The key equity indices ended with minor gains on Tuesday, rising for the third consecutive trading session. The Nifty managed to settle a tad below the 17,350 mark. Metals and auto shares advanced, while IT and consumer durables shares corrected. Consistent FII buying and healthy results from index heavyweights supported the sentiments. However, global events including the release of FOMC minutes and US inflation will be in focus during the course of the week.
The barometer index the S&P BSE Sensex rose 18.11 points or 0.03% to 61,981.79. The Nifty 50 index added 33.60 points or 0.18% to 18,348.
Adani Enterprises (up 13.19%), Bajaj Finserv (up 1.75%) and ITC (up 1%) boosted the Nifty higher. Titan Company (down 1.11%), Kotak Mahindra Bank (down 0.97%) and Larsen & Toubro (down 0.88%) were major drags.
In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.11%.
On the BSE, more stocks rose than fell, indicating a positive market breadth. A total of 1775 stocks rose, while 1733 stocks fell and 116 stocks remained unchanged.
Numbers to track:
The yield on India's 10-year benchmark federal paper advanced 0.47% to 7.018 as compared with previous close of 6.985.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.8250, compared with its close of 82.8450 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement declined 0.71% to Rs 59,813.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.33% to 103.54.
The United States 10-year bond yield rose 0.83% to 3.746.
In the commodities market, Brent crude for July 2023 settlement rose 58 cents or 0.76% to $76.57 a barrel.
Global Markets:
Most shares in Europe and Asia declined Tuesday as talks between U.S President Joe Biden and House Speaker Kevin McCarthy ended without a deal.
US stocks ended the session mixed on Monday, as talks in Washington resumed to avert a US default. President Joe Biden and House Speaker Kevin McCarthy said they had a productive talk on the debt ceiling. Treasury Secretary Janet Yellen said the chances are ?quite low that the US can pay all its bills by mid-June.
Stocks to Watch:
Vedanta added 0.37% to Rs 288.40 after the company said that its board of directors has approved first interim dividend of Rs 18.50 per equity share for the financial year 2023-24.
Shree Cement rose 1.12%. The company's consolidated net profit fell to Rs 525.21 crore in Q4 FY23 as against a net profit of Rs 659.08 crore in Q4 FY22. Total income advanced to Rs 5245.91 crore in the quarter ended 31 March 2023 from Rs 4501.60 crore recorded in Q4 FY22.
PB Fintech (PolicyBazaar) skid 0.23%. The company reported a net loss of Rs 9 crore in Q4 FY23, which is significantly lower as compared with a net loss of Rs 220 crore recorded in Q4 FY22. Revenue during the quarter increased by 61% YoY to Rs 869 crore. EBITDA loss in the fourth quarter was Rs 68 crore as against 255 crore in the same period last year. For the January-March 2023 quarter, insurance premium was Rs 3,586 crore (up 65% YoY) and credit disbursal was Rs 3,357 crore (up 53% YoY).
ITI jumped 3.44% after the company announced that it has bagged an advance purchase order (APO) from BSNL worth Rs 3,889 crore for its 4G rollout.
Kirloskar Industries jumped 7.57% after the company reported consolidated net profit of Rs 93.09 crore in Q4 March 2023 as against net loss at Rs 44.20 crore in Q4 March 2022. Revenue from operations jumped 52% year-on-year (YoY) to Rs 1574.79 crore in Q4 March 2023.
Matrimony.com rose 3.02% to Rs 589.80 after investment management firm Carnelian Asset Advisors bought 0.61% stake in the company via bulk deal on Monday, 22 May 2023. As per the bulk deal data on the NSE, Carnelian Asset Advisors bought 1,35,495 shares of Matrimony.com at Rs 560 per share.
Dreamfolks Services rallied 5.78% after the company's net profit jumped 181.74% to Rs 25.30 crore in Q4 FY23 as compared with Rs 8.98 crore in Q4 FY22. Revenue from operations surged 139.75% to Rs 237.75 crore in Q4 FY23 as compared with Rs 99.16 crore in Q4 FY22.
NACL Industries rallied 15.11%. The company's consolidated net profit jumped 64.52% to Rs 33.53 crore in Q4 FY23 as compared with Rs 20.38 crore in Q4 FY22. Revenue from operations increased 27.14% to Rs 598.70 crore in Q4 FY23 as against Rs 470.90 crore posted in corresponding quarter last year.
Varroc Engineering jumped 5.70% after the company reported a consolidated net profit (from continuing operations) of Rs 40.02 crore in Q4 FY23 as compared to a net loss of Rs 32.57 crore posted in Q4 FY22. Revenue from operations in Q4 FY23 was at Rs 1,690.06 crore, up 2.3% to Rs 1,651.99 crore in Q4 FY22.
Capri Global Capital rallied 5.03% after the NBFC's consolidated net profit surged 55.37% to Rs 64.9 crore in Q4 FY23 from Rs 41.77 crore recorded in Q4 FY22. Total income jumped 53.04% year on year to Rs 454.11 crore in the quarter ended 31 March 2023.
Bharat Petroleum Corporation (BPCL) gained 1.40% after the company's standalone net profit zoomed 159% to Rs 6,477.74 crore in Q4 FY23 as against Rs 2,501.08 crore posted in Q4 FY22. Net sales (excluding excise duty) grew by 13.3% to Rs 1,18,112.08 crore in Q4 FY23 from Rs 1,04,244.74 crore recorded in the corresponding quarter previous year.
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