| The domestic equity indices pared all gains and traded with minor losses in mid-afternoon trade. The Nifty traded below 22,700 level after hitting day's high of 22,768.40 in the morning trade. PSU bank shares extended losses for second consecutive trading session.
At 14:30 IST, the barometer index, the S&P BSE Sensex, shed 14.79 points or 0.02% to 74,727.88. The Nifty 50 index lost 12.15 points or 0.05% to 22,654.15.
The Nifty 50 and Nifty Bank clocked an all-time high of 22,768.40 and 48,960.75, respectively in morning trade. Further, the S&P BSE Sensex index also registered a fresh record high at 75,124.28 in early trade.
The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index declined 0.36% and the S&P BSE Small-Cap index shed 0.32%.
The market breadth was weak. On the BSE, 1,461 shares rose and 2,324 shares fell. A total of 112 shares were unchanged.
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 PSU Bank index declined 1.39% to 7,140.25. The index fell 2.27% in two trading sessions.
Punjab & Sind Bank (down 4.41%), Indian Bank (down 2.11%), Union Bank of India (down 1.97%), Bank of India (down 1.73%), Central Bank of India (down 1.02%), Bank of Baroda (down 1.01%), Canara Bank (down 0.87%), Punjab National Bank (down 0.79%), State Bank of India (down 0.78%) and Indian Overseas Bank (down 0.69%) declined.
On the other hand, Adani Total Gas (down 0.68%), Oil India (down 0.56%) and Hindustan Petroleum Corporation (down 0.4%) edged higher.
Numbers to Track:
MCX Gold futures for 5 April 2024 settlement rose 0.85% to Rs 71,518.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was added 0.2% to 104.16.
The United States 10-year bond yield shed 0.75% to 4.392.
In the commodities market, Brent crude for May 2024 settlement added 51 cents or 0.56% to $ 90.89 a barrel.
Stocks in Spotlight:
Paisalo Digital jumped 4.36% 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.
Tata Motors shed 0.32%. 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).
IRB Infrastructure Developers fell 0.49%. The company announced that its toll collection jumped 30% to Rs 480.9 crore in March 2024 from Rs 370 crore in March 2023. |