Market Commentary     30-May-24
Mid-Session
Market drifts lower; Nifty below 22,650
The key equity indices traded with limited losses in early trade. The Nifty traded below the 22,650 mark. PSU Bank, bank and private bank stocks advanced while metal, pharma and IT shares declined. Trading could be volatile due to May F&O series expiry today.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 218.85 points or 0.29% to 74,304.67. The Nifty 50 index lost 67.60 points or 0.30% to 22,637.10.

In the broader market, the S&P BSE Mid-Cap index declined 0.19% and the S&P BSE Small-Cap index shed 0.13%.

The market breadth was positive. On the BSE, 1,473 shares rose and 1,364 shares fell. A total of 123 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,841.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,233.79 crore in the Indian equity market on 29 May 2024, provisional data showed.

Stocks in Spotlight:

Indiamart Intermesh rose 0.27%. The company said that it has entered into agreement to acquire 10% stake of Baldor Technologies to offer various Software as a Service (SAAS) based solutions for businesses.

Tata Steel slipped 2.41%. The company’s consolidated net profit declined 64.13% to Rs 611.48 crore in the quarter ended March 2024 as against Rs 1704.86 crore during the previous quarter ended March 2023. Sales declined 6.09% to Rs 58445.89 crore in the quarter ended March 2024 as against Rs 62238.78 crore during the previous quarter ended March 2023.

SJVN tumbled 4.48%. The company’s consolidated net profit rose 254.91% to Rs 61.08 crore in the quarter ended March 2024 as against Rs 17.21 crore during the previous quarter ended March 2023. Sales declined 4.14% to Rs 482.91 crore in the quarter ended March 2024 as against Rs 503.77 crore during the previous quarter ended March 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.11% to 7.016 as compared with previous close 7.008.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.4225, compared with its close of 83.4000 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement shed 0.32% to Rs 71,965.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.51% to 105.15.

The United States 10-year bond yield gained 0.57% to 4.567.

In the commodities market, Brent crude for July 2024 settlement shed 0.03 cents or 0.04% to $83.57 a barrel.

Global Markets:

Dow Jones index futures were down 300 points, indicating a weak opening in the US stocks today.

Asian stocks fell Thursday, mirroring declines in the US after another weak Treasury sale renewed concerns about higher yields. This halt in the global risk rally comes amid data suggesting lingering inflationary pressures.

Tepid demand in the $44 billion sale of seven-year US Treasuries initially caused them to fall across the curve. This raised concerns that funding the US deficit will drive up yields, especially with the Federal Reserve unlikely to cut rates soon.

Adding to these concerns, key US inflation data is due on Friday, including the PCE price index, the Federal Reserve's preferred inflation gauge. A revised reading on first-quarter US gross domestic product data is also due on Thursday. US indices fell on Wednesday, reflecting these anxieties. The S&P 500 fell 0.7%, the NASDAQ Composite fell 0.6%, and the Dow Jones Industrial Average fell 1.1%.

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