Stock Market Today: Sensex, Nifty Resume Uptrend After One-Day Drop As Bank Stocks Rally

Overseas investors turned net buyers of Indian equities on Monday after five consecutive sessions of selling. Foreign portfolio investors mopped up stocks worth Rs 169.09 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors stayed net buyers for the sixth day and bought equities worth Rs 692.05 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 2216 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The Nifty settled 215.10 points, or 0.96%, higher at 22,635.05, and the Sensex rose 941.12 points, or 1.28%, to end at 74,671.28.

-The local currency closed 12 paise weaker against the U.S. Dollar at 83.47.

-It closed at 83.35 on Friday.

Source: Bloomberg

A rally in bank stocks today led the benchmarks to rebound from their Friday's drop today and end nearly 1% higher.

The Nifty ended at 22,635.05, up 215.10 points or 0.96% while the Sensex rose 941.12 points or 1.28% at 74,671.28. Intraday, the Nifty rose 1.05% and the Sensex gained 1.34%.

"An ease in Middle East tensions, coupled with stable earnings, is expected to maintain positive market sentiment. Moving forward, FED policy and US non-farm payroll data will dictate the overall market dynamics," said Vinod Nair, head of research at Geojit Financial Services.

Shares of ICICI Bank Ltd., HDFC Bank Ltd., State Bank Of India, and Axis Bank Ltd., and Reliance Industries Ltd. contributed the most to the gains.

While those of HCLTech Ltd., Apollo Hospitals Enterprise Ltd., Bajaj Auto Ltd., ITC Ltd., and HDFC Life Insurance Co. Ltd. capped the upside.

Most sectoral indices ended higher with Nifty PSU Bank, Nifty Bank and Nifty Finance gaining the most while Nifty Realty fell 1%.

Broader markets ended higher on BSE. The S&P BSE Midcap settled 0.77% up, and the S&P BSE Smallcap ended 0.10% higher.

On BSE, 17 sectors advanced, and three declined out of 20. The S&P BSE Financial Services was the top gainer, while the S&P BSE Realty was the top loser of the day.

Market breadth was skewed in favour of the buyers. Around, 2,038 stocks rose, 1,875 stocks declined, and 175 stocks remained unchanged on BSE.

• Revenue at Rs 20418.9 crore vs Rs 18,662.38 crore, up 9.41%

• Ebitda at Rs 4113.88 crore vs Rs 3322.49 crore, up 23.81%

• Margin at 20.14% vs 17.8%, up 234 bps

• Net profit at Rs 2258.58 crore vs Rs 1670.1 crore, up 35.23%

The index gained as much as 2.49%, the most since March 1.

State Bank of India rose as much as 3.46% to Rs 829, the highest level since its listing on March 1, 1995. It was trading 3.36% higher at Rs 828.20 as of 1:55 p.m., as compared to 0.86% advance in the NSE Nifty 50 index.

The scrip rose as much as 2.73%, to Rs 1,161.20, the highest level since its listing on Nov 16, 1998. It was trading 2.57% higher at Rs 1,159.35 as of 1:44 p.m., as compared to 0.89% advance in the NSE Nifty 50 index.

The scrip gained 34.86% in 12 months, and on year-to-basis, the scrip rose 5.22%. Total traded volume so far in the day stood at 0.75 times its 30-day average. The relative strength index was at 71.61.

• Revenue up 4.8% to Rs 1,318 crore from Rs 1,257 crore

• Ebitda up 5.6% at Rs 220 crore from Rs 209 crore

• Margin up 10 bps at 16.7% from 16.6%

• Net profit up 5.9% at Rs 166 crore from Rs 157 crore

SBI Cards and Payment Services Ltd.'s net interest margin can compress further as funding costs remain high, availability of funds becomes a challenge and ability to pass on rate increases remains limited, according to brokerages.

SBI Cards declined as much 4.32% to Rs 718.05. It was trading 5.68% lower as of 1:10 p.m., as compared to 0.65% advance in the NSE Nifty 50 index.

The scrip fallen 7.41% in 12 months, and on year-to-date basis, it has declined 4.83%. Total traded volume so far in the day stood at 5 times its 30-day average. The relative strength index was at 48.28.

