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Business Standard
6 days ago
- Business
- Business Standard
Nifty below 24,700 level; PSU bank shares in demand
The frontline indices traded with moderate losses in early afternoon trade, pressured by weak global cues. The Nifty traded below the 24,700 level. PSU bank shares extended gains for the second consecutive session. At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 268.87 points or 0.33% to 81,182.14. The Nifty 50 index fell 65.70 points or 0.27% to 24,683.40. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.31% and the S&P BSE Small-Cap index added 0.44%. The market breadth was positive. On the BSE, 2,027 shares rose and 1,928 shares fell. A total of 191 shares were unchanged. Economy: India's GDP growth touched a four-quarter high of 7.4% in Q4 FY25, with full-year growth ending at 6.5%, according to data released by the government post-market hours Friday. The GDP growth, higher than the previous quarter's 6.4%, was lower than the 8.4% growth logged in Q4 FY24. Meanwhile, Indias fiscal deficit for FY25 stood at 4.8% of GDP, meeting the revised estimate, according to data released by the Comptroller General of Accounts on Friday. The central governments fiscal deficit stood at Rs 15.77 lakh crore, or 100.5% of the revised annual target, compared with 95.4% a year before. Further, the seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) declined to 57.6 in May 2025, down from 58.2 in April 2025, highlighting the weakest improvement in operating conditions since February. The headline figure was nevertheless well above both the neutral mark of 50.0 and its long-run average of 54.1. Panelists suggested that demand strength continued to support sales and production, though competition, inflation, and the India-Pakistan conflict had reportedly weighed on growth. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.28% to 17.09. The Nifty 26 Jun 2025 futures were trading at 24,775.50, at a premium of 92.1 points as compared with the spot at 24,683.40. The Nifty option chain for the 29 May 2025 expiry showed a maximum call OI of 49.8 lakh contracts at the 26,000 strike price. A maximum put OI of 50.8 lakh contracts was seen at a 24,000 strike price. Buzzing Index: The Nifty PSU Bank index rose 2.08% to 7,121.30. The index rallied 5.02% in the past two trading sessions. PSU Bank index, Bank of Maharashtra (up 6.28%), Indian Overseas Bank (up 5.47%), Union Bank of India (up 3.99%), Punjab & Sind Bank (up 3.72%), Central Bank of India (up 3.7%), Indian Bank (up 3.7%), UCO Bank (up 3.42%), Punjab National Bank (up 2.5%), Bank of India (up 2.44%) and Bank of Baroda (up 2.11%) advanced. Stocks in Spotlight: Apollo Hospitals Enterprise added 1.65% after the company reported a 53.5% jump in consolidated net profit to Rs 389.60 crore on a 13.1% increase in revenue from operations to Rs 5,592.20 crore in Q4 FY25 over Q4 FY24. Piramal Pharma shed 0.10%. The company announced that the United States Food and Drug Administration (USFDA) has completed a general good manufacturing practices (GMP) inspection at its manufacturing facility in Aurora, Canada.
