The benchmark indices ended with minor gains on Wednesday, advancing for the fourth day in a row. The Nifty settled above the 22,400 level. Metal, healthcare and consumer durables stocks advanced while IT, media and PSU bank shares declined. As per provisional closing data, the barometer index, the S&P BSE Sensex, was up 114.49 points or 0.16% to 73,852.94. The Nifty 50 index added 34.40 points or 0.15% to 22,402.40.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.92% and the S&P BSE Small-Cap index added 0.79%.
The market breadth was positive. On the BSE, 2,257 shares rose and 1,560 shares fell. A total of 112 shares were unchanged.
IPO Update:
The initial public offer (IPO) of JNK India received 96,62,652 bids for shares as against 1,10,83,278 shares on offer, according to stock exchange data at 15:30 IST on Wednesday (24 April 2024). The issue was subscribed 0.87 times.
The issue opened for bidding on Tuesday (23 April 2024) and it will close on Thursday (25 April 2024). The price band of the IPO is fixed at Rs 395 to Rs 415 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index jumped 2.69% to 9,140.10. The index shed 0.34% in the past trading session.
Steel Authority of India (up 7.39%), NMDC (up 5.77%), Ratnamani Metals & Tubes (up 4.21%), Hindalco Industries (up 3.96%), JSW Steel (up 3.95%), Tata Steel (up 2.82%), Jindal Steel & Power (up 2.74%), National Aluminium Company (up 2.54%), Welspun Corp (up 2.01%) and Hindustan Copper (up 2%) advanced.
Stocks in Spotlight:
Tata Consumer Products slipped 5.56% after the company's consolidated net profit declined 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.
Nippon Life India Asset Management (AMC) rallied 4.25% after its consolidated net profit surged 73.17% to Rs 342.92 crore in Q4 FY24 as compared with Rs 198.02 crore in Q4 FY23. Total income jumped 44.47% year on year (YoY) to Rs 560.57 crore in the quarter ended March 2024.
ICICI Prudential Life Insurance Company declined 2.71% 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 fell 4.59% 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 jumped 4.56% 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 surged 5.04% 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.
Huhtamaki India dropped 7.98% after the company?s net profit declined 26.66% to Rs 26.03 crore in Q1 CY24 as compared with Rs 35.49 crore in Q1 CY23. Revenue from operations fell 7.77% YoY to Rs 610.2 crore in Q1 CY24.
Multi Commodity Exchange of India (MCX) declined 4.70%. The company reported consolidated net profit of Rs 878.7 crore in Q4 FY24, steeply higher than Rs 5.45 crore in Q4 FY23. Revenue from operations increased 35.43% year on year (YoY) to Rs 181.14 crore in the quarter ended 31 March 2024.
Puravankara was locked in 5% upper circuit after the company announced that it has been unanimously selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai.
Rail Vikas Nigam (RVNL) advanced 2.58% after the company's consortium was named the lowest bidder for the redevelopment project of Thiruvananthapuram Central Railway Station.
Sakuma Exports added 2.47% after the company has entered into a contract amounting to approximately Rs 150 crore for the supply of sugar to the North East, West Bengal, and Bihar regions.
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.
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