Market Commentary     29-May-24
Mid-Session
Barometers trade with modest losses; realty shares under pressure
The benchmark indices traded with moderate losses in mid-afternoon trade. The Nifty traded below the 22,750 mark after hitting the day's low of 22,705.60 in mid-morning trade. Realty shares extended losses for the second consecutive trading session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 583.13 points or 0.72% to 74,632.32. The Nifty 50 index declined 148.30 points or 0.65% to 22,739.85.

In the broader market, the S&P BSE Mid-Cap index shed 0.21% and the S&P BSE Small-Cap index added 0.36%.

The market breadth was negative. On the BSE, 1,719 shares rose and 2,060 shares fell. A total of 108 shares were unchanged.

Economy:

Rating firm S&P Global Ratings on Wednesday revised outlook for the Indian economy to 'positive' from 'stable' and has affirmed the overall rating at 'BBB-' citing robust growth and improved quality of government expenditure.

'BBB-' is the lowest investment grade rating offered. The last time the agency upgraded the rating outlook was in 2010 when it shifted from negative to stable.

S&P stated, "India's robust economy growth positive impacts credit metrics. India's fiscal deficit elevated, but consolidation efforts are on. We expect India's fundamentals to aid growth momentum in 2-3 years."

Buzzing Index:

The Nifty Realty index shed 0.88% to 1,001.10. The index fell 3.02% in the two consecutive trading sessions.

Macrotech Developers (down 3.32%), Prestige Estates Projects (down 2.02%), Sobha (down 1.36%), Mahindra Lifespace Developers (down 1.29%), Godrej Properties (down 0.74%) and DLF (down 0.13%) slipped.

On the other hand, Sunteck Realty (up 5.33%) ,Brigade Enterprises (up 1.4%) and Oberoi Realty (up 0.31%) edged higher.

Brigade Enterprises added 1.63% 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.

Numbers to Track:

The yield on India's 10-year benchmark federal rose 0.14% to 7.005 as compared with previous close 6.995.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3225, compared with its close of 83.1850 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement shed 0.06% to Rs 72,650.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.13% to 104.75.

The United States 10-year bond yield gained 0.51% to 4.564.

In the commodities market, Brent crude for July 2024 settlement added 0.62 cents or 0.74% to $84.84 a barrel.

Stocks in Spotlight:

Gujarat Narmada Valley Fertilizers & Chemicals rose 0.44%. The company reported a 61.97% decline in its consolidated net profit to Rs 127 crore on 7.08% fall in revenue from operations to Rs 2,110 crore in Q4 FY24 over Q4 FY23.

Aditya Birla Fashion and Retail (ABFRL) gained 3.71%. The company’s consolidated net loss of Rs 229.57 crore in Q4 FY24 as against a net loss of Rs 186.94 crore recorded in Q4 FY23. Revenue from operations jumped 18.3% year on year (YoY) to Rs 3,406.65 crore in the March 2024 quarter.

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