At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 223.68 points or 0.28% to 72,901.84. The Nifty 50 index lost 39.60 points or 0.18% to 22,178.25.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index added 0.59% and the S&P BSE Small-Cap index gained 0.92%.

The market breadth was strong. On the BSE, 2,257 shares rose and 1,454 shares fell. A total of 146 shares were unchanged.

Economy:

Passenger vehicle wholesales in India rose to record levels in April driven by strong demand for utility vehicles, automobile industry body SIAM said on Tuesday. The overall passenger vehicle dispatches from companies to dealers rose 1.3 per cent year-on-year to record levels of 3,35,629 units in April, as compared to 3,31,278 units in April 2023. Utility vehicle sales stood at 1,79,329 units last month, up 21 per cent from 1,48,005 units in the same month last year.

Gainers & Losers:

Coal India (up 3.98%), Cipla (up 3.81%), Mahindra & Mahindra (up 1.65%), NTPC (up 1.46%) and HCL Technologies (up 1.40%) were major Nifty gainers.

Eicher Motors (down 2.23%), Bajaj Auto (down 1.57%), HDFC Bank (down 1.43%), Tata Motors (down 1.35%) and Britannia Industries (down 1.28%) were major Nifty losers.

Stocks in Spotlight:

Colgate-Palmolive (INDIA) slipped 4.20%. The FMCG major's net profit jumped 20.11% to Rs 379.82 crore in Q4 FY24 as against Rs 316.22 crore posted in Q4 FY23. Revenue from operations increased 10.35% year on year (YoY) to Rs 1,480.66 crore in the quarter ended 31 March 2024.

Siemens gained 7.20% after heavy electrical equipment maker’s net profit jumped 73.72% to Rs 896.4 crore in March 2024 quarter as against Rs 516 crore reported in the same period last year. Total revenue from operations jumped 19% year on year (YoY) to Rs 5,313.8 crore during the second quarter ended March 2024.

Bharti Hexacom added 2.26% after the company’s standalone net profit jumped 10.25% to Rs 223 crore in Q4 FY24 as compared with Rs 202 crore in Q4 FY23. Revenue from operations increased 7.8% to Rs 1,868 crore during the quarter as compared with Rs 1,733 crore posted in the quarter ended 31 March 2023

Oberoi Realty rallied 3.85% after the company's consolidated net profit rose 64.07% to Rs 788.03 crore in the quarter ended March 2024 as against Rs 480.29 crore during the previous quarter ended March 2023. Sales rose 36.75% to Rs 1314.77 crore in the quarter ended March 2024 as against Rs 961.43 crore during the previous quarter ended March 2023.

Radico Khaitan rose 0.66%. The liquor maker's standalone net profit jumped 52.42% to Rs 56.79 crore on 29.67% rise in net revenue from operations to Rs 1078.68 crore in Q4 FY24 over Q4 FY23.

Apollo Tyres declined 0.52%. The company’s consolidated net profit fell 13.7% to Rs 354.08 crore in Q4 FY24 as against Rs 410.3 crore recorded in Q4 FY23. However, revenue from operations rose marginally to Rs 6,258.20 crore in Q4 FY24 as compared to Rs 6,247.33 crore posted in Q4 FY23.

Shree Cement shed 0.82%. The cement maker reported a 21.15% increase in standalone net profit to Rs 661.76 crore on 6.60% rise in revenue from operations to Rs 5,101.01 crore in Q4 FY24 over Q4 FY23.

Global Markets:

Most of the European stocks advanced while Asian stocks traded mixed on Wednesday, as traders digested conflicting U.S. producer price data and awaited the critical consumer price report later in the day, which is expected to impact the Federal Reserve's near-term policy decisions.

The Nasdaq closed at a new all-time high on Tuesday as U.S. stocks rallied, dismissing data indicating higher-than-anticipated April wholesale inflation. The tech-heavy index ended up 0.8%. The Dow Jones Industrial Average gained 0.3%, and the broad-based S&P 500 rose 0.5%.

U.S. wholesale prices surged by 0.5% in April, exceeding expectations, in a trend that could lead to extended periods of higher Federal Reserve interest rates. All eyes are now on Wednesday's U.S. consumer price report.