The benchmarks indices managed to rise above the flat line and trade with limited gains in morning trade. The Nifty traded tad above the 19,300 level. Metal shares advanced as value buying emerged at lower levels.
The barometer index, the S&P BSE Sensex, was up 89.71 points or 0.14% to 64,661.59. The Nifty 50 index gained 22.95 points or 0.12% to 19,304.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index added 0.69%.
The market breadth was strong. On the BSE, 2082 shares rose, and 1266 shares fell. A total of 158 shares were unchanged.
Buzzing Index:
The Nifty Metal index rose 1.48% to 6,589.90. The index had declined 5.91% in the past four sessions.
Jindal Steel & Power (up 3.08%), Hindalco Industries (up 3.01%), National Aluminium Company (up 2.79%), Tata Steel (up 2.08%) and NMDC (up 1.89%) were the top gainers.
Among the other gainers were Steel Authority of India (up 1.86%), JSW Steel (up 1.44%), Vedanta (up 1.19%), Hindustan Copper (up 1.09%) and Adani Enterprises (up 1%).
On the other hand, APL Apollo Tubes (down 1.39%), Jindal Stainless (down 1.26%) and Hindustan Zinc (down 0.72%) moved lower.
Results Today:
Axis Bank (up 0.51%), Tech Mahindra (up 0.12%), Indus Towers (down 0.79%), Jubilant Foodworks (up 0.14%), Sona BLW Precision Forgings (down 0.48%), Sonata Software (down 2.43%), Lakshmi Machine Works (down 0.53%), Welspun India (down 1.49%), Chalet Hotels (up 1.58%), Gulf Oil Lubricants India (up 1.14%), Swaraj Engines (up 1.14%), TV18 Broadcast (up 1.08%), Network18 Media & Investments (up 1.13%) and Rallis India (up 1.53%) are some of the companies that will announce their quarterly earnings today.
Stocks in Spotlight:
PNB Housing Finance fell 1.39%. The company's consolidated net profit surged 45.8% to Rs 383 crore on 5.7% increase in total income to Rs 1779.40 crore in Q2 FY24 over Q2 FY23.
Torrent Pharmaceuticals rose 2.55%. The company has reported 23.72% rise in consolidated net profit to Rs 386 crore in Q2 FY24 as compared with Rs 312 crore in Q2 FY23. Revenue from operations jumped 16.11% to Rs 2,660 crore in Q2 FY24 as compared with Rs 2,291 crore posted in Q2 FY23.
Krishna Institute of Medical Sciences declined 0.89%. The company's subsidiary KIMS Hospital Enterprises has acquired an additional 12.09% equity stake in Kondapur Healthcare for Rs 24.11 crore. The company's total equity stake in Kondapur Healthcare now stands at 37.18%.
Reliance Industries (RIL) shed 0.23%. RIL is reportedly set to finalise a multi-billion dollar deal with Walt Disney Co. to buy its India operations. After the deal, Reliance is expected to hold a controlling stake in the Disney Star business, which has an estimated valuation of $10 billion. The American entertainment giant will hold minority stake in the business.
Lupin lost 0.47%. The company said that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its Abbreviated New Drug Application for Fluconazole Tablets to market a generic equivalent of Diflucan Tablets of Pfizer, Inc. This product will be manufactured at Lupin's Pithampur facility in India.
Mahindra Logistics slumped 4.56%. The company reported consolidated net loss of Rs 15.6 crore in Q2 FY24 as compared to net profit of Rs 11.3 crore in Q2 FY23. Total revenue rose 2.9% to Rs 1364.8 crore in Q2 FY24 from Rs 1326.3 crore in in Q2 FY23.
Delta Corp jumped 4.12%. The High Court of Bombay at Goa considered the writ petitions filed by the company and its subsidiaries on 23 October 2023. The High Court has directed tax authorities not to pass any final orders on the show cause notices without the prior permission of the High Court.
Global markets:
Asian stocks were trading mixed on Wednesday as investors assess Australia's third-quarter inflation figures, which will give clues to the Reserve Bank of Australia's monetary policy decision when it meets on November 3. The country's third quarter inflation rate came in at 5.4%, lower than the 6% seen in the second quarter.
Wall Street ended higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally.
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