In the week ended on Friday, 26 April 2024, the S&P BSE Sensex gained 641.83 points to settle at 73,730.16. The Nifty 50 index added 272.95 points or 1.23% to close at 22,419.95. The BSE Mid-Cap index rallied 3.96% to end at 41,587.77. The BSE Small-Cap index advanced 3.97% to close at 47,239.29.

Weekly Index Movement:

Domestic stocks advanced on Monday. The barometer index, the S&P BSE Sensex jumped 560.29 points or 0.77% to 73,648.62. The Nifty 50 index gained 189.40 points or 0.86% to 22,336.40.

Domestic investors flexed their muscle today, steering key indices higher for a third consecutive session. The barometer index, the S&P BSE Sensex rose 89.83 points or 0.12% to 73,738.45. The Nifty 50 index added 31.60 points or 0.14% to 22,368.00.

The domestic equity market continued its rise for the fourth consecutive day. The barometer index, the S&P BSE Sensex, was up 114.49 points or 0.16% to 73,852.94. The Nifty 50 index added 34.40 points or 0.15% to 22,402.40.

Domestic stocks extended their winning streak for a fifth day. The barometer index, the S&P BSE Sensex jumped 486.50 points or 0.66% to 74,339.44. The Nifty 50 index gained 167.95 points or 0.75% to 22,570.35.

The domestic equity benchmarks ended with major losses on Friday, snapping a five-day rising streak. The barometer index, the S&P BSE Sensex dropped 609.28 points or 0.82% to 73,730.16. The Nifty 50 index declined 150.40 points or 0.67% to 22,419.95.

Economy:

The provisional figures for India's Direct Tax collections in the Financial Year (FY) 2023-24 reveal that Net collections stand at Rs 19.58 lakh crore, marking a considerable rise from the Rs 16.64 lakh crore recorded in the preceding Financial Year (FY) 2022-23, representing an increase of 17.70%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were initially set at Rs 18.23 lakh crore. These figures were subsequently revised, and the Revised Estimates (RE) were fixed at Rs 19.45 lakh crore. The provisional Direct Tax collections (net of refunds) have not only surpassed the BE by 7.40% but also exceeded the RE by 0.67%.

India’s foreign exchange (forex) reserves decreased by $5.401 billion to $643.162 billion during the week ended April 12th, as per the latest RBI data. In the preceding reporting week, overall reserves had surged by $2.88 billion to reach a new high of $648.562 billion.

For the week ended April 12th, the foreign currency assets, a major component of the reserves, decreased by $6.513 billion to $564.653 billion, according to the data released on April 19.

Conversely, Gold reserves continued their ascent, increasing by $1.241 billion to $55.798 billion during the week. However, the special drawing rights (SDRs) witnessed a decline of $93 million to $18.077 billion, as reported by the RBI.

Furthermore, India’s reserve position with the IMF experienced a decrease, falling by $35 million to $4.634 billion in the reporting week, according to data from the central bank.

Meanwhile, the headline HSBC Flash India Composite PMI Output Index – a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors – rose to 62.2 in April from 61.8 in March. This indicates the fastest rate of increase in aggregate business activity since mid-2010. Survey participants overwhelmingly attributed the expansion to buoyant demand from domestic and external clients. Growth in India remained broad-based across the manufacturing and service sectors.

Stocks in Spotlight:

Reliance Industries (RIL) slipped 1.31%. The company’s consolidated net profit rose 0.1% to Rs 21,243 crore on 10.8% increase in gross revenue to Rs 264,834 crore in Q4 FY24 over Q4 FY23. EBITDA stood at Rs 47,150 crore in Q4 FY24, registering the growth of 14.3% as compared with Rs 41,252 crore posted in same quarter last year. EBITDA margin expanded by 50 bps to 17.8% in Q4 FY24 as against 17.3% in Q4 FY23. Capital expenditure for the quarter ended 31 March 2024, was Rs 23,207 crore.

HDFC Bank slipped 1.41%. The bank said that its net profit jumped 37.06% to Rs 16,511.85 crore in Q4 FY24 as compared with Rs 12,047.45 crore posted in Q4 FY23. Total income jumped 66.46% YoY to Rs 89,6939 crore as compared with Rs 53,850.54 crore posted in corresponding quarter last year.

