Nifty above 22,200; European Mkt opens lower

The key equity benchmarks traded with substantial gains in afternoon trade. The Nifty scaled above the 22,200 level after hitting the day's low of 22,081.25 in morning trade. All the sectoral indices on the NSE were traded in green.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 349.61 points or 0.42% to 73,130.84. The Nifty 50 index jumped 118.50 points or 0.54% to 22,222.55.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.99% and the S&P BSE Small-Cap index gained 1.56%.

The market breadth was strong. On the BSE, 2,662 shares rose and 1,044 shares fell. A total of 132 shares were unchanged.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 1.26 % (Provisional) for the month of April, 2024 (over April, 2023). The uptick inflation is primarily due to increase in prices of food articles, electricity, crude petroleum & natural gas, manufacture of food products, other manufacturing etc. The month over month change in WPI index for the month of April 2024 stood at 0.79 % as compared to March 2024. WPI inflation has hit a 13 month high now. It stood at 0.53% an annual basis in March.

Meanwhile, The annual inflation rate based on all India Consumer Price Index (CPI) number is 4.83% (provisional) for the month of April 2024 over April, 2023. Corresponding inflation rate for rural and urban is 5.43% and 4.11%, respectively. CPI for the months of January, February and March 2024 are 5.10, 5.09 and 4.85 respectively.

Gainers & Losers:

Adani Enterprises (up 4.99%), Mahindra & Mahindra (up 3.67%), Hero Motocorp (up 2.46%), Adani Ports and Special Economic Zone (APSEZ) (up 1.92%) and Hindalco Industries (up 1.82%) were major Nifty gainers.

Cipla (down 2.87%), Axis Bank (down 1.02%), Nestle India (down 0.75%), ICICI Bank (down 0.73%) and Tata Consultancy Services (TCS) (down 0.73%) were major Nifty losers.

Stocks in Spotlight:

Ethos surged 7.27% after the companys consolidated net profit surged 58.36% to Rs 21.03 crore in Q4 FY24 as against Rs 13.28 crore recorded in Q4 FY23. Revenue from operation jumped 21.66% to Rs 252.52 crore in Q4 FY24 as compared with Rs 207.57 crore posted in Q4 FY23.

Aarti Pharmalabs soared 17.13 after the companys consolidated net profit jumped 52.2% to Rs 65.25 crore during the quarter as compared with Rs 42.87 crore posted in corresponding quarter last year. Revenue from operations increased 4.27% YoY to Rs 505.77 crore in Q4 FY24.

Electrosteel Castings rallied 4.59% after the companys consolidated net profit zoomed 153.92% to Rs 227.08 crore in Q4 FY24 as against Rs 89.43 crore posted in Q4 FY23. Revenue from operations grew by 7.04% year on year (YoY) to Rs 2,004.26 crore in the quarter ended 31 March 2024.

Jindal Steel & Power jumped 4.07% after the company s consolidated net profit stood at Rs 933 crore , steeply higher than Rs 466 crore posted in corresponding quarter last year. Revenue from operations fell 1.5% to Rs 13,486.96 crore in Q4 FY24 as compared with Rs 13,691.93 crore in Q4 FY23.

Chalet Hotels declined 2.93% after the companys consolidated net profit zoomed 124.6% to Rs 82.44 crore during the quarter as compared with Rs 36.71 crore posted in corresponding quarter last year. Revenue from operations jumped 23.8% YoY to Rs 418.26 crore in the quarter ended 31 March 2024.

DLF rose 0.21%. The realty majors consolidated net profit increased 61.53% to Rs 920.71 crore in Q4 FY24 as compared with Rs 570.01 crore recorded in Q4 FY23. Revenue from operations grew 46.62% year on year (YoY) to Rs 2,134.81 crore in the quarter ended 31 March 2024.

Global Markets:

Most of the European stocks declined while Asia shares traded mixed as investors analyzed inflation data from Japan. Japan's wholesale inflation (corporate goods price index) rose slightly by 0.9% year-on-year in April.

US markets ended with mixed results. The Dow Jones snapped its winning streak with a 0.21% dip, while the S&P 500 barely budged. The Nasdaq managed a small gain of 0.29%. Apple and Alphabet (Google's parent company) rose despite early weakness.

Meme stocks like GameStop, AMC, and Koss soared due to speculation surrounding a potential return to social media by Keith Gill, the "Roaring Kitty" figure who ignited the meme-stock frenzy of 2021.

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