Indices trade with decent gains; European mkt opens lower

The frontline indices continued trade with modest gains in afternoon trade. The Nifty traded above the 22,700 level. Auto, realty and oil & gas stocks advanced while IT, metal and media shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 273.77 points or 0.37% to 74,944.62. The Nifty 50 index added 96.70 points or 0.43% to 22,740.10.The Bank Nifty hit a record high of 49,672.85 in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.96% and the S&P BSE Small-Cap index added 0.62%.

The market breadth was positive. On the BSE, 2,034 shares rose and 1,693 shares fell. A total of 141 shares were unchanged.

The stock exchanges will remain closed on Wednesday, 1 May 2024 on account of Maharashtra Day.

Gainers & Losers:

Mahindra & Mahindra (up 4.83%), Power Grid Corporation of India (up 3.12%), Shriram Finance (up 2.51%), Hero Motocorp (up 2.21%) and Bajaj Auto (up 2.05%) were major Nifty gainers.

Tech Mahindra (down 1.59%), Tata Steel (down 1.19%), HCL Technologies (down 0.96%), Kotak Mahindra (down 0.70%) and Dr. Reddy`s Laboratories (down 0.68%) were major Nifty losers.

Stocks in Spotlight:

Vesuvius India rallied 7.10% after the company reported a 58.7% jump in net profit to Rs 68.78 crore in Q1 CY24 from Rs 43.35 crore in Q1 CY23. Net sales increased by 23.9% YoY to Rs 453.09 crore during the period under review.

UCO Bank shed 0.05%. The private lender�s standalone net profit declined 9.54% to Rs 525.77 crore in Q4 FY24 as compared to Rs 581.24 crore reported in Q4 FY23. However, total income grew 17.45% to Rs 6,984.61 crore in the quarter ended 31 March 2024.

Birlasoft slipped 2.24%. The company said that its consolidated net profit jumped 11.82% to Rs 180.08 crore in Q4 FY24 as compared with Rs 161.05 crore in Q3 FY24. Revenue from operations rose 1.46% QoQ to Rs 1,362.54 crore in the quarter ended 31 March 2024.

Gillette India surged 7.13%. The company reported 3.5% decline in net profit to Rs 99.09 crore in the third quarter ended 31 march 2024 as against Rs 102.70 crore recorded in the same period a year ago. Revenue from operations grew by 10% year on year to Rs 680.74 crore in the quarter ended 31 March 2024.

Global Markets:

Most European stocks traded lower while Asian stocks advanced on Tuesday. Investors were awaiting China manufacturing purchasing managers� index for April.

China�s factory activity climbed faster than expected in April, with the official purchasing managers� index coming at 50.4. Factory activity expansion was lower than the 50.8 seen in March.

US stocks closed higher Monday, lifted by Tesla, while traders geared up for a week dominated by corporate earnings and a Federal Reserve meeting.

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