Out of 29 analysts tracking the company, eight maintain a 'buy' rating, eight recommend a 'hold,' and 13 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an 3.8%.

• Techno Electric & Engineering Co. Ltd. has received multiple orders worth Rs 4,063 Crore.

Source: Exchange filing

India's benchmark stock indices were trading higher through midday on Monday, led by gains in ICICI Bank Ltd., Reliance Industries Ltd., and HDFC Bank Ltd. The increase in banking stocks supported benchmark indices.

As of 12:04 p.m., the NSE Nifty 50 was 139.30 points, or 0.62%, higher at 22,559.25, and the S&P BSE Sensex gained 653.07 points, or 0.89%, to trade at 74,383.23. The Nifty has risen 0.65% to hit an intraday high of 22,557.30, and the Sensex gained 0.90% to touch a high of 74,390.20 so far on Monday.

Asian markets were mostly higher in cautious trade this morning ahead of the highly anticipated Federal Reserve's policy meeting scheduled this week, said Avdhut Bagkar, technical and derivatives analyst at StoxBox.

"The Indian market opened on a positive note, following firm cues from global markets. The momentum breadth remained positive on subdued market breadth volume, indicating lower accumulation than in the previous upswings," Bagkar said. "Technically, the price action (on Nifty) has an immediate support zone from 22,300-22,230, and sustenance above this zone will allow the index to continue to attract bullish momentum."

Shares of ICICI Bank Ltd., Reliance Industries Ltd., HDFC Bank Ltd., Axis Bank Ltd., and Kotak Mahindra Bank Ltd. positively contributed to changes in the Nifty.

While those of HCL Technologies Ltd., Apollo Hospital Enterprise Ltd., ITC Ltd., Bajaj Auto Ltd., and HDFC Life Insurance Co. weighed on the index.

On NSE, eight sectors advanced and four declined. The NSE Nifty Bank was the top gainer, and the NSE Nifty Realty was the worst performer.

Broader markets rose on BSE. The S&P BSE Midcap rose 0.43%, and the S&P BSE Smallcap gained 0.16%.

On BSE, 16 sectors advanced and four declined. The S&P BSE Bankex rose the most among sectoral indices, while the S&P BSE Realty sector fell the most.

Market breadth was skewed in the favour of the buyers. Around 2,090 stocks rose, 1,613 stocks declined, and 207 stocks remained unchanged on BSE.

Supreme Industries Ltd. rose as much as 13.84% to Rs 4,939.00, the highest level since its listing on Jul 19, 1995. It was trading 12.57% higher at Rs 4,884.00 as of 12:47 p.m., compared to 0.67% advance in the NSE Nifty 50 index.

Bank of India, Indian Bank, and Union Bank of India were the top gainers.

Mahindra Lifespace Developers Ltd. declined as much 5.76% to Rs 626.50, the lowest level since April 19. It was trading 5.68% lower at Rs 627.60 as of 12:35 p.m., as compared to 0.65% advance in the NSE Nifty 50 index.

The scrip rose 67.60% in 12 months, and on year-to-date basis, it has declined 15.52%. Total traded volume so far in the day stood at 1.7 times its 30-day average. The relative strength index was at 51.34.

Out of seven analysts tracking the company, five maintains a 'buy' rating, two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.5%.

The stock jumped 2.08% to hit Rs 9,903, its highest level since since April 9. It has fallen 6% on a year-to-date basis but risen 30.73% in the last twelve months. Total traded volume on the NSE so far in the day stood at 0.82 times its 30-day average. The relative strength index was at 57.80.

Out of four analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 17.3%.

Shares of Craftsman Automation Ltd. declined over 6% on Monday after its net profit fell in the fourth quarter of fiscal 2024. The profit was down 12.1% to Rs 70.5 crore in the January-March period. This compares to Rs 80.2 crore in the same period last year.

Shares of Craftsman Automation Ltd. fell as much as 6.76%, the lowest level since April 24, before paring loss to trade 5.54% lower at 11:34 a.m. This compares to 0.51% advance in the NSE Nifty 50.

