Market Commentary     24-May-24
Mid-Session
Market trade with small gains; financial services shares advance
The headline equity indices traded near the flat line with some positive bias in mid-afternoon trade. The Nifty traded above the 22,950 mark. Financial Services shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex was, up 57.08 points or 0.08% to 75,475.06. The Nifty 50 index added 10.75 points or 0.05% to 22,978.40.

The Sensex and Nifty clocked an all-time high of 75,636.50 and 23,026.40 in mid-afternoon trade.

In the broader market, The S&P BSE Mid-Cap index added 0.28% and the S&P BSE Small-Cap index shed 0.16%.

The market breadth was weak. On the BSE, 1,658 shares rose and 2,136 shares fell. A total of 116 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index gained 0.64% to 21,870.55. The index rallied 2.55% in two consecutive trading sessions.

Power Finance Corporation (up 5.79%), REC (up 4.08%), HDFC Bank (up 1.48%), Shriram Finance (up 0.95%) and Axis Bank (up 0.67%), Bajaj Finance (up 0.58%), ICICI Lombard General Insurance Company (up 0.25%), State Bank of India (up 0.19%) and HDFC Life Insurance Company (up 0.09%) advanced.

On the other hand, Cholamandalam Investment & Finance Company (down 1.31%), Muthoot Finance (down 1.07%) and Kotak Mahindra Bank (down 0.74%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.07% to 6.992 as compared with previous close 6.997.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.0650, compared with its close of 83.2975 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.31% to Rs 72,089.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 104.97.

The United States 10-year bond yield fell 0.16% to 4.470.

In the commodities market, Brent crude for July 2024 settlement lost 25 cents or 0.31% to $ 81.11 a barrel.

Stocks in Spotlight:

Finolex Cables rallied 14.45% after the company's consolidated net profit increased 6.34% to Rs 186.10 crore on 14.43% rise in revenue from operations to Rs 1,401.02 crore in Q4 FY24 over Q4 FY23.

JK Lakshmi Cement added 1.60% after the cement maker reported 46.27% rise in standalone net profit to Rs 142.35 crore in Q4 FY24 from Rs 97.32 crore in same quarter last year. Revenue from operations fell by 4.69% YoY to Rs 1,647.78 crore in the fourth quarter. Sales volume for the period under review was 25.51 lakh tones, down 4.28% YoY.

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 ( Market Beat - Reports 06-Jun-25   18:22 )
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 ( Hot Pursuit - 03-Jun-25   11:00 )
  Board of Finolex Cables recommends final dividend
 ( Corporate News - 28-May-25   18:44 )
  Finolex Cables consolidated net profit rises 3.01% in the March 2025 quarter
 ( Results - Announcements 28-May-25   17:15 )
  Finolex Cables standalone net profit rises 3.01% in the March 2025 quarter
 ( Results - Announcements 28-May-25   16:27 )
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 ( Market Commentary - Mid-Session 28-May-25   12:37 )
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 ( Hot Pursuit - 28-May-25   12:08 )
  Stock Alert: LIC, Bharat Dynamics, JK Lakshmi Cement, NMDC, DCX Systems
 ( Market Commentary - Stock Alert 28-May-25   08:08 )
  JK Lakshmi Cement consolidated net profit rises 16.90% in the March 2025 quarter
 ( Results - Announcements 28-May-25   07:34 )
  Board of JK Lakshmi Cement recommends final dividend
 ( Corporate News - 27-May-25   18:48 )
  JK Lakshmi Cement declare Quarterly Result
 ( Corporate News - 21-May-25   16:51 )
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  03-Jul-25   12:32
  Indices trade higher; auto shares rally for 2nd day
  03-Jul-25   11:37
  Nifty above 25,550 mark; oil & gas shares jump
  03-Jul-25   10:39
  Barometers edge lower; breadth positive
  03-Jul-25   09:41
  Benchmarks trade with substantial losses; financial services shares under pressure
  02-Jul-25   14:37
  Barometers trade in negative terrain; European mrkt advance
  02-Jul-25   13:41
  Nifty below 25,500 level; metal shares in demand
  02-Jul-25   12:33
  Nifty slides below 25,500 level; PSU bank shares decline
  02-Jul-25   11:38
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