Wipro advanced 2.61%. The IT major's consolidated net profit grew 5.21% to Rs 2,834.6 crore in Q4 FY24 as against Rs 2,694.2 crore recorded in Q3 FY24. Revenue from operations rose marginally to Rs 22,208.3 crore in the March quarter as against Rs 22,205.1 crore reported in the preceding quarter same year.

Bajaj Finance tumbled 5.51%. The NBFC’s loan losses and provisions jumped 53% to Rs 1,310 crore in Q4 FY24. The non-banking financial company (NBFC) reported 21.11% increase in consolidated net profit to Rs 3,824.53 crore on a 31.36% jump in total income to Rs 14,931.98 crore in Q4 FY24 as compared with Q4 FY23.

Bajaj Finserv declined 1.33%. The company said that its consolidated net profit jumped 20% to Rs 2118.53 crore in Q4 FY24 as compared with Rs 1768.95 crore in Q4 FY23. Total income increased 35.63% YoY to Rs 32041.93 crore in Q4 FY24.

Axis Bank surged 9.77%. The private lender reported net profit of Rs 7,129.67 crore in Q4 FY24 as against net loss of Rs 5,728.42 recorded in Q4 FY23. Total income rose 25.15% year on year (YoY) to Rs 35,990.33 crore in the quarter ended 31 March 2024. Net interest income (NII) grew 11% YoY to Rs 13,089 crore while net interest margin (NIM) slipped 16 basis points (bps) YoY to 4.06% during the quarter.

Hindustan Unilever (HUL) fell 0.48%. The FMCG major reported 5.72% fall in consolidated net profit to Rs 2,406 crore as compared to Rs 2,552 crore recorded in Q4 FY23. Revenue from operations increased marginally to Rs 14,693 crore in Q4 FY24 as compared to Rs 14,638 crore posted in Q4 FY23. HUL delivered Underlying Sales Growth (USG) of 1% and Underlying Volume Growth (UVG) of 2% in Q4 FY24.

Tata Consumer Products slipped 3.04% after the company's consolidated net profit declined 19.35% to Rs 216.63 crore in Q4 FY24 as compared with Rs 268.59 crore recorded in Q4 FY23. Revenue from operations rose 8.52% year on year (YoY) to Rs 3,926.94 crore in March 2024 quarter.

Kotak Mahindra Bank slumped 10.31% after the Reserve Bank of India (RBI) directed the private lender to immediately stop onboarding new customers through its online and mobile banking channels and issuing new credit cards.

Nestle India rose 1.92%. The FMCG major's net profit jumped 26.81% to Rs 934.17 crore in March 2024 quarter as against Rs 736.64 crore in March 2023 quarter. Revenue from operations rose 9.05% year on year to Rs 5267.59 crore in the quarter ended 31 March 2023.

LTIMindtree gained 2.79% after the company’s net profit fell 5.87% to Rs 1,100 crore in Q4 FY24 as compared with Rs 1,169 crore posted in Q3 FY24. Revenue from operations declined 1.38% to Rs 8,892 crore in Q4 FY24 as compared with Rs 9,016 crore in Q3 FY24.

Tech Mahindra surged 7.01% after the IT major's consolidated net profit jumped 29.51% to Rs 661 crore in Q4 FY24 as against Rs 510.4 crore reported in Q3 FY24. Revenue from operations stood at Rs 12,871.3 crore in the March quarter, down 1.76% from Rs 13,101.3 crore recorded in the preceding quarter of FY24.

IndusInd Bank declined 2.51%. The private lender's standalone net profit increased 15.01% to Rs 2,346.84 crore on 20.77% rise in total income to Rs 14,699.01 crore in Q4 FY24 over Q4 FY23.

Global Market:

China’s central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively on Monday. The one-year LPR is seen as the peg for most household and corporate loans, while the five-year LPR is the benchmark for most property mortgages.

Bank of Japan (BOJ) kept monetary policy unchanged. Holding its benchmark policy rate at 0%-0.1%. The BOJ now expects inflation between 2.5% and 3% for fiscal 2024, up from 2.2% to 2.5% in its January forecast.

The US economy grew last quarter at the slowest pace in two years as consumer and government spending cooled amid a sharp pickup in inflation. The US gross domestic product (GDP) increased at a 1.6% annualized rate in January-March 2024. The economy grew at a 3.4% rate in the fourth quarter.

Inflation surged, with the personal consumption expenditures (PCE) price index, excluding food and energy, increasing at a 3.7% rate after rising at 2% in the fourth quarter