The stock has gained 42.86% in 12 months, and fallen 18.08% year-to-date. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 52.66.

Shares of Multi Commodity Exchange of India fell today after regulatoe Securities and Exchange Board of India asked the company to pay a higher regulatory fee-- based on annual turnover considering notional value for options contracts.

Cetrorelix Acetate is bioequivalent to Cetrotide

Source: Exchange Filing

Shares of Apollo Hospitals Enterprises Ltd. recorded their biggest fall since December 2021 as the stake sale of its unit Apollo HealthCo to Advent International was cheaper than expected, according to analysts.

At the same time, brokerages are positive on the company's integration with its promoter group entity Keimed Pvt.

The scrip fell as much as 8.40% to Rs 5,733 apiece, the lowest level since January 10. It pared losses to trade 6% lower at Rs 5,833.95 apiece, as of 10:57 a.m. This compares to a 0.47% advance in the NSE Nifty 50 Index.

It has risen 3.6% on a year-to-date basis and 24.68% in the last twelve months. Total traded volume on the NSE so far in the day stood at 3.61 times its 30-day average. The relative strength index was at 36.65.

Out of 27 analysts tracking the company, 24 maintain a 'buy' rating, one recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 18.5%.

Shares of HCL Tech Ltd. fell over 5% on Monday following a decline in its net profit during January-March. The scrip declined as much as 5.69% to Rs 1,390.05, the lowest level since April 26. It was trading 5.60 lower at Rs 1,391.45 as of 09:52 a.m., as compared to 0.18% advance in the NSE Nifty 50 index.

Shares of Yes Bank Ltd. surged to over two-month high on Monday after reporting 123% surge in its net profit during January-March.

Its net profit jumped 123% to Rs 452 crore in quarter four, from 202 crore in the corresponding period of preceding financial year. The jump in its net profit was due to higher other income and lower provisioning.

• Maintain Neutral, TP cut to Rs.1,370 from Rs.1,440, Downside: 7%

• FY25 Guidance below expectations

• HCL is the only company where we expect FY25 to be similar to FY24, for rest we expect improvement

• Overall discretionary environment remains weak

• HCL was the only company in our coverage to add headcount

• HCL's valuation are at a premium to its own history

• Our key takeaway is that near-term demand continues to be weak

ICICI Bank Q4 FY24 (Standalone)

• Net profit up 17% to Rs 10,707 crore (YoY).

• Net interest income up 8% to Rs 19,093 crore (YoY).

• Gross NPA was 2.16% vs 2.30% (QoQ).

• Net NPA at 0.42% vs 0.44% (QoQ).

The stock rose as much as 2.15% to hit its lifetime high of Rs 1,131.70. It pared gains to trade 1.9% up at 1,128.30 as of 9:40 a.m. This compares to a 0.38% advance in the Nifty.

It has risen 13.15% on a year-to-date basis. Total traded volume on the NSE so far in the day stood at 0.31 times its 30-day average. The relative strength index was at 65.49.

Out of the 51 analysts tracking the company, 48 maintain a 'buy' rating, three recommend a 'hold,' and none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 14.8%.

BSE's stock fell as much as 18.64% in early trade to Rs 2,612.1 apiece on the NSE. It was trading 17% lower at Rs 2,664.5 per share, compared to a 0.32% decline in the benchmark Nifty 50 as of 09:18 a.m.

Benchmark equity indices opened the week on a positive note tracking cues from its global peers. The gains were led by shares of ICICI Bank after its results for the fourth quarter.

The NSE Nifty 50 was trading 55.60 points or 0.25% higher at 22,475.55, and the S&P BSE Sensex was trading 252.59 points or 0.34% higher at 73,982.75.

"Our view is that as long as the market is trading below 22625/74515, it is likely to consolidate within the trading range of 22625/74515 and 22300/73600," said Shrikant Chouhan, head equity research at Kotak Securities.

"If the market breaks 22300 on a closing basis, it can fall to 22000/21900 levels," he added. "On the other hand, a fresh upside is possible only after the dismissal of 22620/74515. Above that, it can go up to 22775-23000/75150-75800."

