At 13:29 IST, the barometer index, the S&P BSE Sensex jumped 275.91 points or 0.38% to 74,017.03. The Nifty 50 index added 81.10 points or 0.36% to 22,449.10.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.96% and the S&P BSE Small-Cap index gained 0.99%.

The market breadth was strong. On the BSE, 2,406 shares rose and 1,309 shares fell. A total of 142 shares were unchanged.

Volatility may zoom as traders roll over positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire tomorrow, 25 April 2024.

Gainers & Losers:

Cipla (up 3.84%), JSW Steel (up 2.53%), Tata Steel (up 2.79%), Hindalco (up 2.15%) and Powergrid Corporation (up 1.82%) were major Nifty gainers.

Tata Consumer Products (down 4.51%), Titan Company (down 0.94%), SBI Life Insurance Company (down 0.80%), Grasim Industries (down 0.64%) and Infosys (down 0.61%) were major Nifty losers.

Tata Consumer Products declined 4.51% after the firm’s consolidated net profit fell 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.

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 3.72% to Rs 7,119 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 rallied 5.31% to Rs 802.70 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 jumped 7.09% to Rs 736.10 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.

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.