The key equity indices parred all losses and traded in positive terrain with limited gains in afternoon trade. The Nifty scaled above the 22,450 level. PSU Bank, pharma and oil & gas shares advanced while realty, consumer durables and metal stocks declined. At 13:28 IST, the barometer index, the S&P BSE Sensex, was advanced 179.2 points or 0.24% to 74,031.71. The Nifty 50 index added 53.60 points or 0.24% to 22,456.
In the broader market, the S&P BSE Mid-Cap index rose 0.43% and the S&P BSE Small-Cap index added 0.51%.
The market breadth was positive. On the BSE, 2,063 shares rose and 1,646 shares fell. A total of 137 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 10% to 11.30. Volatility may zoom as traders roll over positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire today, 25 April 2024.
Politics:
The second phase of voting will be held on April 26 in 89 constituencies spread across 13 states and Union territories. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called Indian National Developmental Inclusive Alliance (INDIA) bloc to deny PM Modi another victory. The elections will occur in 7 phases, from 19 April to 1 June. The Lok Sabha elections 2024 results will declared on 4 June.
Gainers & Losers:
Axis Bank (up 6.18%), State Bank of India (SBI) (up 3.16%), Nestle India (up 1.95%), Heromotocorp (up 1.90%) and ITC (up 1.61%) were major Nifty gainers.
Kotak Mahindra Bank (down 10.79%), LTIMindtree (down 2.68%), Titan Company (down 1.57%), Hindustan Unilever (down 1.44%) and Tata Consumer Products (down 1.22%) were major Nifty losers.
Kotak Mahindra Bank slumped 10.79% after the Reserve Bank of India (RBI) directed the private lender to immediately stop onboarding new customers through its online and mobile banking channels and issuing new credit cards.
This action follows concerns identified during RBI's examinations of the bank's IT infrastructure in 2022 and 2023. The report cites serious deficiencies in areas like IT inventory management, data security, and business continuity planning. The bank was found to be non-compliant with corrective action plans issued by RBI in previous years.
The restrictions will be reviewed upon completion of an external audit commissioned by the bank with RBI's approval. The audit will assess the bank's progress in addressing the identified deficiencies. The RBI may take further regulatory action based on the audit's findings.
Axis Bank rallied 6.18% after the private lender reported net profit of Rs 7,129.67 crore in Q4 FY24 as against net loss of Rs 5,728.42 recorded in Q4 FY23. Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024.
Hindustan Unilever declined 1.44% after The FMCG major reported 5.72% fall in standalone net profit to Rs 2,406 crore in Q4 FY24 as compared to Rs 2,552 crore recorded in Q4 FY23. Revenue from operations rose marginally to Rs 14,693 crore in Q4 FY24 as against Rs 14,638 crore posted in Q4 FY23.
LTIMindtree slipped 2.68% after the company?s net profit fell 5.87% to Rs 1,100 crore in Q4 FY24 as compared with Rs 1,169 crore posted in Q3 FY24. Revenue from operations declined 1.38% to Rs 8,892 crore in Q4 FY24 as compared with Rs 9,016 crore in Q3 FY24.
Stocks in Spotlight:
Indian Hotels Company (IHCL) dropped 4.87%. The company reported 27.26% jump in consolidated net profit to Rs 417.76 crore in the quarter ended 31 March 2024 as compared with Rs 328.27 crore in the quarter ended 31 March 2023. Revenue from operations increased 17.22% YoY to Rs 1,905.34 crore in Q4 FY24 as compared with Rs 1,625.43 crore in Q4 FY23. The said growth was led by a 19% growth in Room Revenue and 12% in Food & Beverage.
Macrotech Developers slipped 4.08% after the company?s consolidated net profit declined 10.6% to Rs 665.5 crore in Q4 FY24 as against Rs 744.4 crore recorded in Q4 FY23. revenue from operations jumped 23.44% year on year (YoY) to Rs 4,018.5 crore in the quarter ended 31 March 2024.
Global Markets:
European market mostly declined while Asian stocks were traded mixed. The Bank of Japan kicks off its monetary policy meeting Thursday. Due to be published on Friday, investors will monitor the outcomes from the Bank of Japan, especially for any action to restrict the yen weakness.
Markets in Australia and New Zealand are closed for a public holiday.
Wall Street ended on a mixed note on Wednesday as traders assessed bleak outlook from Meta Inc., one of the magnificent seven, and as treasury yields rose following sales of 5-year U.S. Treasury notes. The US first-quarter gross domestic product figures are due on April 25.
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