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EQUITY - MARKET SCREENER

Indices snap 3-day gains, Nifty ends below 18,300; VIX jumps 4%
24-May-23   15:45 Hrs IST
The key equity indices ended a volatile session with modest losses on Wednesday, snapping a three-day rising streak. The Nifty settled below the 18,300 level after hitting day's high at 18,392.60 in mid-morning trade. Consumer durables, pharma and healthcare stocks were in demand while metal, financial services and banking shares declined.

As per provisional closing, the barometer index, the S&P BSE Sensex, was down 208.01 points or 0.34% to 61,773.78. The Nifty 50 index lost 62.60 points or 0.34% to 18,285.40. In the past three consecutive sessions, the Sensex advanced 0.89% while the Nifty climbed 1.20%.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.13% while the S&P BSE Small-Cap index rose 0.10%.

The market breadth was negative. On the BSE, 1,679 shares rose and 1,793 shares fell. A total of 130 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 4.02% to 13.11.

Stocks in Spotlight:

Hindalco Industries fell 0.88% after the aluminium major's net profit declined 37.4% to Rs 2,411 crore in Q4 FY23 as against Rs 3,851 crore in Q4 FY22. Revenue from operations stood at Rs 55,857 crore in the quarter ended 31 March 2023 as compared with Rs 55,764 crore posted in the corresponding quarter previous year.

Ashok Leyland declined 0.76%. The Hinduja Group company's standalone net profit declined 16.6% to Rs 751.41 crore in Q4 FY23 from Rs 901.37 crore reported in Q4 FY22. Revenue from operations jumped 32.95% year on year to Rs 11,625.67 crore in the quarter ended 31 March 2023.

Biocon rose 0.37% after the company reported 31% rise in consolidated net profit to Rs 313 crore on a 57% increase in revenue from operations to Rs 3,774 crore in Q4 FY23 as compared with Q4 FY22.

JSW Energy added 0.77%. The company reported 68.5% fall in consolidated net profit to Rs 272.05 crore in Q4 FY23 as compared with Rs 864.35 crore in Q4 FY22. Revenue from operations rose 9.4% to Rs 2,669.97 crore in Q4 FY23 as against Rs 2,440.68 crore in corresponding quarter last year, due to higher generation and increase in renewable capacity.

Bikaji Foods International shed 0.22%. The company reported 51.6% increase in consolidated net profit to Rs 37.71 crore in Q4 FY23 from Rs 24.87 crore in Q4 FY22. Net sales improved by 15.6% YoY to Rs 461.69 crore during the quarter.

NMDC shed 0.57%. The company reported 22% jump in consolidated net profit to Rs 2,277 crore on despite an 18% fall in total income to Rs 5,839 crore in Q4 FY23 as compared with Q4 FY22.

Deepak Nitrite surged 9.40% after the company's wholly owned subsidiary, Deepak Chem Tech, has signed a memorandum of understanding with the Gujarat government to invest Rs 5,000 crore in the next four years to set up projects to manufacture speciality chemicals, phenol/acetone and bisphenol at Dahej/Nandesari in Gujarat.

Fortis Healthcare skid 0.22%. The company's consolidated net profit surged 95% to Rs 132.55 crore on 19.2% rise in revenue from operations to Rs 1,642.70 crore in Q4 FY23 over Q4 FY22.

Sudarshan Chemical Industries soared 11.96% after the company's consolidated net profit stood at Rs 32.57 crore, steeply higher from Rs 0.58 crore in Q4 FY23 over Q3 FY23. Revenue from operations jumped 31.62% to Rs 685.17 crore in Q4 FY23 as compared to Rs 520.85 crore in Q3 FY23.

Global Markets:

Markets in Europe and Asia tumbled across the board on Wednesday as negotiations over raising the US debt ceiling remained at an impasse, sapping risk sentiment.

U.K. inflation figures showed a sharp fall in the headline rate from 10.1% to 8.7%, Prices rose 1.2% month on month. Inflation in food and non-alcoholic beverages eased very slightly, but remained high at 19.1%.

New Zealand's central bank increased interest rates by 0.25 percentage points on Wednesday, maintaining its hawkish position. The Reserve Bank of New Zealand raised the official cash rate to 5.5%, the highest since October 2008. It also warned that an economic contraction this year was possible.

US stock market ended lower Tuesday amid growing worries over raising the debt limit after another round of talks between White House officials and Congressional Republicans ended without a conclusion.

US debt negotiations continued but progress appeared limited, with some House Republicans questioning the urgency of a deadline imposed by Treasury Secretary Janet Yellen for when the government will start missing debt payments.

Investors will keep an eye on the minutes of the meeting of Federal's Reserve on May 2-3 that are due to be released on Wednesday. Minutes will offer traders the latest insights into whether interest rates will be paused at the Fed's June gathering.

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