,702.37 crore in Q4 FY24 as compared to Rs 842.57 crore recorded in the corresponding quarter previous year.

Campus Activewear surged 16.03% after the company reported 42.76% jump in consolidated net profit to Rs 32.75 crore in Q4 FY24 as compared with Rs 22.94 crore in Q4 FY23. Revenue from operations increased 4.63% year on year (YoY) to Rs 363.86 crore in the fourth quarter of FY24.

NBCC (India) rallied 2.88% after the company’s consolidated net profit jumped 24.52% to Rs 141.49 crore in Q4 FY24 as compared with Rs 113 crore in Q4 FY23. Revenue from operations increased 42.86% to Rs 3,936.98 crore in Q4 FY24 as compared with Rs 2,755.81 crore in Q4 FY23.

Global Markets:

European stocks declined across the board and most of the Asian stocks fell on Wednesday, pressured by inflation worries.

Chinese markets bucked the trend, edging higher on government support for the property sector.

In the US, the Nasdaq crossed 17,000 for the first time ever on Tuesday, driven by gains in Nvidia. However, the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose. Investors awaited US inflation data that could impact expectations for Federal Reserve rate cuts.

Previous News
  NBCC (India) receives new orders of Rs 878.17 cr
 ( Corporate News - 11-Jun-24   15:30 )
  NBCC zooms on securing new orders worth Rs 878 cr
 ( Hot Pursuit - 11-Jun-24   15:05 )
  NBCC wins new orders of Rs 491 cr
 ( Corporate News - 05-Jun-24   18:47 )
  Indices trim losses; European mkt declines
 ( Market Commentary - Mid-Session 29-May-24   13:41 )
  Indices turn rangebound; bank shares decline
 ( Market Commentary - Mid-Session 29-May-24   12:42 )
  Bal Pharma Ltd leads gainers in 'B' group
 ( Hot Pursuit - 29-May-24   12:15 )
  Vasundhara Rasayans sizzles after Q4 PAT soars to Rs 2 cr
 ( Hot Pursuit - 29-May-24   11:20 )
  Amines & Plasticizers zooms after Q4 PAT climbs 51% to Rs 12 cr
 ( Hot Pursuit - 29-May-24   11:17 )
  Board of NBCC (India) recommends final dividend
 ( Corporate News - 29-May-24   11:11 )
  NBCC jumps after Q4 PAT rises 24% YoY to Rs 141 cr
 ( Hot Pursuit - 29-May-24   09:57 )
  Board of Amines & Plasticizers recommends final dividend
 ( Corporate News - 29-May-24   09:36 )
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