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The key equity indices extended gains and hit fresh intraday high in morning trade. The Nifty continued to trade above the 19,600 mark. Metal shares witnessed buying demand for fourth consecutive session.
The barometer index, the S&P BSE Sensex, was up 596.07 points or 0.92% to 65,529.94. The Nifty 50 index added 188.75 points or 0.97% to 19,632.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.70% while the S&P BSE Small-Cap index advanced 1.06%.
The market breadth was strong. On the BSE, 2332 shares rose and 1090 shares fell. A total of 185 shares were unchanged.
Buzzing Index:
The Nifty Metal index rose 1.62% to 6,822.65. The index has added 3.38% in four sessions.
Hindalco Industries (up 4.53%), Jindal Steel & Power (up 2.56%), National Aluminium Company (up 2.55%), JSW Steel (up 2.25%) and Tata Steel (up 1.86%) were the top gainers.
Among the other gainers were APL Apollo Tubes (up 1.31%), Hindustan Zinc (up 1.1%), Vedanta (up 1.01%), Steel Authority of India (up 0.91%) and Welspun Corp (up 0.9%).
On the other hand, NMDC (down 2.28%) and Jindal Stainless (down 0.41%) turned lower.
Stocks in Spotlight:
Adani Energy Solutions was up 0.03%. The distribution arm of Adani Energy Solutions Ltd., Adani Electricity Mumbai Ltd., announced a tender offer to buyback up to $120 million of its outstanding $1,000 million of 3.949% senior secured notes due 2030. The tender offer is being fully funded through its cash surplus and internal accruals.
Rail Vikas Nigam (RVNL) added 2.42%. The company received a Rs 311 crore LoA from Central Railways for the construction of tunnels and bridges in Madhya Pradesh. The time period by which the order is to be executed is 18 months.
IDFC First Bank gained 0.93%. The company received a PFRDA nod for the merger of IDFC and IDFC Financial Holding Co. with IDFC First Bank. The company also received BSE and NSE's nods for the merger of IDFC and IDFC Financial Holding Co. with itself.
Knowledge Marine & Engineering Works tumbled 5.82%. The company bagged a project from the Mumbai Port Authority for the hiring of two dock tugs for a period of 7 years for an amount of Rs. 34.49 crore.
Asian Paints was up 0.07%. The original installed production capacity of the Khandala plant has been increased to 4,00,000 KL per annum in order to meet the medium-term capacity requirements of the company. An amount of Rs. 385 crore (approx.) has been invested by the company towards the above increase in installed capacity and the same has been funded through internal accruals.
Grasim Industries added 1.72%. The company has reported 6% rise in consolidated net profit of Rs 1164 in Q2 FY24 from net profit of Rs 1097 crore in Q2 FY23. Revenue increased 10% rise in total income to Rs 30221 crore in Q2 FY24 from Rs 27486 crore in Q2 FY23.
Rajesh Exports dropped 5.99%. The company has posted 87.9% drop in consolidated net profit to Rs 45.3 crore in Q2 FY24 from Rs 373 crore in Q2 FY23. Revenue for the period under review added up to Rs 38,066 crore, down 52.6% YoY.
Aster DM Healthcare fell 1.91%. The company has recorded a net loss of Rs 15.3 crore in Q2 FY24 as against a net profit of Rs 54.1 crore in the same period last year. Revenue for the second quarter increased by 17.8% YoY to Rs 3,317 crore.
Global markets:
Asian stocks are trading with strong gains on Wednesday, taking cues from Wall Street after a soft U.S. inflation reading boosted hopes of the Federal Reserve nearing the end of its interest rate-hiking cycle.
Japan?s economy shrank in the July-September period for the first time in four quarters, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation. Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, while also recording a 0.5% decline from the previous quarter.
On the geopolitical front, U.S. President Joe Biden and China?s President Xi Jinping are expected to meet in person in San Francisco for the first time in about a year.
US stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered the soft U.S. inflation report. The consumer price index was flat in October from the previous month but increased 3.2% from a year ago. The headline CPI had increased 0.4% in September.
Late Tuesday, the House of Representatives passed a bill to avert a government shutdown. The measure will go to the Senate for a vote. If cleared by lawmakers, the legislation goes to President Joe Biden.
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