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Barometers trim losses; consumer durables advance

Published on May 17, 2024 10:31

The headline equity benchmarks pared losses and traded with minor gains in morning trade. The Nifty traded above the 22,400 level after hitting the day`s low of 22,345.65. Consumer durables shares rallied for the fourth consecutive trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 124.77 points or 0.16% to 73,780.55. The Nifty 50 index added 26.80 points or 0.12% to 22,430.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.57% and the S&P BSE Small-Cap index added 0.65%.

The market breadth was strong. On the BSE, 2,234 shares rose and 1,188 shares fell. A total of 170 shares were unchanged.

Results Today:

JSW Steel (up 0.17%), Zydus Lifesciences (up 2.63%), NHPC, Astral (up 0.83%), Rail Vikas Nigam (up 3.73%), The Phoenix Mills (down 1.76%), Balkrishna Industries (up 1.46%), Global Health (up 0.40%), Glaxosmithline Pharmaceutic (up 0.81%), Delhivery (up 1.93%), Bandhan Bank (up 0.64%), Pfizer (up 1.59%), Vinati Organics (up 0.58%), Poly Medicure (up 1.31%), Sobha (up 1.24%), Zee Entertainment enterprises (up 1.13%), Amber Enterprises (up 2.38%), Varroc Engineering (down 0.32%), Kirloskar Ferrous Industries (up 7.05%), Balrampur Chini Mills (up 0.61%), Dhanuka Agritec (up 0.49%), Sudarshan Chemical (up 0.49%), Godrej Industries (down 0.39%) and Shipping Corporation of India (down 1.18%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Consumer Durables index gained 2.08% to 34,823.05. The index jumped 5.19% in the four trading sessions.

Crompton Greaves Consumer Electricals (up 14.16%), Dixon Technologies (India) (up 6.37%), Century Plyboards (India) (up 2.47%), Whirlpool of India (up 2.34%), Amber Enterprises India (up 2.07%), Bata India (up 1.85%), Kalyan Jewellers India (up 1.06%), Blue Star (up 1%), Rajesh Exports (up 0.96%) and Cera Sanitaryware (up 0.78%) edged higher.

On the other hand, Voltas (down 1.73%), V-Guard Industries (down 1.32%) and Titan Company (down 0.31%) slipped.

Stocks in Spotlight:

Biocon gained 1.23% after the company�s consolidated net profit declined 56.74% to Rs 135.50 crore in the quarter ended March 2024 as against Rs 313.20 crore during the previous quarter ended March 2023. Sales rose 3.79% to Rs 3917.10 crore in the quarter ended March 2024 as against Rs 3773.90 crore during the previous quarter ended March 2023.

Indoco Remedies added 0.67%. The company said that the United States Food and Drug Administration (US FDA) successfully completed inspection of its API Kilo Lab manufacturing facility at Rabale, Navi Mumbai and Indoco Analytical Solutions (IAS) division.

IDBI Bank rose 0.44%. The RBI has approved the appointment of Pradeep Natarajan as whole-time director, designated as executive director for 3 years.

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