The domestic equity benchmarks ended with tiny losses on Tuesday. The Nifty closed below 22,650 mark after hitting day's high of 22,768.40 in the morning trade. Metal, realty and private bank stocks advanced while media, PSU bank and consumer durables shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, shed 58.80 points or 0.08% to 74,683.70. The Nifty 50 index lost 23.55 points or 0.10% to 22,642.75.
The Sensex and Nifty clocked a new all-time high of 75,124.28 and 22,768.40, respectively in today's intraday session. Further, the Nifty Bank index also registered a fresh record high at 48,960.75.
In the broader market, the S&P BSE Mid-Cap index declined 0.47% and the S&P BSE Small-Cap index shed 0.15%.
The market breadth was weak. On the BSE, 1,614 shares rose and 2,231 shares fell. A total of 106 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.04% to 11.37.
Weather Forecast:
Skymet, India?s leading weather forecasting and agriculture risk solution company expects the upcoming monsoon to be normal to the tune of 102% of the long-period average. It said that notwithstanding, the start of the season is expected to be aberrated on account of the quick transition from El Nino to La Nina.
According to Jatin Singh, managing director Skymet, said, ?El Nino is swiftly flipping over to La Nina. And, monsoon circulation inclines to be stronger during La Nina years. Also, transition from Super El Nino to strong La Nina has historically tended to produce a decent monsoon. However, monsoon season may start with risk of impairment, attributable to the remnant effects of El Nino. The second half of the season will have an overwhelming edge over the primal phase.?
Buzzing Index:
The Nifty Metal index advanced 1.10% to 8,891.75. The index rallied 2.38% in three trading session.
Hindustan Zinc (up 16.96%), Hindustan Copper (up 8.01%), Vedanta (up 4.7%), National Aluminium Company (up 3.09%), Steel Authority of India (up 3.08%), Hindalco Industries (up 2.07%), NMDC (up 1.74%), APL Apollo Tubes (up 1.09%), Tata Steel (up 0.42%) and Ratnamani Metals & Tubes (up 0.22%) advanced.
On the other hand, Welspun Corp (down 2.73%), Jindal Steel & Power (down 0.97%) and Adani Enterprises (down 0.82%) edged lower.
Stocks in Spotlight:
Tata Motors shed 0.58%. The company announced that the Jaguar Land Rover (JLR) wholesale volume increased 9% QoQ and 16% YoY to 110,190 units in Q4 FY24 (excluding the Chery Jaguar Land Rover China JV).
Sterlite Technologies surged 10.05% after the company?s board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 119 per share.
Premier Explosives zoomed 17.69% after the company announced that its board will meet on Friday, 19 April 2024, to consider a proposal of sub-division/split in the face value of equity shares of the company.
Ajmera Realty & Infra rallied 5.39% after the company?s sales value stood at Rs 287 crore in Q4 FY24, registering a growth of 104% as compared with Rs 140 crore posted in Q4 FY23.
IRB Infrastructure Developers rose 0.80%. The company announced that its toll collection jumped 30% to Rs 480.9 crore in March 2024 from Rs 370 crore in March 2023.
JTL Industries gained 3.03% after the company said that it has acquired a controlling stake of 67% in Nabha Steels and Metals, situated in Mandi Gobindgarh, Punjab.
Paisalo Digital jumped 3.19% after the NBFC informed that its board is scheduled to meet on Friday, 12 April 2024 to approve allotment of non-convertible debentures (NCDs) through private placement basis.
Omaxe rallied 4.17% after the wholly owned subsidiary and special purpose company (SPC) of Omaxe, Worldstreet Sports Center, will be developing an international cricket and football stadium, an indoor stadium along with a retail and hospitality hub spread across an area of 50.40 acres in Delhi's Dwarka area for around Rs 1500 crore.
Sula Vineyards shed 0.11% after the company announced that it has recorded highest ever Q4 net revenues, overall as well as for own brands and the wine tourism business.
UCO Bank rose 0.75% after the bank reported 15.92% rise in total advances to Rs 1.87 lakh crore as on 31 March 2024 as against Rs 1.62 lakh crore recorded as on 31 March 2023.
Global Markets:
European stocks traded lower while most of the Asian stocks ended mixed on Tuesday as investors awaited U.S. inflation numbers to assess the Federal Reserve?s rate cut path.
Japan?s consumer confidence index increased marginally to 39.5 in March as compared with 39.0 in February 2024.
US stocks remained largely range bound on Monday, with investors awaiting the consumer price index report out on Wednesday.
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