Market Commentary     24-Apr-24
Mid-Session
Benchmarks trade with limited gains; European mkt advance
The benchmark indices continued to trade with decent gains in afternoon trade. The Nifty trade near the 22,450 mark. Metal, pharma and oil& gas stocks witness positive momentum while IT, media and PSU Bank stocks declined

At 13:29 IST, the barometer index, the S&P BSE Sensex jumped 275.91 points or 0.38% to 74,017.03. The Nifty 50 index added 81.10 points or 0.36% to 22,449.10.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.96% and the S&P BSE Small-Cap index gained 0.99%.

The market breadth was strong. On the BSE, 2,406 shares rose and 1,309 shares fell. A total of 142 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.

Gainers & Losers:

Cipla (up 3.84%), JSW Steel (up 2.53%), Tata Steel (up 2.79%), Hindalco (up 2.15%) and Powergrid Corporation (up 1.82%) were major Nifty gainers.

Tata Consumer Products (down 4.51%), Titan Company (down 0.94%), SBI Life Insurance Company (down 0.80%), Grasim Industries (down 0.64%) and Infosys (down 0.61%) were major Nifty losers.

Tata Consumer Products declined 4.51% after the firm’s consolidated net profit fell 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.

Stocks in Spotlight:

ICICI Prudential Life Insurance Company declined 3.03% after the company's net profit fell 26.02% to Rs 173.76 crore in Q4 FY24 from Rs 234.87 crore posted in Q4 FY23. Total income jumped 96.45% YoY to Rs 22,591.46 crore in Q4 FY24.

Tata Elxsi slipped 3.72% to Rs 7,119 after the design led technology service provider’s net profit declined 2.28% to Rs 196.93 crore in Q4 FY24 as against Rs 201.52 crore posted in Q4 FY23. Revenue from operations rose 8.12% year on year (YoY) to Rs 905.94 crore in the quarter ended 31 March 2024.

360 ONE WAM rallied 5.31% to Rs 802.70 after the company’s consolidated net profit jumped 24.3% to Rs 241 crore in Q4 FY24 as compared with Rs 155 crore in Q4 FY23. Revenue from operations increased 45.8% YoY to Rs 573 crore in Q4 FY24.

Cyient DLM jumped 7.09% to Rs 736.10 after the company’s net profit surged 80.62% to Rs 22.74 crore on 30.46% rise in revenue from operations to Rs 361.84 crore in Q4 FY24 over Q4 FY23. Sequentially, the company’s net profit jumped 23.32% and revenue grew by 12.7% in Q4 FY24.

Global Markets:

European and 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
  Cyient DLM to hold AGM
 ( Corporate News - 12-Jun-25   17:51 )
  Tata Consumer Products allots 4,368 equity shares
 ( Corporate News - 10-Jun-25   13:46 )
  Tata Consumer Products allots 4,368 equity shares under ESOP
 ( Corporate News - 09-Jun-25   19:05 )
  ICICI Prudential Life Insurance Company allots 1.78 lakh equity shares
 ( Corporate News - 03-Jun-25   16:24 )
  ICICI Prudential Life Insurance Company allots 84,628 equity shares under ESUS
 ( Corporate News - 27-May-25   18:46 )
  ICICI Prudential Life Insurance Company allots 77,495 equity shares under ESOS
 ( Corporate News - 27-May-25   15:35 )
  ICICI Prudential Life Insurance Company allots 48,125 equity shares under ESOS
 ( Corporate News - 20-May-25   16:45 )
  Tata Consumer Products to convene AGM
 ( Corporate News - 17-May-25   16:19 )
  ICICI Prudential Life Insurance Co. to conduct AGM
 ( Corporate News - 17-May-25   14:39 )
  ICICI Prudential Life Insurance Company allots 17,700 equity shares under ESOS
 ( Corporate News - 13-May-25   15:04 )
  ICICI Prudential Life Insurance Company allots 3,000 equity shares under ESOS
 ( Corporate News - 06-May-25   15:31 )
Other Stories
  Sensex tumbles over 781 pts; metal shares decline
  12-Jun-25   14:35
  Sensex tanks 540 pts; Nifty below 25,000 level; European mrkt decline
  12-Jun-25   13:37
  Nifty fails to hold 24,050 mark; realty shares tumble
  12-Jun-25   12:34
  Sensex falls 210 pts; Nifty below 25,100 level; auto shares decline
  12-Jun-25   11:32
  Nifty below 25,150; pharma shares rally for 7th day
  12-Jun-25   10:32
  Indices edge higher in early trade; breadth positive
  12-Jun-25   09:38
  Benchmarks trade with minor gains; oil & gas shares gain
  11-Jun-25   14:33
  Sensex rises 232 pts; oil & gas shares advance; VIX slides 1.80%
  11-Jun-25   13:34
  Nifty above 25,200 level; IT shares in demand
  11-Jun-25   12:32
  Nifty above 25,150; media shares rally for 3rd day
  11-Jun-25   11:18
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