Business Standard
6 days ago
- Business
- Business Standard
Indices trade lower; FMCG shares climb
The key equity indices continued to trade with limited losses in mid-afternoon trade amid weak global cues. Investors will closely monitor key events such as the RBI MPC meeting and global trade developments. The Nifty traded below the 24,750 mark. FMCG shares jumped after declining in the past four trading sessions. At 14:28 IST, the barometer index, the S&P BSE Sensex, declined 177.10 points or 0.22% to 81,273.91. The Nifty 50 index fell 47.80 points or 0.20% to 24,701.70. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index added 0.42%. The market breadth was positive. On the BSE, 2,064 shares rose and 1,992 shares fell. A total of 186 shares were unchanged. Economy: India's GDP growth touched a four-quarter high of 7.4% in Q4 FY25, with full-year growth ending at 6.5%, according to data released by the government post-market hours Friday. The GDP growth, higher than the previous quarter's 6.4%, was lower than the 8.4% growth logged in Q4 FY24. Meanwhile, Indias fiscal deficit for FY25 stood at 4.8% of GDP, meeting the revised estimate, according to data released by the Comptroller General of Accounts on Friday. The central governments fiscal deficit stood at Rs 15.77 lakh crore, or 100.5% of the revised annual target, compared with 95.4% a year before. Further, the seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) declined to 57.6 in May 2025, down from 58.2 in April 2025, highlighting the weakest improvement in operating conditions since February. The headline figure was nevertheless well above both the neutral mark of 50.0 and its long-run average of 54.1. Panelists suggested that demand strength continued to support sales and production, though competition, inflation, and the India-Pakistan conflict had reportedly weighed on growth. Buzzing Index: The Nifty FMCG index added 0.68% to 55,661.30. The index fell 3.1% in the past four trading session. Godrej Consumer Products (up 2.76%), Patanjali Foods (up 2.33%), Britannia Industries (up 1.72%), United Breweries (up 1.71%), Varun Beverages (up 1.36%), United Spirits (up 1.35%), Tata Consumer Products (up 1.16%), Hindustan Unilever (up 0.92%), Colgate-Palmolive (India) (up 0.64%) and Radico Khaitan (up 0.48%) advanced. Numbers to Track: The yield on India's 10-year benchmark federal paper added 0.27% to 6.227 from previous close of 6.200. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.4175, compared with its close of 85.5550 during the previous trading session. MCX Gold futures for 5 August 2025 settlement rose 1.53% to Rs 97,345. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.51% to 98.82. The United States 10-year bond yield added 0.72% to 4.447. In the commodities market, Brent crude for August 2025 settlement rose $1.76 or 2.80% to $64.54 a barrel. Stocks in Spotlight: NMDC shed 0.20%. The company has reported a 89.31% rise in iron ore production in May 2025 to 4.43 million tonnes (MT), compared to 2.34 MT recorded in the same month of the previous year. FSN E-Commerce Ventures (Nykaa) declined 4.35% after the companys consolidated net profit fell 22.36% to Rs 20.28 crore on 9.06% fall in revenue from operations to Rs 2,061.76 crore in Q4 FY25 over Q3 FY25.
Business Standard
6 days ago
- Business
- Business Standard
Nifty hovers below 24,600 level; metal shares drop
The key domestic indices continued to trade with significant losses in morning trade pressured by weak global cues. Investors will closely monitor key events such as the RBI MPC meeting, auto sales numbers, and global trade developments. The Nifty hovered below the 24,600 level. Metal shares tumbled for the second consecutive trading session. At 10:28 IST, the barometer index, the S&P BSE Sensex declined 574.82 points or 0.70% to 80,881.76. The Nifty 50 index fell 161.85points or 0.65% to 24,588.65. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index added 0.37%. The market breadth was positive. On the BSE, 1,936 shares rose and 1,766 shares fell. A total of 221 shares were unchanged. Economy: India's GDP growth touched a four-quarter high of 7.4% in Q4 FY25, with full-year growth ending at 6.5%, according to data released by the government post market hours Friday. The GDP growth, higher than the previous quarter of 6.4%, was lower than the 8.4% growth logged in Q4 FY24. Meanwhile, Indias fiscal deficit for FY25 stood at 4.8% of GDP, meeting the revised estimate, according to data released by the Comptroller General of Accounts on Friday. The central governments fiscal deficit stood at Rs 15.77 lakh crore, or 100.5% of the revised annual target, compared with 95.4% a year before. New Listing: Shares of Schloss Bangalore (The Leela) were currently trading at Rs 424.90 at 10:20 IST on the BSE, representing a discount of 2.32% compared with the issue price of Rs 435. The scrip was listed at Rs 406.50, exhibiting a discount of 6.55% to the issue price. So far, the stock has hit a high of 426.90 and a low of 404.45. On the BSE, over 2.60 lakh shares of the company were traded in the counter so far. Shares of Aegis Vopak Terminals were currently trading at Rs 228.95 at 10:14 IST on the BSE, representing a discount of 2.57% compared with the issue price of Rs 235. The scrip was listed at Rs 220, exhibiting a discount of 6.38% to the issue price. So far, the stock has hit a high of 235.75 and a low of 220. On the BSE, over 6.57 lakh shares of the company were traded in the counter so far. Buzzing Index: The Nifty Metal index declined 1.35% to 9,069.30. The index fell 3.02% in the two trading sessions. JSW Steel (down 1.61%), Steel Authority of India (down 1.36%), Lloyds Metals & Energy (down 1.35%), Tata Steel (down 1.26%), Vedanta (down 0.98%), Hindalco Industries (down 0.9%), NMDC (down 0.89%), APL Apollo Tubes (down 0.84%), Welspun Corp (down 0.74%) and Jindal Stainless (down 0.59%) declined. Stocks in Spotlight: IRCON International rose 1.78% after the company said that it has received an engineering, procurement, and construction (EPC) contract from the East Central Railway, Indian Railway, worth Rs 1,068.34 crore. Titagarh Rail Systems advanced 1.24%. The company reported 18.36% decline in consolidated net profit to Rs 64.45 crore on 4.45% fall in revenue from operations to Rs 1,005.57 crore in the quarter ended 31 March 2025 over the quarter ended 31 March 2024. Genesys International Corporation fell 0.82%. The company reported 27.60% jump in consolidated net profit to Rs 18.95 crore on 32.30% surge in revenue from operations to Rs 94.16 crore in Q4 FY25 over Q4 FY24.
