Indices trade with robust gains; RIL hits record high

Domestic equity benchmarks continued to extend gains in the afternoon trade. The Nifty traded above the 21,650 mark. All the sectoral indices on the NSE traded in the green, with oil & gas, PSU bank and financial services shares gaining the most. Shares of index heavyweight Reliance Industries hit all time high by advancing 5.66% supporting the benchmark indices.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 1,068.02 points or 1.51% to 71,768.69. The Nifty 50 index added 329.70 points or 1.54% to 21,682.30.

In the broader market, The S&P BSE Mid-Cap index rose 1.34% and the S&P BSE Small-Cap index added 0.99%.

The market breadth was strong. On the BSE, 2,310 shares rose and 1,549 shares fell. A total of 157 shares were unchanged.

Gainers & Losers:

Oil & Natural Gas Corporation (ONGC) (up 8.14%), Reliance Industries (up 5.66%), Adani Enterprises (up 5.49%), Coal India (up 4.37%) and Adani Ports and Special Economic Zone (up 4.08%) were major Nifty gainers.

Cipla (down 2.56%), Dr. Reddy`s Laboratories (down 0.68%), Infosys (down 0.65%), Bajaj Auto (down 0.60%) and LTIMindtree (down 0.54%) were major Nifty losers.

Stocks in Spotlight:

HDFC Bank advanced 1.72% while Life Insurance Corporation of India (LIC) gained 2.25%. HDFC Bank after the Reserve Bank of India (RBI) has accorded its approval to 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 added 1.14%. 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.

Tata Technologies rose 0.17%. 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.

Adani Power jumped 4.06% 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.

SBI Cards and Payment Services dropped 5.82% after the company�s net profit declined 8.94% to Rs 549.08 crore in Q3 FY24 as against Rs 602.98 crore recorded in Q3 FY23. However, total income grew by 12.32% quarter on quarter to Rs 4741.60 crore in Q3 FY24. As compared to Q3 FY23, the company�s net profit and total income were higher by 7.78% and 29.69%, respectively.

Global Markets:

European shares advanced while its Asian peers traded mixed on Monday as market participants looked forward to the rate decision by the Federal Reserve, scheduled for release on Wednesday.

US stocks saw a mixed finish on Friday as drops for technology stocks dragged on the market.

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