Shares of ICICI Bank Ltd., State Bank Of India, Larsen & Toubro Ltd., Tech Mahindra Ltd., and NTPC Ltd. contributed the most to the gains.

Meanwhile, those of HCLTechnologies Ltd., Apollo Hospitals Enterprises Ltd., Mahindra & Mahindra Ltd., Bajaj Auto Ltd., and Cipla Ltd capped the upside.

All sectoral indices opened higher with Nifty Metal and Nifty PSU Bank leading.

Broader markets outperformed. S&P BSE MidCap was 0.59% higher and S&P BSE SmallCap rose 0.39%.

Seventeen out of 20 sectoral indices on the BSE advanced and three fell. S&P BSE Bankex rose the most.

The market breadth was skewed in the favour of buyers. Around 2,199 stocks rose, 722 fell and 136 remain unchanged.

Citi Maintains 'Buy' With Target of Rs 1,950

• Citi's top pick; best positioned to benefit from industry tailwinds

• SBI Life’s strong operating ROEV at ~22% in FY2024E captures robust reserve releases

• VNB margin at ~28.3% in 4QFY24 within management’s stated range

• Commentary on steady growth,product-level margins provide comfort

• Expects stable margins over medium term

• Channel diversification driving cost pangs can dent favourable mix change

• Pickup in agency and non-core channels a positive lever for growth

• Expect lagged impact of agent additions to drive volume accretion

• Current valuation discount remains unwarranted

• Target price for BSE cut to Rs 2,550 from Rs 3,100 earlier

• SEBI raised demand on BSE and MCX to calculate regulatory fees and pay the differential amount

• Amount insignificant for MCX - Rs 44mn for past reconciliation and 1-2% of EPS going ahead

For BSE

• Expect 40-50% earnings cut

• Expect 30-40% cut in FY25/26e EPS on one-time cost of Rs 1.65bn and recurring expense

• Estimate BSE would increase option tariff by 44% or by Rs 930 cr of premium turnover to offset impact

• Estimate cost to increase in FY26e to Rs 4.5bn or 40% of FY26e PBT

• Expect stock to consolidate post correction; until visibility on new earning triggers improve

Acetaminophen & Ibuprofen Tablets will be distributed in US by Glenmark Therapeutics Inc, USA

Source: Exchange Filing

The NSE Nifty 50 was trading 55.60 points or 0.25% higher at 22,475.55, and the S&P BSE Sensex was trading 252.59 points or 0.34% higher at 73,982.75.

The yield on the 10-year bond opened largely flat at 7.18%

Source: Bloomberg

• The local currency opened 4 paise weaker against the U.S. Dollar at 83.39.

• It closed at 83.35 on Friday.

Source: Bloomberg

Nuvama retains Hold on IDFC First Bank; TP: Rs 85

• Delivered in-line Q4FY24 PAT, beating expectations on fees, miss on provisions

• Cost to income stood elevated at 72.9%

• CEO remains upbeat on growth, fees and improving branch productivity

• NIM could also inch up with full repricing of legacy bonds

• Credit cost guidance of 1.65% in FY25 is higher than 1.2% in FY24

Motilal Oswal Maintains Neutral On IDFC First Bank At Rs 88 Target

• Q4 earnings in line, credit costs near normalized levels

• Estimate 30% earnings CAGR over FY24-26

• Expect RoA/RoE to reach 1.3%/13.2% in FY26

• Outlook broadly stable despite 7bps QoQ NIM contraction

• Believe C/I ratio may remain elevated in near term

• Improvement in operating leverage, steady loan growth to support bank's underlying profitability

Kotak Maintains Add, Target Raised To Rs 1,600 from 1,730

• Guidance missed the mark due to muted deal wins

• The deal pipeline is healthy with mega deal wins

• We incorporate weaker than expected discretionary spending environment

• Strong outperformance versus peers will moderate returns hereon

Nirmal Bang Upgrades to Accumulate, Target Rs 1,460

• The FY25 revenue guidance has come in a bit lower than expected

• FY25 may represent the third year in succession of peer set leading revenue growth despite the slowdown

• The discount is due to the weakening of margins in the services business

• The upgrade is largely due to the stock price correction of 12% from mid-March 2024.

