Indian stock markets end the day in green

10 May 2024 , 03:58 PM

After enduring a three-day downturn marked by uncertainty surrounding the ongoing 2024 Lok Sabha Elections and Foreign Institutional Investors (FIIs) trimming their holdings, both the Sensex and Nifty rebounded on Friday. The upswing mirrored global market gains fueled by optimism regarding the expectation that US Federal Reserve will soon go for interest rate cuts.

The Sensex, initially opening slightly higher at 72,475.45, surged to an intraday peak of 72,946.54. By the close of trading, the Sensex had risen by 260.30 points, or 0.36%, to settle at 72,664.47.

Likewise, the Nifty 50, commencing the day on a positive note at 21,990.95, reached an intraday high of 22,131.30. Ultimately, the Nifty 50 concluded with a gain of 97.70 points, or 0.44%, at 22,055.20.

Among the BSE Sensex constituents, nine out of thirty stocks ended in negative territory. TCS, Kotak Mahindra Bank, Infosys, Wipro, and Mahindra & Mahindra weighed down the index, whereas Power Grid Corp., NTPC, JSW Steel, Asian Paints, and ITC emerged as the top performers.

On the Nifty 50 front, twelve out of fifty stocks closed in the red. TCS, Cipla, LTIMindtree, Kotak Mahindra Bank, and Infosys exerted downward pressure, while BPCL, Power Grid Corp., NTPC, Hero MotoCorp, and Eicher Motors led the gainers.

The broader market witnessed positive traction, with the BSE SmallCap advancing by 0.80%, and the BSE MidCap by 0.81% at the closing bell.

With the exception of IT, Realty, PSU Bank, and Bank sectors, all other sectoral indices concluded the day in positive territory. The Metal, Oil & Gas, FMCG, and Auto sectors stood out as top gainers.

In corporate updates, Cipla reported a noteworthy 79% year-on-year surge in Q4 net profit, reaching ₹939 crore, alongside a 7.3% YoY revenue growth to ₹6,160 crore.

Sapphire Foods saw a robust 49% YoY increase in Q4 net profit, totaling ₹84.5 crore, compared to ₹56.7 crore in the corresponding period last year. Its revenue also climbed by 11% to ₹545.5 crore from ₹491 crore.

Dr Lal Path Labs recorded a Q4FY24 net profit of ₹84.9 crore, marking a significant 54.64% YoY rise from ₹54.9 crore in Q4FY23. Total income for March 2024 stood at ₹563.8 crore, up by 10.67% from ₹50.52 crore in March 2023.

Furthermore, TVS Holdings announced board approval for the acquisition of an 80.74% equity stake in Home Credit India Finance for ₹554 crores. Premji Invest and other associates will purchase the remaining 19.26% of the equity stake.