| Daily Snippets|
Date: 24th May 2023
- The key equity indices concluded the trading session on Wednesday with modest losses, breaking a three-day streak of gains.
- Investor concerns were primarily driven by stalled discussions regarding the US debt ceiling and the hawkish remarks made by US Federal Reserve officials.
- The majority of sectors followed the downward trend and closed lower, with metal, banking, and financial sectors being among the worst performers.
- However, the broader indices showcased resilience as they managed to finish the day with marginal gains, continuing their recent outperformance.
- Markets in Europe and Asia tumbled on Wednesday as negotiations over raising the US debt ceiling remained at an impasse.
- In Europe, UK inflation fell from 10.1% to 8.7%, but remained high at 19.1% in food and non-alcoholic beverages.
- US stock market ended lower Tuesday amid growing worries over raising the debt limit. US debt negotiations continued but progress appeared limited. The current debt ceiling is $31.4 trillion. The Treasury Department has warned that the US could default on its debt if the debt ceiling is not raised by June 1st.
- Investors will keep an eye on the minutes of the Federal Reserve meeting on May 2-3 for insights into whether interest rates will be paused at the Feds June gathering.
Stocks in Spotlight:
- Ashok Leyland’s shares experienced a slight decline following the release of its Q4 earnings report. The renowned commercial vehicles manufacturer disclosed a 17 percent decrease in standalone net profit, amounting to Rs 751 crore for the quarter ended March 31, 2023, in contrast to the Rs 901 crore recorded in the corresponding period of the previous year. However, the company witnessed a substantial surge in total revenue from operations, showing a nearly 33 percent year-on-year increase to Rs 11,626 crore, compared to Rs 8,744 crore in the same quarter of the previous fiscal year.
- Metro Brands witnessed a significant 5 percent increase in its shares following the release of robust Q4 results. On a standalone quarterly basis, the specialty footwear retailer reported net sales of Rs 514.03 crore for the March quarter of FY23, marking a notable growth of 29.85 percent compared to Rs 395.87 crore recorded a year ago.
- Biocon’s shares experienced a significant surge of nearly 8 percent in early trade and managed to close with marginal gains, driven by the drugmaker’s impressive fourth-quarter earnings. The company reported a remarkable 31.3 percent increase in net profit for the fourth quarter, reaching Rs 313.20 crore, surpassing market estimates of Rs 234 crore. Furthermore, Biocon excelled on the revenue front, with the topline witnessing a substantial surge of 56.7 percent to Rs 3,773.9 crore, exceeding the estimated figure of Rs 3,611.7 crore.
News from the IPO world🌐
- Vinsys raises pre-IPO funding at Rs. 200 crore valuation
- SEBI proposes to cut down IPO listing timeline to 3 days
- Westbridge and Nexus-backed India Shelter Finance eyes Rs 2,000-cr IPO
Day Leader Board
Nifty 50 Top Gainers
Nifty 50 Top Losers
|Top Sectors||Day change (%)|
|NIFTY CONSUMER DURABLES||1.40%|
Advance Decline Ratio
|Advance/Declines||Day change (%)|
Numbers📈 that matter
|Indices Name||Latest||% 1D||% YTD|
|Dow Jones (US)||33,056||(0.7) %||(0.2) %|
|10 Year Gsec India||6.9||-0.30%||-3.60%|
|WTI Crude (USD/bbl)||72||0.6 %||(6.4) %|
|USD/INR||82.83||0.0 %||0.2 %|