The key equity benchmarks ended near the flat line with some negative bias on Thursday, falling for the fifth day in a row. The Nifty settled near the 24,400 level after hitting day's low of 24,210.80 in early trade. Oil & gas, auto and pharma stocks advanced while metal, banking and consumer durables shares declined. Trading was volatile due to the expiry of monthly index options on the NSE. As per provisional closing, the barometer index, the S&P BSE Sensex, was down 109.98 points or 0.14% to 80,039.80. The Nifty 50 index shed 7.40 points or 0.03% to 24,406.10.
In the broader market, the S&P BSE Mid-Cap index fell 0.22% and the S&P BSE Small-Cap index shed 0.14%.
The market breadth was positive. On the BSE, 2,118 shares rose and 1,795 shares fell. A total of 110 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 7.26% to 12.62.
Buzzing Index:
The Nifty Metal index declined 1.29% to 9,148. The index shed 0.06% in the past consecutive trading session.
Welspun Corp (down 4.73%), Hindustan Zinc (down 3.85%), Jindal Steel & Power (down 3.03%), Steel Authority of India (down 2.57%), Ratnamani Metals & Tubes (down 1.96%), APL Apollo Tubes (down 1.86%), Tata Steel (down 1.81%), National Aluminium Company (down 1.12%), NMDC (down 0.84%) and JSW Steel (down 0.8%) declined.
Stocks in Spotlight:
Larsen & Toubro (L&T) advanced 2.94% after the EPC major's consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24.
Axis Bank tumbled 5.18%. The bank reported 4.1% rise in standalone net profit to Rs 6,034.64 crore on 16.97% increase in total income to Rs 35,844.22 crore in Q1 FY25 over Q1 FY24.
Nestle India declined 2.63%. The FMCG major's net profit rose 6.91% to Rs 746.6 crore on 3.34% increase in revenue from operations to Rs 4,813.95 crore in Q1 FY25 over Q1 FY24.
SBI Life Insurance Company gained 3.54% after the company reported 36.34% surge in net profit to Rs 519.52 crore in Q1 FY25 from Rs 381.04 crore posted in Q1 FY24. Total income was at Rs 34,392.05 crore in the quarter ended 30 June 2024, registering a growth of 24.2% year on year (YoY).
Ashok Leyland shed 0.32% after the company reported 6.39% fall in consolidated net profit to Rs 509.15 crore in Q1 FY25 as compared with Rs 543.89 crore in Q1 FY24. Revenue from operations rose 10.66% year on year (YoY) to Rs 10,724.49 crore in the quarter ended June 2024.
Karnataka Bank added 1.14% after the private lender's net profit increased 7.99% to Rs 400.33 crore in Q1 FY25 as against Rs 370.70 crore recorded in Q1 FY24. Total income advanced 12.02% to Rs 2,557 crore in the quarter ended 30 June 2024.
Jyothy Labs rallied 7.72% after the household products maker reported 5.65% rise in consolidated net profit to Rs 101.73 crore on 7.96% increase in revenue from operations to Rs 741.81 crore in Q1 FY25 over in Q1 FY24.
Craftsman Automation slipped 2.20% after the company reported 28.6% fall in consolidated net profit to Rs 53.19 crore in Q1 FY25 from Rs 74.48 crore in Q1 FY24. Net sales increased by 10.9% year-over-year (YoY) to Rs 1,151.19 crore in the first quarter of 2024-25.
Global Markets:
European and Asian stocks tumbled on Thursday as investors took a breather from the AI-fueled rally that has propelled stocks higher this year. Japan and South Korea both saw declines of over 2%, with chipmaker SK Hynix Inc. leading the downturn despite strong earnings.
The US market suffered a significant setback, with the S&P 500 plunging 2.3% ' its worst day since December 2022. This marked the end of the longest period without a 2% drop since the 2008 financial crisis. The tech-heavy Nasdaq 100 plummeted 3.64%, dragged down by its largest components. Alphabet Inc. fell 5% after revealing higher-than-expected spending on its AI initiatives. Tesla Inc.'s stock plunged 12% following a disappointing profit report and delay of its robotaxi service. Nvidia Corp. also dropped 6.8%. The slump in the Magnificent Seven tech giants triggered a broad market sell-off. The Dow Jones Industrial Average also declined 1.25%.
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