Business Standard
6 days ago
- Business
- Business Standard
Stocks set to open lower amid tepid Asian cues
GIFT Nifty: GIFT Nifty June 2025 futures were trading 64 points lower in early trade, suggesting a negative opening for the Nifty 50. Economy: India's GDP growth touched a four-quarter high of 7.4% in Q4 FY25, with full-year growth ending at 6.5%, according to data released by the government post market hours Friday. The GDP growth, higher than the previous quarter of 6.4%, was lower than the 8.4% growth logged in Q4 FY24. Meanwhile, Indias fiscal deficit for FY25 stood at 4.8% of GDP, meeting the revised estimate, according to data released by the Comptroller General of Accounts on Friday. The central governments fiscal deficit stood at Rs 15.77 lakh crore, or 100.5% of the revised annual target, compared with 95.4% a year before. Institutional Flows: Foreign portfolio investors (FPIs) sold shares worth 6,449.74 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 9,095.91 crore in the Indian equity market on 30 May 2025, provisional data showed. According to NSDL data, FPIs have bought shares worth Rs 18082.82 crore in the secondary market during May 2025. This follows their purchase of shares worth Rs 3243.03 crore in April 2024. Global Markets: US Dow Jones futures were down 124 points, signaling a weak start for Wall Street. Asian shares were trading lower Monday after U.S. President Donald Trump announced a fresh tariff hike on steel imports, sending jitters across global markets. Speaking to U.S. steelworkers late Friday, Trump said he would double tariffs on steel from 25% to 50%, effective Wednesday, June 4. Markets in China, Malaysia, and New Zealand were closed for holidays, muting some of the early regional reactions. Trump also took to Truth Social to confirm the June 4 rollout, claiming the hike was in response to Chinas alleged breach of a recent trade agreement. He didnt elaborate on how the deal was violated but added that he plans to speak with Chinese President Xi Jinping soon. Wall Street ended last week on a mixed note. The S&P 500 was nearly flat, inching down 0.01% to close a strong month. The Nasdaq Composite slipped 0.32%, while the Dow Jones eked out a 0.13% gain. Commerce Secretary Howard Lutnick backed the tariff decision over the weekend, saying the measures were not going anywhere, even as they face stiff legal resistance. A federal trade court had recently blocked much of Trumps tariff plans, but an appeals court swiftly reinstated them. The case now looks poised to head to the Supreme Court. Trump, undeterred, hinted hed use alternative mechanisms to enforce the tariffs if necessary. This legal showdown is unfolding just weeks ahead of a key July deadline to ink new trade deals. If those talks fall through, Trump has threatened sweeping new tariffs on several major economies. Domestic Market: Domestic equity benchmarks closed with modest losses Friday as investors adopted a cautious stance ahead of India's GDP data release. Sentiment was also weighed down by global trade uncertainties after a U.S. federal appeals court upheld tariff measures introduced during President Trumps tenure. The S&P BSE Sensex declined 182.01 points or 0.22% to 81,451.01. The Nifty 50 index shed 82.90 points or 0.33% to 24,750.70.