Jefferies Downgrades BSE Rating to Hold from Buy

• Price target of Rs 2,900, 10% downside

• Sebi directs higher regulatory fees for derivatives on notional turnover basis

• Derivatives make up 40% of BSE FY25/26E PAT, sees overall 15-18% EPS hit

• Expect price hikes to offset 2/3 of impact immediately with BSE bringing prices on par NSE

• BSE strong rev/earnings CAGR of 36%/61% in FY24-27E does not warrant cut in multiple

Investec Rates Under Review On BSE From Buy Earlier

• TP Under Review earlier Rs 2,800

• SEBI's directive to BSE to pay regulatory fees could impact PBT by 17-18% for FY25/26e

• BSE could offset impact by taking price hikes

• Exchange could take a one-time provision of Rs 963 million for FY24

• Cumulative impact of past volumes from FY 07-24 ~Rs 1.2 billion

• RIDF balances causing drag on margins

• Calibrating moving towards ROA accretive products

• Recoveries & upgradation at about Rs 6,000 cr

• In FY25, we see recoveries & upgradation at similar levels

• Want PCR to go past 70% next year

• Retail slippages may go up in FY25

• Slippage ratio for FY25 at lower end of 2-2.5%

• One account from mid-corporates slipped into NPA in Q4; account from a road project

• Resolution for delisting of ICICI Securities passed by requisite statutory majority

• Petition for approval of delisting scheme is listed for hearing before NCLT, Ahmedabad

• Bank aware that certain shareholders have filed application before NCLT seeking directions in relation to the delisting scheme

• Appropriate representation shall be made in relation to the application

Source: Exchange filing

• Demand notice worth Rs 99 crore from SEBI for FY 2007-2023

• Remittance demand based on annual turnover considering notional value in case of option contract

Source: Exchange filing

• US Dollar Index at 106.02

• US 10-year bond yield at 4.66%

• Brent crude down 1.06% at $88.55 per barrel

• Nymex crude down 0.99% at $83.02 per barrel 

• Bitcoin was down 0.72% at $63,203.63

• Nifty April futures down by 0.35% to 22,556 at a premium of 136.05 points.

• Nifty April futures open interest down by 9.2%.

• Nifty Bank April futures down by 0.32% to 48,380 at a premium of 179 points.

• Nifty Bank April futures open interest down by 6%.

• Nifty Options May 2 Expiry: Maximum call open interest at 23,500 and maximum put open interest at 22,500.

• Bank Nifty Options April 30 Expiry: Maximum call open interest at 50,000 and maximum put open interest at 48,000.

• Securities in ban period: Vodafone Idea.

Vodafone Idea: ATC Telecom Infrastructure sold 144 crore shares (2.95%) at Rs 12.78 apiece, while Citigroup Global Markets Mauritius bought 49.12 crore shares (0.98%) at Rs 12.7 apiece.

• Moved into short-term ASM framework: Vesuvius India

• Moved out of short-term ASM framework: GMR Power and Urban Infra, Manorama Industries,

• Price Band change from 20% to 10%: Kirloskar Pneumatic.

• Small Finance Banks: The RBI has invited applications from small finance banks meeting specified criteria, including a minimum net worth of Rs 1,000 crore, for becoming regular or universal banks. There are about a dozen SFBs, including AU Small Finance Bank, Equitas Small Finance Bank and Ujjivan Small Finance Bank.

• HCLTech: HCL Software, the software business unit of HCL Tech, announced that it has been selected by the State Bank of India for their Mar Tech solution as part of SBI’s digital transformation programme.

• Apollo Hospitals Enterprise: The company's arm, Apollo HealthCo, will raise Rs 2,475 crore from Advent International and integrate Keimed over the next 24–30 months.

• Adani Enterprises: The company's Mauritius-based arm completed the acquisition of a 49% stake in Abu Dhabi-based Adani Esyasoft Smart Solutions for $24,500.

