Market extends gains; European shares advance

The benchmark indices continued to trade with major gains in the afternoon trade. The Nifty traded near the 22,600 level. Banking, financial services and oil & gas stocks advanced while realty, auto and IT shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 782.19 points or 1.06% to 74,512.35. The Nifty 50 index added 173.65 points or 0.77% to 22,593.60.

In the broader market, the S&P BSE Mid-Cap index gained 0.64% and the S&P BSE Small-Cap index rose 0.19%.

The market breadth was positive. On the BSE, 2,092 shares rose and 1,728 shares fell. A total of 194 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, soared 12.01% to 12.24.

Gainers & Losers:

ICICI Bank (up 3.84%), State Bank of India (up 2.25%), IndusInd Bank (up 2.25%), UltraTech Cement (up 2.05%) and Bharat Petroleum Corporation (up 2%) were major Nifty gainers.

HCL Technologies (down 5.99%), Apollo Hospitals Enterprise (down 4.57%), Bajaj Auto (down 2.25%), HDFC Life Insurance Company (down 2.23%) and LTIMindtree (down 1.11%) were major Nifty losers.

ICICI Bank rallied 3.84% after the bank reported 17.38% increase in net profit to Rs 10,707.53 crore on a 20.74% rise in total income to Rs 43,597.14 crore in Q4 FY24 as compared with Q4 FY23.

HCL Technologies dropped 5.99%. The IT major�s consolidated net profit declined 8.37% to Rs 3,986 crore in Q4 FY24 as against Rs 4,350 crore reported in Q3 FY24. Revenue from operations rose marginally to Rs 28,499 crore in the March quarter from Rs 28,446 crore recorded in the preceding quarter of FY24.

Stocks in Spotlight:

Shares of BSE tumbled 12.54% after market regulator Securities and Exchanges Board of India (SEBI) asked the exchange to pay the regulatory fee based on the notional value of its options contracts.

The market regulatory had introduced the `regulatory fee` on recognized stock exchanges vide the Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006. As per the regulations, the stock exchanges would have to pay a regulatory fee to SEBI within a period of thirty days of conclusion of the relevant financial year.

L&T Finance advanced 3.18% after the investment company reported 10.53% jump in consolidated net profit to Rs 553.88 crore in Q4 FY24 from Rs 501.08 crore posted in Q4 FY23. Total income rose 6.76% to Rs 3,677.32 crore in Q4 FY24 as compared with Rs 3,444.43 crore recorded in the same period last year.

RBL Bank declined 1.32%. The private lender`s standalone net profit jumped 30.1% to Rs 352.64 crore on 27.08% jump in total income to Rs 4,214.56 crore in Q4 FY24 over Q4 FY23.

Bajaj Holdings & Investment rose 0.61%. The company reported consolidated net profit of Rs 2716 crore in Q4 FY24 as compared to net profit of Rs 1353 crore in Q4 FY23. Total income rose to Rs 1222 crore in Q4 FY24 as compared with Rs 106 crore in Q4 FY23.

Global Markets:

European and Asian stocks advanced on Monday as stocks on Wall Street gained after the Federal Reserve`s preferred inflation gauge rose in line with expectation.

Traders look toward the Federal Reserve�s meeting this week, following another hotter-than-expected U.S. inflation reading Friday. March�s core personal consumption expenditures, excluding food and energy, rose 2.8% from a year ago.

US stocks closed higher on Friday, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data.

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