Business Standard
6 days ago
- Business
- Business Standard
Indices open lower in early trade; breadth positive
The domestic equity indices traded with major losses in early trade amid negative global sentiments. The Nifty traded below the 24,600 level. PSU Bank, FMCG and realty shares advanced while IT, metal and consumer durables shares declined. At 09:25 IST, the barometer index, the S&P BSE Sensex, declined 728.54 points or 0.89% to 80,722.47. The Nifty 50 index fell 180.30 points or 0.71% to 24,578.15. In the broader market, the S&P BSE Mid-Cap index shed 0.09% and the S&P BSE Small-Cap index decined 0.37%. The market breadth was positive. On the BSE, 1,328 shares rose and 1,765 shares fell. A total of 197 shares were unchanged. Foreign portfolio investors (FPIs) sold shares worth 6,449.74 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 9,095.91 crore in the Indian equity market on 30 May 2025, provisional data showed. Economy: India's GDP growth touched a four-quarter high of 7.4% in Q4 FY25, with full-year growth ending at 6.5%, according to data released by the government post market hours Friday. The GDP growth, higher than the previous quarter of 6.4%, was lower than the 8.4% growth logged in Q4 FY24. Meanwhile, Indias fiscal deficit for FY25 stood at 4.8% of GDP, meeting the revised estimate, according to data released by the Comptroller General of Accounts on Friday. The central governments fiscal deficit stood at Rs 15.77 lakh crore, or 100.5% of the revised annual target, compared with 95.4% a year before. Numbers to Track: The yield on India's 10-year benchmark federal paper added 0.16% to 6.192 from previous close of 6.182. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.4275, compared with its close of 85.5550 during the previous trading session. MCX Gold futures for 5 August 2025 settlement rose 0.31% to Rs 96,170. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 99.29. The United States 10-year bond yield fell 0.07% to 4.412. In the commodities market, Brent crude for August 2025 settlement rose $1.39 or 2.21% to $64.17 a barrel. Stocks in Spotlight: Apollo Hospitals Enterprise advanced 1.94% after the company reported 53.5% jump in consolidated net profit to Rs 389.60 crore on 13.1% increase in revenue from operations to Rs 5,592.20 crore in Q4 FY25 over Q4 FY24. FSN E-Commerce Ventures (Nykaa) rose 0.25%. The companys consolidated net profit surged 192.6% to Rs 20.28 crore on 23.6% jump in revenue from operations to Rs 2,061.76 crore in Q4 FY25 over Q FY24. Rama Steel Tubes declined 3.34% after the company has reported 3.9% fall in consolidated net profit to Rs 6.84 crore despite a 9.3% increase in revenue from operations to Rs 293.13 crore in Q4 FY25 as compared with Q4 FY24. Global Markets: US Dow Jones futures were down 140 points, signaling a weak start for Wall Street. Most Asian shares traded lower Monday after U.S. President Donald Trump announced a fresh tariff hike on steel imports, sending jitters across global markets. Speaking to U.S. steelworkers late Friday, Trump said he would double tariffs on steel from 25% to 50%, effective Wednesday, June 4. Markets in China, Malaysia, and New Zealand were closed for holidays, muting some of the early regional reactions. Trump also took to Truth Social to confirm the June 4 rollout, claiming the hike was in response to Chinas alleged breach of a recent trade agreement. He didnt elaborate on how the deal was violated but added that he plans to speak with Chinese President Xi Jinping soon. Wall Street ended last week on a mixed note. The S&P 500 was nearly flat, inching down 0.01% to close a strong month. The Nasdaq Composite slipped 0.32%, while the Dow Jones eked out a 0.13% gain. Commerce Secretary Howard Lutnick backed the tariff decision over the weekend, saying the measures were not going anywhere, even as they face stiff legal resistance. A federal trade court had recently blocked much of Trumps tariff plans, but an appeals court swiftly reinstated them. The case now looks poised to head to the Supreme Court. Trump, undeterred, hinted hed use alternative mechanisms to enforce the tariffs if necessary. This legal showdown is unfolding just weeks ahead of a key July deadline to ink new trade deals. If those talks fall through, Trump has threatened sweeping new tariffs on several major economies.