• Patanjali Foods: The company received a proposal to acquire a non-food business from Patanjali Ayurved.

• NDTV: The company reported a 59% growth in revenue YoY in the fourth quarter. Its digital arm witnessed a significant increase of 39% in global traffic in March 2024.

• AMI Organics: The company approved raising to Rs 99 crore via preferential issue of shares.

• Cipla: The company arm, Cipla Health, completed the purchase of cosmetics and personal care businesses from Ivia Beaute.

• Hinduja Global Solutions: The company's arm acquired a 51% stake in Seven Star Balaji Broadband. Seven Star Balaji Broadband is now the step-down arm of the company.

• Macrotech Developers: The NCLT has approved a resolution plan for V Hotels, in which the company will pay Rs 900 crore under the resolution plan over 270 days. The first tranche of Rs 90 crore has already been remitted.

• Lloyds Enterprises: The company has invested a 26% stake in Adithya Power.

• CESC: The company has successfully acquired a 100% stake in Bhadla 3 SKP Green Ventures from SKP Green Ventures for a total sale consideration of Rs 3.84 crore. The target company is involved in developing a 300 MW renewable solar park in Rajasthan.

UltraTech Cement Ltd., Trent Ltd., KPIT Technologies Ltd., Poonawala Fincorp Ltd., Tata Chemicals Ltd., Birlasoft Ltd., PNB Housing Finance Ltd., KFIN Technologies Ltd., Can Fin Homes Ltd., Shoppers Stop Ltd., Vesuvius India Ltd., Spandana Sphoorty Financial Ltd., Rossari Biotech Ltd., UCO Bank, Gillette India Ltd.

Maruti Suzuki (Standalone YoY)

• Revenue up 19% at Rs 38,235 crore vs Rs 32,048 crore (Bloomberg estimate of Rs 38,459 crore).

• Ebitda up 40% at Rs 4,685 crore vs Rs 3,350 crore (Bloomberg estimate of Rs 4,940 crore).

• Margin at 12.3% vs 10.5% (Bloomberg estimate of 12.8%).

• Net profit up 48% at Rs 3,878 crore vs Rs 2,624 crore (Bloomberg estimate of Rs 3,839 crore).

• Board recommended a final dividend of Rs 125 per share.

SBI Life Q4FY24 (YoY)

• Net premium income up 26% at Rs 25,116 crore vs Rs 19,897 crore.

• Net profit up 4% YoY at Rs 811 crore vs Rs 777 crore (Bloomberg estimate of Rs 689 crore).

• APE up 17% at Rs 5,330 crore vs 4550 crores. 

• VNB up 5% at Rs 1,510 crore vs Rs 1440 crore.

• VNB margin down 3.3% at 28.3% vs 31.6%.

HCLTech (Consolidated, QoQ)

• Revenue up 0.18% at Rs 28,499 crore vs Rs 28,446 crore (Bloomberg estimate Rs 4,123 crore).

• EBIT down 10.98% at Rs 5,024 crore vs Rs 5644 crore (Bloomberg estimate Rs 5,266 crore).

• Margin down 221 bps at 17.62% vs 19.84% (Bloomberg estimate 18%).

• Net profit down 8.18% at Rs 3,995 crore vs Rs 4,351 crore (Bloomberg estimate Rs 4,123 crore).

• Board approves a dividend of Rs 18 per share.

Bajaj Holdings and Investment (Standalone, YoY)

• Total income at Rs 1258 crore vs Rs 96.35 crore.

• Net profit at Rs 1204 crore vs Rs 45 crore.

• Board recommends final dividend of Rs 21 per share.

SBI Cards and Payment Services (YoY)

• Total income up 14.24% at Rs 4474 crore vs Rs 3,916 crore, (Bloomberg estimate Rs 3,639 crore).

• Net profit up 11.04% at Rs 662 crore vs Rs 596 crore, (Bloomberg estimate 577 crore).

• Board declares interim dividend of Rs 2.5 per share.

Aditya Birla Sun Life AMC (Standalone, YoY)

• Total income up 33.92% at Rs 434 crore vs Rs 324 crore (Bloomberg estimate Rs 347.5 crore).

