Market Commentary     30-Apr-24
Mid-Session
Barometers trade with modest gains; PSU Bank shares advance
The frontline indices continued trade in positive terrain with decent gains in mid-afternoon trade. The Nifty traded above the 22,750 level. PSU Bank shares witnessed buying demand for the second consecutive trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, advanced 392.31 points or 0.53% to 75,065.44. The Nifty 50 index added 126.25 points or 0.56% to 22,769.65.The Bank Nifty hit a record high of 49,974.75 in mid-afternoon trade.

In the broader market, the S&P BSE Mid-Cap index rose 1.11% and the S&P BSE Small-Cap index added 0.57%.

The market breadth was positive. On the BSE, 2,082 shares rose and 1,676 shares fell. A total of 148 shares were unchanged.

The stock exchanges will remain closed on Wednesday, 1 May 2024 on account of Maharashtra Day.

Buzzing Index:

The PSU Bank index jumped 1.33% to 7,669.60. The index jumped 3.92% in the two consecutive trading sessions.

Bank of Baroda (up 3.52%), Punjab National Bank (up 2.11%), Canara Bank (up 0.86%), Bank of India (up 0.67%) and Indian Overseas Bank (up 0.51%), Central Bank of India (up 0.22%), State Bank of India (up 0.07%) advanced.

Numbers to track:

The yield on India's 10-year benchmark federal paper rose 0.03% to 7.198 from previous close of 7.196.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5000, compared with its close of 83.4550 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.91% to Rs 70,949.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.31% to 105.90.

The United States 10-year bond yield advanced 0.30% to 4.627.

In the commodities market, Brent crude for June 2024 settlement rose 10 cents or 0.11% to $88.50 a barrel.

Stocks in Spotlight:

Spandana Sphoorty Financial rose 0.50%. The company has reported 22% rise in consolidated net profit to Rs 129 crore on an 8% increase in total income to Rs 710 crore in Q4 FY24 as compared with Q4 FY23.

Granules India advanced 1.78% after the company announced that the US Food & Drug Administration (US FDA) has approved its abbreviated new drug application (ANDA) for Colchicine Capsules.

Birlasoft declined 2.90%. The company said that its consolidated net profit jumped 11.82% to Rs 180.08 crore in Q4 FY24 as compared with Rs 161.05 crore in Q3 FY24. Revenue from operations rose 1.46% QoQ to Rs 1,362.54 crore in the quarter ended 31 March 2024.

Previous News
  Spandana Sphoorty Financial to declare Quarterly Result
 ( Corporate News - 18-Jun-24   10:43 )
  Granules India Ltd soars 1.77%, Gains for third straight session
 ( Hot Pursuit - 07-Jun-24   13:05 )
  Spandana Sphoorty Financial
 ( Analyst Meet / AGM - Conference Call 23-May-24   13:14 )
  Granules India Ltd spurts 3.42%, up for five straight sessions
 ( Hot Pursuit - 22-May-24   13:00 )
  Granules India Ltd gains for third consecutive session
 ( Hot Pursuit - 18-May-24   13:05 )
  Granules India to hold AGM
 ( Corporate News - 16-May-24   11:16 )
  Granules India edges higher after PAT rises to Rs 129 crore in Q4; EBITDA margin at 22%
 ( Hot Pursuit - 15-May-24   13:13 )
  Granules India consolidated net profit rises 8.39% in the March 2024 quarter
 ( Results - Announcements 15-May-24   12:59 )
  Granules India fixes record date for final dividend
 ( Market Beat - Reports 15-May-24   12:59 )
  Board of Granules India recommends Final Dividend
 ( Corporate News - 15-May-24   12:36 )
  Barometers trade with modest gains; PSU Bank shares advance
 ( Market Commentary - Mid-Session 30-Apr-24   14:33 )
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