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
  ICICI Prudential Life Insurance Company allots 16,800 equity shares under ESOS
 ( Corporate News - 24-Jul-24   16:18 )
  ICICI Prudential spurts as Q1 PAT rises 9% YoY to Rs 225 cr
 ( Hot Pursuit - 24-Jul-24   14:37 )
  Tata Consumer Products to announce Quarterly Result
 ( Corporate News - 24-Jul-24   13:53 )
  ICICI Prudential Life Insurance Company
 ( Results - Analysis 24-Jul-24   08:18 )
  ICICI Prudential Life Insurance Company consolidated net profit rises 8.80% in the June 2024 quarter
 ( Results - Announcements 24-Jul-24   07:30 )
  Cyient DLM Q1 PAT soars 98% to Rs 11 cr
 ( Hot Pursuit - 23-Jul-24   14:36 )
  Cyient DLM consolidated net profit rises 97.76% in the June 2024 quarter
 ( Results - Announcements 22-Jul-24   16:37 )
  Tata Consumer Products schedules board meeting
 ( Corporate News - 19-Jul-24   10:26 )
  ICICI Prudential Life Insurance Company allots 32,320 equity shares under ESOS
 ( Corporate News - 18-Jul-24   14:02 )
  Cyient DLM to declare Quarterly Result
 ( Corporate News - 05-Jul-24   10:13 )
  ICICI Prudential Life Insurance Company allots 7,300 equity shares under ESOS
 ( Corporate News - 03-Jul-24   14:20 )
Other Stories
  Broader mkt outperforms; financial services shares under pressure
  24-Jul-24   14:32
  Sensex slides 493 pts; European mkt declines
  24-Jul-24   13:35
  Market at day’s low; Broader mkt outperforms; media shares rally
  24-Jul-24   12:42
  Indices trade with minor losses; bank shares under pressure
  24-Jul-24   11:32
  Nifty slides below 24,450; private bank shares slide
  24-Jul-24   10:34
  Sensex, Nifty edge lower; breadth strong
  24-Jul-24   09:35
  Indices trade with moderate losses; PSU bank shares decline
  23-Jul-24   14:31
  Indices trade with deep cuts; Titan spurts 6%; VIX drops 13.5%
  23-Jul-24   13:41
  FM concludes speech, revises tax structure under new tax regime; STT on F&O hiked
  23-Jul-24   12:44
  Sensex slides 166 pts, FM keeps capex unchanged at Rs 11.11 lakh crore or 3.4% of GDP
  23-Jul-24   12:14
Back Top