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Mid - Session

Market behaviours during the course of the trading session.

Market at day?s high, auto shares advance

25-Apr-24 14:40 Hrs IST

The headline equity indices traded with major gains in mid-afternoon trade. The Nifty scaled above the 22,550 mark after hitting day?s low of 22,305.25 in mid-morning trade. Auto shares advanced after declining in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex jumped 576.59 points or 0.81% to 74,451.42. The Nifty 50 index added 181.65 points or 0.81% to 22,584.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.54% and the S&P BSE Small-Cap index added 0.51%.

The market breadth was positive. On the BSE, 2,083 shares rose and 1,675 shares fell. A total of 137 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.19% to 11.12. 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 today, 25 April 2024.

Politics:

The second phase of voting will be held on April 26 in 89 constituencies spread across 13 states and Union territories. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called Indian National Developmental Inclusive Alliance (INDIA) bloc to deny PM Modi another victory. The elections will occur in 7 phases, from 19 April to 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Buzzing Index:

The Nifty Auto index rose 1.05% to 22,127. The index shed 0.08% in the past trading session.

Bharat Forge (up 8.28%), Hero MotoCorp (up 2.29%), Balkrishna Industries (up 1.91%), TVS Motor Company (up 1.5%), Mahindra & Mahindra (up 1.45%), Apollo Tyres (up 1.01%), Tata Motors (up 0.95%), Tata Motors-DVR (up 0.92%), MRF (up 0.91%) and Eicher Motors (up 0.69%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.19% to 7.200 as compared with previous close 7.186.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3600, compared with its close of 83.3300 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 0.11% to Rs 71,128.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.26% to 105.58.

The United States 10-year bond yield shed 0.17% to 4.647.

In the commodities market, Brent crude for June 2024 settlement gained 20 cents or 0.23% to $ 88.22 a barrel.

Stocks in Spotlight:

Kirloskar Pneumatic Company surged 10.17% after the company reported 87% jump in net profit to Rs 60.23 crore in Q4 FY24 from Rs 32.24 crore in Q4 FY23. Revenue from operations increased by 36% YoY to Rs 489.96 crore during the quarter.

5paisa Capital slipped 5.89% after the company reported 59.95% drop in consolidated net profit to Rs 5.78 crore in Q4 FY24 as compared with Rs 14.41 crore posted in Q4 FY23. Revenue from operations grew by 24.58% year on year (YoY) to Rs 112.86 crore in the quarter ended 31 March 2024.