Markets Recovered After Four Day Loosing Streak

Indian equity indices reversed from four-day losing streak on Friday. Nifty opened at 21861.50, a gap down of 134.35 points from Thursday’s close and made an intraday high of 22179.55 and closed at 222147 up 151.15 points or 0.69%. The gains were majorly due to increase in heavy-weight stocks like HDFC Bank, ICICI Bank, Bajaj Finance, Bharti Airtel and Mahindra & Mahindra. While Bajaj Auto, HCL Technologies, Infosys, L&T and TCS weighed on the index.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.39% while the S&P BSE Small-Cap index declined 0.04%. On BSE, 2,063 stocks declined, 1,725 stocks advanced and 115 remained unchanged.

Among the sectoral indices, the Nifty Metal index (up 0.96%), the Nifty Auto index (up 0.44%) and the Nifty FMCG index (up 0.44%) outperformed the Nifty 50 index. Meanwhile, the Nifty IT index (down 0.39%), the Nifty Media index (down 1.02%), Nifty Pharma index (down 0.65%) and the Nifty Realty index (down 0.70%) underperformed the Nifty 50 index.

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• Premier Energies, one of the largest solar cell and solar module manufacturers, has filed preliminary papers with the capital markets regulator SEBI to raise funds via an initial public offering. The IPO consists of a fresh issuance of equity shares worth Rs 1,500 crore by the company, and an offer-for-sale (OFS) of 2.82 crore equity shares by the existing shareholders.

• HDFC Bank on April 20 reported a net profit of Rs 16,511 crore for the January-March quarter of the financial year 2023-24, marking a 0.84 percent jump compared to Rs 16,373 crore clocked in the previous quarter. The net profit is almost in line the market estimates of Rs 16,576 crore.

• Food delivery giant Zomato has received a GST demand and penalty order of Rs 11.81 crore, for the period from July 2017 to March 2021, the company announced on April 19.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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