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The frontline indices traded in a narrow range with modest gains in mid-morning trade. The Nifty hovered above the 22,450 mark. Consumer durables shares witnessed buying demand for the fourth day in a row.
At 11:30 IST, the barometer index, the S&P BSE Sensex jumped 342.47 points or 0.46% to 74,077.67. The Nifty 50 index added 93.55 points or 0.42% to 22,461.55.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.72% and the S&P BSE Small-Cap index gained 0.97%.
The market breadth was strong. On the BSE, 2,428 shares rose and 1,156 shares fell. A total of 150 shares were unchanged.
IPO Update:
The initial public offer (IPO) of JNK India received 72,69,948 bids for shares as against 1,10,83,278 shares on offer, according to stock exchange data at 11:25 IST on Wednesday (24 April 2024). The issue was subscribed 0.66 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 Consumer Durables index gained 0.83% to 34,037.65. The index rallied 4.42% in four consecutive trading sessions.
Rajesh Exports (up 7.26%), Kajaria Ceramics (up 2.21%), Havells India (up 1.71%), Dixon Technologies (India) (up 1.69%), Voltas (up 1.49%), Crompton Greaves Consumer Electricals (up 1.12%), Amber Enterprises India (up 1.1%), V-Guard Industries (up 1%), Bata India (up 0.69%) and Kalyan Jewellers India (up 0.23%) advanced.
On the other hand, Whirlpool of India (down 0.65%), Blue Star (down 0.6%) and Cera Sanitaryware (down 0.19%) edged lower.
Stocks in Spotlight:
ICICI Prudential Life Insurance Company declined 3.03% 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 slipped 3.99% 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.
Global Markets:
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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