Sensex tumbles 793 pts, Nifty ends below 22,550 mark, VIX climbs 3.82%

The Indian equity indices ended with substantial losses on Friday. The Nifty settled below 22,550 mark. All the sectorial indices on the NSE ended in red.

As per provisional closing data, the barometer index, the S&P BSE Sensex, was dropped 793.25 points or 1.06% to 74,244.90. The Nifty 50 index fell 234.40 points or 1.03% to 22,519.40.

In the broader market, the S&P BSE Mid-Cap index shed 0.49% and the S&P BSE Small-Cap index fell 0.60%.

The market breadth was weak. On the BSE, 1,466 shares rose and 2,373 shares fell. A total of 104 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.82% to 11.53.

The Asian Development Bank (ADB) on Thursday raised Indias GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

New Listing:

Shares of Bharti Hexacom ended at Rs 813 on the BSE, representing a premium of 42.70% as compared with the issue price of Rs 570.

The scrip was listed at Rs 755.20, exhibiting a premium of 32.49% to the issue price.

The stock has hit a high of 879.90 and a low of 755.20. On the BSE, over 20.93 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty Pharma index slipped 1.72% to 18,788.65. The index fell 2.23% in past three trading sessions.

Sun Pharmaceuticals Industries (down 3.96%), Laurus Labs (down 3.72%), Zydus Lifesciences (down 3.34%), Gland Pharma (down 2.24%) and Abbott India (down 2.12%), Aurobindo Pharma (down 2%), Mankind Pharma (down 1.89%), Alkem Laboratories (down 1.82%), Cipla (down 1.59%) and Biocon (down 1.56%) declined.

Stocks in Spotlight:

Larsen &Tourbo declined 1.71%. The EPC major announced that it has completed the sale of its entire stake in L&T Infrastructure Development Projects (LTIDPL), a joint venture with Canada Pension Plan Investment Board (CPP Investments).

Dr. Reddys Laboratories shed 1.05%. The company announced the launch of the drug-free non-invasive migraine management wearable device, Nerivio in Germany through its step-down subsidiary betapharm.

Computer Age Management Services (CAMS) advanced 2.18% after the Reserve Bank of India (RBI), in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has granted authorisation to the company to operate as an Online Payment Aggregator.

Metropolis Healthcare added 2.04% after the company said that its core business revenue (excluding revenue from Covid, Covid allied tests & PPP contracts) jumped approximately 15% YoY in Q4 of FY24.

Nibe was locked in an upper circuit of 5% after the company announced that its subsidiary Karmayogi Manufacturing received purchase order from Ordefence System worth Rs 307 crore.

Manorama Industries rallied 4.25% after commenced the commissioning of its new fractionation plant with capacity of 25,000 tonnes per annum (TPA).

Vodafone Idea rose 2.24% after the telecom operator said that its board has approved to raise Rs 18,000 crore through follow on public offer (FPO) with price band of Rs 10 11 per equity share. The FPO is slated to open on Thursday 18 April 2024 and close on Monday, 22 April 2024. Anchor investors will be allowed to participate two days prior to the bid/issue opening date, i.e. Tuesday, 16 April 2024.

The Phoenix Mills shed 1.20%. The company said that its total consumption stood at approximately Rs 2,818 crore in Q4 FY24, registering a growth of 27% year on year (YoY). Gross retail collections jumped 37% YoY to around Rs 791 crore in the quarter ended 31 March 2024.

PVR Inox rose 0.20%. The cinema chain operator announced the opening of 14 screen megaplex at Phoenix Mall of Asia in the city of Bengaluru.

Global Markets:

European shares advanced as the European Central Bank held interest rates steady again but said slowing inflation could open the door to easing monetary policy.

Most of the Asian stocks ended lower on Friday with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers.

Singapores first-quarter gross domestic product climbed 2.7% year on year, advance estimates showed, faster than the 2.2% growth recorded in the last quarter of 2023. The Bank of Korea bank left its key policy rate unchanged for the 10th consecutive time at 3.50%.

US stocks closed higher on Thursday, with tech-related momentum stocks leading the charge, as fresh economic data rekindled hopes that inflation remains in a cooling trend.

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