Market Commentary     24-Apr-24
Mid-Session
Indices nudge higher; breadth strong
The domestic equity benchmarks traded with limited gains in early trade. The Nifty traded above 22,400 level. Barring the Nifty FMCG index, all the other sectoral indices on the NSE were traded in green.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 154.88 points or 0.21% to 73,893.33 . The Nifty 50 index added 38.30 points or 0.17% to 22,406.30.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index rose 0.64% and the S&P BSE Small-Cap index added 0.90%.

The market breadth was strong. On the BSE, 2,180 shares rose and 542 shares fell. A total of 93 shares were unchanged.

Volatility may zoom as traders roll over positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire tomorrow, 25 April 2024.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,044.54 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,918.94 crore in the Indian equity market on 23 April, provisional data showed.

Stocks in Spotlight:

Tata Consumer Products declined 3.19% 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.

Tata Elxsi fell 4.64% after The company's net profit declined 2.3% to Rs 196.9 crore in Q4 FY24 as compared with Rs 201.5 crore recorded in Q4 FY23. Revenue from operations rose 8.1% year on year (YoY) to Rs 905.9 crore in March 2024 quarter from Rs 837.9 crore in March 2023 quarter.

Shakti Pumps (India) slipped 4.02%. The company said that it has invested Rs 5.08 crore in its wholly owned subsidiary, Shakti EV Mobility by subscribing to equity shares.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.01% to 7.166 as compared with previous close 7.167.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.2925, compared with its close of 83.3150 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement rose 0.06% to Rs 71,078.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 105.66.

The United States 10-year bond yield jumped 0.44% to 4.619.

Global Markets:

Asian stocks advanced on Wednesday following Wall Street’s continued rally for a second straight day.

U.S stock indexes climbed for a second straight session on Tuesday as a strong batch of corporate earnings assuaged concerns over higher rates.

Previous News
  Shakti Pumps (India) allots 31.87 lakh equity shares under QIP issue
 ( Corporate News - 05-Jul-25   10:09 )
  Shakti Pumps raises Rs 292.6 crore via QIP; PineBridge, LIC MF among top investors
 ( Hot Pursuit - 05-Jul-25   09:52 )
  Tata Elxsi to table results
 ( Corporate News - 03-Jul-25   14:40 )
  Shakti Pumps India launches QIP with floor price of Rs 965.96 per share
 ( Hot Pursuit - 03-Jul-25   12:36 )
  Shakti Pumps launches QIP issue
 ( Corporate News - 03-Jul-25   09:08 )
  Tata Consumer Products allots 580 equity shares under ESOP
 ( Corporate News - 24-Jun-25   15:41 )
  Tata Consumer Products Ltd drops for fifth straight session
 ( Hot Pursuit - 16-Jun-25   13:35 )
  Shakti Pumps gains after bagging Rs 115 cr order from MEDA
 ( Hot Pursuit - 12-Jun-25   11:06 )
  Shakti Pumps wins work order of Rs 114 cr from MEDA
 ( Corporate News - 12-Jun-25   10:16 )
  Tata Elxsi allots 142 equity shares under ESOP
 ( Corporate News - 11-Jun-25   10:42 )
  Tata Consumer Products allots 4,368 equity shares
 ( Corporate News - 10-Jun-25   13:46 )
Other Stories
  Benchmarks trade with tiny cuts; consumer durables shares under pressure
  04-Jul-25   14:41
  Market trade lower; European mrkt decline
  04-Jul-25   13:42
  Nifty below 25,400 level; metal shares decline
  04-Jul-25   12:30
  Nifty slides below 25,400 level; auto shares decline
  04-Jul-25   11:31
  Indices trade near flat line; media shares advance
  04-Jul-25   10:37
  Barometers nudge higher; breadth strong
  04-Jul-25   09:36
  Barometers pare all gains; Nifty slides below 25,450
  03-Jul-25   14:37
  Indices trade in positive terrain; European mrkt advance
  03-Jul-25   13:40
  Nifty tad above 25,500 level; consumer durables shares rally for 4th day
  03-Jul-25   12:32
  Indices trade higher; auto shares rally for 2nd day
  03-Jul-25   11:37
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