Barometers trade with decent gains; Auto stocks rally for 3rd day

The key equity indices traded with small gains in mid-afternoon trade. The Nifty traded above the 21,850 mark. Auto shares witnessed buying demand for the third consecutive trading session.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was advanced 171.81 points or 0.24% to 71,994.64. The Nifty 50 index added 53.45 points or 0.24% to 21,893.50

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.78% and the S&P BSE Small-Cap index gained 1.15%.

The market breadth was strong. On the BSE, 2,362 shares rose and 1,464 shares fell. A total of 83 shares were unchanged.

Buzzing Index:

The Nifty Auto index advanced 1.42% to 19,995.40. The index advanced 2.92% in three trading sessions.

Mahindra & Mahindra Ltd (up 7.42%), Bosch Ltd (up 1.88%), MRF Ltd (up 1.04%), Maruti Suzuki India Ltd (up 0.76%) and Ashok Leyland Ltd (up 0.72%) were the top gainers.

Among the other gainers were Sona BLW Precision Forgings Ltd (up 0.66%), Bharat Forge Ltd (up 0.52%), Bajaj Auto Ltd (up 0.48%), Tata Motors Ltd (up 0.35%) and Hero MotoCorp Ltd (up 0.25%).

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.38% to 7.087 from previous close of 7.144.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0275, compared with its close of 83.0200 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement fell 0.07% to Rs 61,402.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 104.61.

The United States 10-year bond yield slipped 0.19% to 4.228.

In the commodities market, Brent crude for April 2024 settlement shed 28 cents or 0.34% to $81.32 a barrel.

Stocks in Spotlight:

Muthoot Finance declined 2.75%. The company reported 14% jump in standalone net profit to Rs 1,027 crore on 19% increased in total income to Rs 3,176 crore in Q3 FY24 over Q3 FY23.

Fineotex Chemical rose 1.57% after the company`s consolidated net profit surged 47.49% to Rs 32.67 crore on 26.75% increase in net sales to Rs 138.45 crore in Q3 FY24 over Q3 FY23.

Gujarat Ambuja Exports declined 1.16%. The company said that it has successfully commissioned a 100 tonnes per day (TPD) Sorbitol unit at the company�s existing unit in Hubli, Karnataka.

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