Domestic benchmark Indices opened in the green on Monday. The thirty-share BSE Sensex opened at 62,157.10 points, up 130.01 points, while the fifty-share NSE Nifty 50 opened at 18,339.30 points, up 24.5 points. 

On Friday, the indices ended volatile session higher, breaking a three day losing streak, led by IT and financial shares. However, they ended in the red for the week. The Sensex closed at 61,729.68 points, up 0.48% or 297.94 points, while the Nifty 50 settled at 18,203.40 points, up 0.41% or 73.45 points. Adani group stocks remained in focus on Friday as the Supreme Court made the panel report public. Meanwhile, shares of Nexus Select Trust debuted on the bourses, listing at a premium of three percent. 

Top Gainers and Losers 

Some of the top gainers this week were CreditAccess Grameen Ltd (up 18%), Chennai Petroleum Corporation Ltd (up13%), ITD Cementation India (up 12%), Ramco Cements Ltd (up 10%), and ELGI Equipments Ltd (up 10%). 

On the flipside, some of the top losers were JK Tyre & Industries Ltd (down 14%), National Fertilizers Ltd (down 12%) , TV Today Network Ltd (down 11%), Adani Transmission Ltd (down 11%) and Jindal Steel And Power Ltd (down 9%). 

The Recap 

SEBI probe into Adani drew blank: SC-appointed panel 

A Supreme Court-appointed expert committee stated that it could not draw any regulatory conclusions regarding the stock price rally of Adani Group. It added that Sebi has “drawn a blank” in its probe into alleged violations in money flows from offshore entities into the beleaguered conglomerate. But the six-person panel found evidence of a build-up in short positions on Adani Group equities prior to the publication of the research by US-based short seller Hindenburg Research. 

PVR-INOX plans to shut down around 50 cinema screens over next 6 months

PVR INOX, a recently merged movie theatre operator, aims to close about 50 screens that are losing money and are depreciating quickly. It plans to shut down approximately 50 cinema screens over the next six months, the company said in its update for the fourth quarter and financial year ending on March 31, 2023. These properties are loss-making, or housed in malls which have reached the end of their life cycle with little or no hope of revival. 

WPI inflation eases to 34-month low of (-) 0.92% in April 

Wholesale inflation eased to 34-month low of (-) 0.92 per cent in April on easing prices of food, fuel and manufactured items. It has been on a downward trend for 11 straight months and made it into the negative territory in April. The deceleration came in line with the easing of April retail inflation, which came in at an 18-month low of 4.70 per cent. 

FIIs are bullish on Indian markets 

FIIs remained net buyers straight for fourteen sessions in the past month. According to market experts, FIIs are bullish on Indian stock markets as the US dollar has been diving for the last two and half months and treasury yield has gone down in this time as well. The sanctions crisis in Russia, the energy crisis in Europe, the Covid pandemic’s transformation

of China into a suspect black box, and the economic crisis in the US are all working together to create an atmosphere that is favourable for FIIs to examine the Indian markets. 

GAIL’s Capex Plan 

Gail India plans to borrow up to ₹ 7,000 crore in FY24 to fund the 10,000 crore capital expenditure plan for this fiscal, according to a top company official. He added that even though FY23 was not good for internal resource generation, it invested Rs 9,100 crore, which was 15 per cent higher than the budgeted levels. He said that the company will borrow from domestic sources instead of global markets. 

Results 

InterGlobe Aviation Ltd (Indigo) 

Interglobe aviation was back in black, fuelled by robust market demand and higher revenues. After a year of turbulence, the company reported a profit of ₹ 919.2 crores in the March quarter of 2023. It had reported a net loss of ₹ 1681.8 crores in the corresponding quarter last year. The low-cost carrier has forecasted a 5-7 per cent rise in Available Seat Kilometres (ASK), an indicator of seat capacity, in the June quarter. It said that it is adding 5,000 more people to its workforce. 

Bharti Airtel 

Telecom operator Bharti Airtel posted a 49.2 per cent jump in its consolidated net profit to ₹ 3,005.6 crore for the fourth quarter ended March 31, 2023, against ₹ 2007.8 crores in the corresponding period a year ago. The company’s consolidated revenue from operations grew by 14.31 per cent to ₹ 36,009 crore during the latest quarter from ₹ 31,500.3 crore in the March 2022 quarter. 

Written by Simran Bafna 

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