Stock Market Update for Wednesday, April 24, 2024
Indian benchmark indices traded in a rangebound manner on Wednesday, April 24, 2024, supported by positive cues from global markets. The S&P BSE Sensex gained 300 points, holding on to the 74,000-mark, while the NSE Nifty 50 rose over 90 points to 22,459.80.
JSW Steel, Tata Steel, and Sun Pharma were among the top gainers on the 30-share Sensex. Hindustan Unilever and Axis Bank traded flat ahead of their Q4 earnings announcement.
In the broader markets, the BSE SmallCap index advanced nearly 1% to hit a fresh record high of 46,912 before retracing slightly.
The Nifty Metal index surged over 2%, while the Healthcare index gained over 1%.
Metal stocks were in demand on Wednesday due to several factors, including rising commodity prices and expectations of strong earnings growth.
Shares of a public sector undertaking (PSU) defence company have zoomed over 100% in the past seven months after a stock split.
Shares of Multi-Commodity Exchange (MCX) slumped 7.7% after the commodity exchange's March quarter (Q4FY24) results missed Street estimates.
Sun Pharma is building an interesting specialty pipeline (under development) for addressing patient needs in areas of dermatology, ophthalmology, and onco-dermatology.
Puravankara has been selected as the preferred developer for redeveloping a residential housing society in Pali Hill, Mumbai.
Cyient DLM reported strong Q4 results with a 30% revenue CAGR target over the next three years and an improving margin trajectory.
Vodafone Idea (VIL) intends to raise around Rs 25,000 crore from the market to strengthen its 4G presence and roll out 5G services.
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The S&P BSE Sensex and NSE Nifty 50 are around 1.5% shy from their respective all-time highs.
Reliance Retail plans to expand its product range to include televisions, washing machines, refrigerators, and other appliances.
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Investors have sold Hindustan Unilever and its consumer-giant peers due to concerns over expensive valuations and faltering sales growth.
Welspun Corp has received a binding Letter of Award (LoA) for the export of line pipes from India.
SBI Life Insurance reported a 9.89% year-on-year increase in net premium income in Q4FY24.