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By Admin
Posted on January 24, 2024
The domestic equity benchmarks marched higher and hit the day’s high in morning trade. The Nifty traded near the 21,400 level after hitting the day’s low of 21,137.20 in early trade. Metal shares gained after declining in the past trading session.
The barometer index, the S&P BSE Sensex, was up 513.82 points or 0.73% to 70,884.37. The Nifty 50 index added 156.45 points or 0.74% to 21,395.25.
The broader market outperformed the benchmark indices. Both, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index added 1.04%.
The market breadth was strong. On the BSE, 2,359 shares rose and 1,157 shares fell. A total of 141 shares were unchanged.
Bajaj Auto (up 0.84%), Tata Steel (up 1.42%), Tech Mahindra (up 1.89%), TVS Motor Company (up 0.40%), Canara Bank (down 0.01%), DLF (up 1.05%), Indian Oil Corporation (up 1.58%), Aarti Drugs (up 0.25%), Balkrishna Industries (up 1.45%), Bharat Dynamics (up 2.36%), Birlasoft (up 1.64%), CARE Ratings (1.61%), Ceat (down 0.55%), Chalet Hotels (down 1.44%), CMS Info Systems (up 2.77%), Container Corporation of India (up 1.48%), Dalmia Bharat (1.64%), DCB Bank (up 1.44%), Exide Industries (up 1.37%), Indian Bank (down 1.60%), Indian Overseas Bank (up 2.24%), Kolte-Patil Developers (up 3.12%), Laurus Labs (up 2.32%), Motilal Oswal Financial Services (up 1.21%), PNB Housing Finance (down 1.564%), Quick Heal Technologies (up 1.49%), RailTel Corporation of India (up 2.88%), Rainbow Children’s Medicare (down 1.045%) and UCO Bank (up 1.70%) will announce their quarterly earnings later today.
The Nifty Metal index advanced 1.50% to 7,599. The index slipped 3.38% in the past trading session.
National Aluminium Company (up 4.26%), Hindalco Industries (up 4.23%), NMDC (up 4.05%), Hindustan Copper (up 3.65%), Steel Authority of India (up 3.22%), Vedanta (up 2.68%), Tata Steel (up 1.38%), JSW Steel (up 1.05%), Jindal Steel & Power (up 0.98%) and Jindal Stainless (up 0.75%) edged higher.
Lupin rose 1.10% after the company announced that it has received tentative approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Rivaroxaban Tablets USP, 2.5 mg, 10 mg, 15 mg, and 20 mg, to market a generic equivalent of Xarelto Tablets, 2.5 mg, 10 mg, 15 mg, and 20 mg, of Janssen Pharmaceuticals, Inc. This product will be manufactured at Lupin?s Pithampur facility.
UFO Moviez India rallied 3.65% after the company announced a strategic partnership with TSR Films (TSR), a leading digital cinema integrator based out of Chennai. This strategic collaboration grants UFO Moviez exclusive advertising screen rights across TSR?s extensive network of over 403 screens.
Axis Bank slipped 4.86% after the bank reported 4% rise in net profit to Rs 6071 crore on a 25% increase in total income to Rs 33,516 crore in Q3 FY24 as compared with Q3 FY23.
Indus Towers advanced 1.48% after the company’s consolidated net profit stood at Rs 1541 crore in Q3 FY24 as compared with net loss of Rs 708 crore posted in Q3 FY23. Total revenue rose 6% to Rs 7199 crore in Q3 FY24 from Rs 6765 crore recorded in Q3 FY23.
United Spirts shed 0.19%. The company’s net profit rose to Rs 348 crore in Q3 FY24 as compared with net profit of Rs 111 crore posted in Q3 FY23. Net sales rose to Rs 2989 crore in Q3 FY24 from Rs 2781 crore recorded in Q3 FY23.
Pidilite Industries rallied 3.38% after the company’s consolidated net profit rose 66% to Rs 511 crore on 4% rise in net sales to Rs 3119 crore in Q3 FY24 over Q3 FY23.
The yield on India’s 10-year benchmark federal paper shed 0.01% to 7.173 as compared with previous close 7.174.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1550, compared with its close of 83.1500 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement added 0.06% to Rs 62,005.
The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, was down 0.014% to 103.47.
The United States 10-year bond yield shed 0.41% to 4.127.
In the commodities market, Brent crude for March 2024 settlement declined 2 cents or 0.03% to $79.57 a barrel.
Asian stocks are trading mixed. Investors are also assessing economic data out of Japan, as well as factory activity data from Australia.
US stock ended on a mixed note on Tuesday. The S&P 500 climbed to a record high close as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week.
