Benchmarks end with substantial losses; realty shares tumble

The key domestic equities indices ended in negative terrain with major losses on Friday. The Nifty closed below the 22,500 level after hitting the days high of 22,794.70 in early trade. Realty, oil & gas and IT shares were under pressure while mid-small healthcare, healthcare and pharma shares advanced.

As per the provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 732.96 points or 0.98% to 73,878.15. The Nifty 50 index fell 172.35 points or 0.76% to 22,475.85. The Nifty 50 reached an all-time high of 22,794.70 during early trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.21% and the S&P BSE Small-Cap index fell 0.55%.

The market breadth was weak. On the BSE, 1,538 shares rose and 2,296 shares fell. A total of 124 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, climbed 8.72% to 14.62.

Buzzing Index:

The Nifty realty index declined 1.03% to 962.65. The index fell for the second consecutive trading sessions.

Oberoi Realty (down 4.04%), Macrotech Developers (down 2.68%), DLF (down 2.07%), Phoenix Mills (down 1.77%), Brigade Enterprises (down 1.17%), Sunteck Realty and (down 0.43%) declined.

On the other hand, Prestige Estates Projects (up 3.62%), Godrej Properties (up 1.81%) and Sobha (up 0.48%) moved up.

Stocks in Spotlight:

Coal India rallied 4.93% after the company reported 25.8% rise in consolidated net profit to Rs 8,640 crore in Q4 FY24 from Rs 6,869 crore in Q4 FY23. Net sales, however, declined 3% to Rs 34,263.89 crore in the fourth quarter from Rs 35,161.44 crore recorded in the same period last year.

Coforge tumbled 10.07% after IT companys consolidated net profit decreased 6.01% to Rs 223.7 crore on in Q4 FY24 as compared to Rs 238 crore in Q3 FY24. Revenue from operations stood at Rs 2,358.5 crore in fourth quarter of FY24, registering a growth of 1.52%.

Ajanta Pharma rallied 6.22% after the pharmaceutical company reported 65.82% jump in consolidated net profit to Rs 203 crore in Q4 FY24 as compared with Rs 122 crore in Q4 FY23. Revenue increased 19.53% YoY to Rs 1,054.08 crore in Q4 FY24.

JBM Auto rose 0.01%. The JBM Group companys consolidated net profit surged 98.61% to Rs 55.75 crore in Q4 FY24 as against Rs 28.07 crore in Q4 FY23. Revenue from operations jumped 47.11% year on year (YoY) to Rs 1,485.95 crore in the quarter ended 31 March 2024.

CEAT declined 2.96% after the companys consolidated net profit fell 18.80% to Rs 108.56 crore in Q4 FY24 as compared net to Rs 133.70 crore posted in corresponding quarter last year. Revenue from operations increased 4.07% to Rs 2,991.85 crore in Q4 FY24 as against revenue of Rs 2,874.82 crore posted in Q4 FY23.

Bajaj Finance added 0.70% after the Reserve Bank of India (RBI) lifted restrictions on the sanction and disbursal of new loans under 'eCOM' and online/digitally on 'Insta EMI Card'.

In exchange filings on Thursday, Bajaj Finance said that the RBI, based on the remedial actions taken by the company, has conveyed its decision of lifting the said restrictions on eCOM and online digital Insta EMI Card, with immediate effect.

"The company would now resume sanction and disbursal of loans in the above two business segments including issuance of EMI cards, the NBFC said in a statement.

Godrej Properties rose 1.82% after the company said that its consolidated net profit jumped 14.34% to Rs 471.26 crore in Q4 FY24 as compared with Rs 412.14 crore in Q4 FY23. Revenue from operations declined 13.37% YoY to Rs 1,426.09 crore in Q4 FY24.

Blue Dart Express rallied 7.66% after the company reported 12.01% rise in consolidated net profit to Rs 77.78 crore on 8.74% increase in revenue from operations to Rs 1,322.87 crore in Q4 FY24 over Q4 FY23.

Global Markets:

European stocks advanced while Asian stocks ended mixed on Friday as investors look ahead to the release of key U.S. employment data later today. Stock markets in Japan and mainland China were shut for public holidays.

The employment data release will be closely watched by the trading community after the U.S. Federal Reserve held interest rates steady at the end of its two-day meeting on Wednesday.

The Japanese yen was still in focus as it continued to show strength against the U.S. dollar amid suspected government intervention to support the currency on Monday.

Stocks in the U.S. closed higher on Thursday as investors looked ahead to more earnings as well as the nonfarm payrolls report set to be released on Friday.

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