Market Commentary - Quick Review
Key equity indices ended with major gains on Monday. The Nifty settled above 21,700 level. Oil & Gas, PSU bank, auto stocks advanced while FMCG and media shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 1,240.90 points or 1.76% to 71,941.57. The Nifty 50 index surged 385 points or 1.80% to 21,737.60.
In the broader market, The S&P BSE Mid-Cap index rose 1.68% and the S&P BSE Small-Cap index added 1.03%.
The market breadth was positive. On the BSE, 2270 shares rose and 1651 shares fell. A total of 143 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 13.09% to 15.68.
Buzzing Index:
The Nifty Oil & Gas rallied 5.36% to 10,729.55. The index fell 0.31% in the past trading session.
Castrol India (up 8.4%), Oil & Natural Gas Corpn (up 8.2%), Reliance Industries (up 7.14%), Hindustan Petroleum Corporation (up 5.12%), Bharat Petroleum Corporation (up 3.94%), GAIL (India) (up 3.84%), Indraprastha Gas (up 3.38%), Adani Total Gas (up 3.2%), Mahanagar Gas (up 3.02%) and Oil India (up 2.93%) advanced.
Stocks in Spotlight:
HDFC Bank rose 1.54% after the Reserve Bank of India (RBI) has accorded its approval to Life Insurance Corporation of India (LIC) for acquiring aggregate holding up to 9.99% of the paid-up share capital or voting rights of HDFC Bank. LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year i.e. by 24 January 2025.
Vedanta rose 1.52%. On consolidated basis, the company reported 18.3% decline in net profit to Rs 2,013 crore in Q3 FY24 as against Rs 2,464 crore in Q3 FY23. The company reported highest ever third quarter revenue of Rs 34,968 crore, registering a growth of 4% YoY, driven by higher sales volume, premia and favorable movement in exchange rate which was partially offset by decrease in commodity prices.
Punjab National Bank (PNB) advanced 2.57% after the bank reported standalone net profit of Rs 2,222.81 crore in Q3 FY24 steeply higher than 628.88 crore reported in Q3 FY23. Total income grew by 16.5% to Rs 29,961.65 crore in Q3 FY24 as against 25,722.40 crore recorded in Q3 FY23.
Tata Technologies shed 0.45%. The company reported 6.1% increase in consolidated net profit to Rs 170.2 crore in Q3 FY24 as compared with Rs 160.4 crore posted in Q2 FY24. Total revenue from operations rose 1.6% QoQ to Rs 1,289.5 crore in Q3 FY24.
AU Small Finance Bank (SFB) dropped 11.67% after the bank reported 4.47% decline in net profit to Rs 375.24 crore on 32% increase in total income to Rs 3,185.51 crore in Q3 FY24 over Q3 FY23.
Adani Power was locked in upper circuit of 5% after the company reported consolidated net profit of Rs 2,737.96 crore in Q3 FY24, steeply higher than Rs 8.77 crore in Q3 FY23. Revenue from operations jumped 67.32% to Rs 12,991.44 crore in Q3 FY24 as compared with Rs 7,764.41 crore in Q3 FY23.
KFin Technologies rallied 3.78% after the company?s consolidated net profit jumped 25.19% to Rs 66.82 crore in Q3 FY24 as against 53.37 crore recorded in Q3 FY23. Revenue from operation increased 16.26% to Rs 218.71 crore in Q3 FY24 as compared with Rs 188.12 crore recorded in Q3 FY23.
Yes Bank declined 2.13%. The private bank reported standalone net profit of Rs 231.46 crore in Q3 FY24, steeply higher than Rs 51.52 crore posted in Q3 FY23. The bank?s total income jumped 17.89% year on year to Rs 8,179.15 crore during the quarter.
SJVN surged 10.87% after the power generation company announced that it has secured full quoted capacity of 100 megawatt (MW) solar power project through e-Reverse Auction conducted by Gujarat Urja Vikas Nigam (GUVNL).
Global Markets:
Most of European and Asian stocks were advanced on Monday. Investors will keep an eye on US Federal Reserve?s first meeting of the year.
US stocks saw a mixed finish on Friday as drops for technology stocks dragged on the market.
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