SSPL WEALTH PVT LTD

Mid - Session

Market behaviours during the course of the trading session.

Barometers trade with deep cuts, consumer durables rally

26-Apr-24 14:42 Hrs IST

The headline equity indices traded with major losses in mid-afternoon trade. The Nifty traded below the 22,450 mark after hitting the day's high of 22,620.40 in early trade. Consumer durables shares advanced after declining in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex declined 521.23 points or 0.71% to 73,813.14. The Nifty 50 index lost 142.55 points or 0.63% to 22,427.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.69% and the S&P BSE Small-Cap index added 0.40%.

The market breadth was positive. On the BSE, 1,996 shares rose and 1,739 shares fell. A total of 134 shares were unchanged.

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 Consumer Durables index jumped 1.64% to 34,469.40. The index shed 0.43% in the past trading session.

Havells India (up 4.9%), Dixon Technologies (India) (up 4.78%), Crompton Greaves Consumer Electricals (up 1.44%), Voltas (up 0.92%), Kajaria Ceramics (up 0.73%), Bata India (up 0.72%), Century Plyboards (India) (up 0.57%), Kalyan Jewellers India (up 0.53%), Titan Company (up 0.43%) and V-Guard Industries (up 0.31%) advanced.

On the other hand, Whirlpool of India (down 1.55%), Cera Sanitaryware (down 0.55%) and Blue Star (down 0.32%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.06% to 7.208 as compared with previous close 7.204.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3125, compared with its close of 83.2800 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.61% to Rs 71,646.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 105.49.

The United States 10-year bond yield fell 0.49% to 4.685.

In the commodities market, Brent crude for June 2024 settlement gained 10 cents or 0.11% to $ 87.87 a barrel.

Stocks in Spotlight:

Supreme Industries slipped 2.65% after 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.

Wendt India added 2.80% after the company?s consolidated net profit jumped 4.61% to Rs 13.38 crore during the quarter as compared with Rs 12.79 crore in corresponding quarter last year. Revenue from operations jumped 21.56% to Rs 69.47 crore in Q4 FY24 as compared with Rs 57.15 crore in Q4 FY23.

Olectra Greentech tumbled 4.19% 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.