As per provisional closing data, the barometer index, the S&P BSE Sensex dropped 609.28 points or 0.82% to 73,730.16. The Nifty 50 index declined 150.40 points or 0.67% to 22,419.95.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.83% and the S&P BSE Small-Cap index added 0.27%.
The market breadth was positive. On the BSE, 2,000 shares rose and 1,782 shares fell. A total of 131 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.81% to 10.93.
Politics:
The second phase of voting, scheduled for April 26, encompasses 89 constituencies across 13 states and Union territories. The BJP seeks a third consecutive term, while the opposition, including the Congress, has united under the banner of the Indian National Developmental Inclusive Alliance (INDIA) bloc to thwart PM Modi's re-election. The extensive Lok Sabha elections 2024 span seven phases from April 19 to June 1, with the results set to be announced on June 4.
Buzzing Index:
The Nifty Financial Services index slipped 0.89% to 21,354.05. The index rallied 3.09% in five trading sessions.
Bajaj Finance (down 7.73%), Bajaj Finserv (down 3.52%), Kotak Mahindra Bank (down 2.07%), SBI Life Insurance Company (down 2.02%), State Bank of India (down 1.4%), HDFC Life Insurance Company (down 1.15%), SBI Cards & Payment Services (down 1.05%), ICICI Lombard General Insurance Company (down 0.83%), ICICI Bank (down 0.53%) and Power Finance Corporation (down 0.22%) declined.
On the other hand, IDFC (up 2.33%), Muthoot Finance (up 1.99%) and Cholamandalam Investment & Finance Company (up 1.42%) edged higher.
Bajaj Finance tumbled 7.73% after the NBFC?s loan losses and provisions jumped 53% to Rs 1,310 crore in Q4 FY24. The non-banking financial company (NBFC) reported 21.11% increase in consolidated net profit to Rs 3,824.53 crore on a 31.36% jump in total income to Rs 14,931.98 crore in Q4 FY24 as compared with Q4 FY23.
Bajaj Finserv slipped 3.52%. The NBFC said that its consolidated net profit jumped 20% to Rs 2118.53 crore in Q4 FY24 as compared with Rs 1768.95 crore in Q4 FY23. Total income increased 35.63% YoY to Rs 32041.93 crore in Q4 FY24.
Stocks in Spotlight:
Tech Mahindra surged 7.47% after the IT major's consolidated net profit jumped 29.51% to Rs 661 crore in Q4 FY24 as against Rs 510.4 crore reported in Q3 FY24. Revenue from operations stood at Rs 12,871.3 crore in the March quarter, down 1.76% from Rs 13,101.3 crore recorded in the preceding quarter of FY24.
L&T Technology Services dropped 7.86%. The company said that its consolidated net profit increased 1.4% to Rs 340.9 crore in Q4 FY24 as compared with Rs 336.2 crore in Q3 FY24. Revenue from operations jumped 7.04% to Rs 2,537.5 crore in the quarter ended 31 March 2024 as compared with Rs 2,370.6 crore in the quarter ended 31 December 2023.
IndusInd Bank slipped 3.09%. The private lender's standalone net profit increased 15.01% to Rs 2,346.84 crore on 20.77% rise in total income to Rs 14,699.01 crore in Q4 FY24 over Q4 FY23.
Cyient declined 1.40%. The IT major reported 28.53% rise in consolidated net profit to Rs 189.2 crore on 2.16% increase in revenue from operations to Rs 1,860.8 crore in Q4 FY24 over Q3 FY24.
Som Distilleries & Breweries lost 1.80%. The company?s consolidated net profit jumped 17.97% to Rs 18.84 crore in Q4 FY24 as compared with Rs 15.97 crore in Q4 FY23. Revenue from operations (excluding excise duty) jumped 43.27% to Rs 381.59 crore in Q4 FY24 as compared with Rs 266.34 crore posted in same quarter last year.
Schaeffler India added 1.88% after the company has reported 3.8% rise in standalone net profit to Rs 227.67 crore on a 9.2% increase in net sales to Rs 1,849.22 crore in Q4 FY24 as compared with Q4 FY23.
Zensar Technologies jumped 7.75% after the company?s consolidated net profit jumped 7.17% to Rs 173.3 crore in Q4 FY24 as compared with Rs 161.7 crore in Q3 FY24. Revenue from operations increased 1.41% QoQ to Rs 1,229.7 crore in Q4 FY24.
Supreme Industries advanced 2.37%. The company reported 1.28% fall in consolidated net profit to Rs 354.82 crore on a 15.95% increase in total consolidated income to Rs 3,025.98 crore in Q4 FY24 over Q4 FY23.
Olectra Greentech lost 3.39% after the company reported 49.2% drop in consolidated net profit to Rs 13.71 crore in Q4 FY24 from Rs 27.01 crore in Q4 FY24. Net sales declined by 23.2% YoY to Rs 288.81 crore during the period under review.
Global Markets:
European shares advanced while most of the Asian stocks ended higher on Friday.
Bank of Japan (BOJ) kept monetary policy unchanged. Holding its benchmark policy rate at 0%-0.1%
The BOJ now expects inflation between 2.5% and 3% for fiscal 2024, up from 2.2% to 2.5% in its January forecast.
US stocks dropped on Thursday after data showed a sharp slowdown in economic growth and pointed to persistent inflation.
The US economy grew last quarter at the slowest pace in two years as consumer and government spending cooled amid a sharp pickup in inflation. The US gross domestic product (GDP) increased at a 1.6% annualized rate in January-March 2024. The economy grew at a 3.4% rate in the fourth quarter.
Inflation surged, with the personal consumption expenditures (PCE) price index, excluding food and energy, increasing at a 3.7% rate after rising at 2% in the fourth quarter.
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