• Net profit up 53.74% at Rs 206.66 crore vs Rs 134.42 crore (Bloomberg estimate Rs 190 crore).

• Board recommends dividend of Rs 13.5 per share.

Usha Martin (Consolidated, YoY).

• Revenue down 3.07% at Rs 829 crore vs Rs 855 crore.

• Ebitda down 1.59% at Rs 151 crore vs Rs 154 crore.

• Margin up 27 bps at 18.27% vs 18%.

• Net profit up 0.95% at Rs 106.33 crore vs Rs 105.32 crore.

• Board recommends dividend of Rs 2.75 per share.

Mahindra Lifespace Developers (Consolidated, YoY)

• Revenue down 94.41% at Rs 14.29 crore vs Rs 255.37 crore (Bloomberg estimate Rs 267.5 crore).

• EBITDA loss at Rs 54.1 crore vs loss of Rs 27.37 crore (Bloomberg estimate Rs 11 crore).

• Net profit at Rs 71.48 crore vs Rs 54 lakh (Bloomberg estimate 36.35 crore).

• Board recommends final dividend of Rs 2.65 per share.

Craftsman Automation Q4 FY24 (Consolidated, YoY)

• Revenue up 12.7% at Rs 1,105 crore vs Rs 980 crore

• Ebitda up 9.8% at Rs 207 crore vs Rs 188 crore

• Margin at 18.7% vs 19.2%

• Net profit down 12.1% at Rs 70.5 crore vs Rs 80.2 crore

• Note- Income Tax at 25% vs 12%

ICICI Bank Q4 FY24 (Standalone)

• Net profit up 17% to Rs 10,707 crore (YoY).

• Net interest income up 8% to Rs 19,093 crore (YoY).

• Gross NPA was 2.16% vs 2.30% (QoQ).

• Net NPA at 0.42% vs 0.44% (QoQ).

IDFC First Bank Q4 FY24 (Standalone)

• Net profit up 9.8% at Rs 724 crore vs Rs 803 crore (YoY).

• Net interest income up 24% to Rs 4,469 crore vs Rs 3,597 crore (YoY).

• Gross NPA at 1.88% vs 2.04% (QoQ).

• NNPA at 0.60% vs 0.68% (QoQ).

Jaiprakash Power Ventures

• Revenue up 9.7% at Rs 1,514.83 crore

• Ebitda up 3.2x at Rs 727.77 crore

• Ebitda margin at 47.9% vs 16.4%

• Net profit at Rs 588.79 crore vs net loss of Rs 43.99 crore

The May futures contract of the GIFT Nifty traded 22,653.5, up by 0.09% or 20 points as of 7:42 a.m.

Most markets in the Asia-Pacific region extended gains on Monday, tracking Wall Street after the Federal Reserve's preferred inflation gauge rose in line with expectation.

Wall Street breathed a sigh of relief after the recent economic data did not further erode the case for rate cuts this year, Bloomberg said. A rally in the world's largest technology companies also lifted stocks.

The S&P 500 and the Nasdaq Composite rose 1.02% and 2.03%, respectively as of Friday. The Dow Jones Industrial Average rose 0.40%.

Brent crude was trading 1.06% lower at $88.55 per barrel. Gold declined 0.41% to $2,328.39 an ounce.

India's benchmark stock indices ended lower on Friday, snapping a six-session rally as Bajaj Finance Ltd., Larsen & Toubro Ltd. and ICICI Bank Ltd. dragged. However, the benchmarks on a weekly basis closed higher.

The NSE Nifty 50 settled 150.40 points, or 0.67%, lower at 22,419.95, and the S&P Sensex declined 609.28 points, or 0.82%, to end at 73,730.16.

Overseas investors remained net sellers of Indian equities on Friday for the fifth consecutive session. Foreign portfolio investors offloaded stocks worth Rs 3,408.9 crore and domestic institutional investors stayed net buyers for the fifth day and mopped up equities worth Rs 4,356.8 crore, according to provisional data from the National Stock Exchange.

The Indian currency closed 2 paise weaker against the US dollar at 83.35.