Indices trade with strong gains, Hero MotoCorp rallies nearly 3%

The frontline indices continued to trade with major gains in afternoon trade. The Nifty hovered above 21,700 level. Barring the Nifty Media index, all the sectoral indices on the NSE were in the green.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 637.02 points or 0.89% to 71,992.24. The Nifty 50 index gained 197.60 points or 0.92% to 21,710.60.

In the broader market, the S&P BSE Mid-Cap index added 0.68% and the S&P BSE Small-Cap index rose 0.78%.

The market breadth was strong. On the BSE, 2,505 shares rose and 1,270 shares fell. A total of 122 shares were unchanged.

Gainers & Losers:

Hero MotoCorp (up 2.98%), Larsen & Toubro (L&T) (up 2.48%), Adani Ports and Special Economic Zone (up 2.38%), Apollo Hospitals Enterprise (up 2.33%) and SBI Life Insurance Company (up 2.32%) were major Nifty gainers.

Nestle India (down 0.86%), Britannia Industries (down 0.73%), Oil & Natural Gas Corporation (down 0.30%), UltraTech Cement (down 0.28%) and Eicher Motors (down 0.11%) were major Nifty losers.

Larsen & Toubro (L&T) advanced 2.48% after the EPC major announced that its construction arm has secured a significant order for its buildings & factories business. L&T Construction bagged the order from HITES (A Mini Ratna PSU) under the Ministry of Health and Family Welfare. As per L&T�s classification, the value of the �Significant� project lies between Rs 1,000 crore to Rs 2,500 crore.

Stocks in Spotlight:

Bajaj Auto gained 1.82% after the board of directors of the company has approved the proposal for buy-back of up to 4,000,000 fully paid-up equity shares at a price of Rs 10,000 per equity share payable in cash for a total consideration not exceeding Rs 4,000 crore.

Tata Motors advanced 1.80% after the JLR reported wholesale volumes of 101,043 units (excluding the Chery Jaguar Land Rover China JV) for the third quarter of FY24 (three-month period to 31 December 2023), up 27% compared to the same quarter a year ago and up 4% compared to the quarter ended 30 September 2023.

Eicher Motors added 0.02%. The Royal Enfield, a unit of Eicher Motors signed a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu at Global Investors Meet 2024, at Chennai. Under the MoU, Eicher Motors proposed to invest around Rs. 3,000 crore over a period of eight years into the state to set up greenfield and brownfield projects in the region

JSW Steel rose 0.60%. The steel major said its consolidated crude steel production grew by 12% to 6.87 million tonnes in Q3 FY24 as against 6.14 million tonnes recorded in Q3 FY23. Sequentially, the company�s crude steel production rose 8% in Q3 FY24 from 6.34 million tonnes reported in Q2 FY24.

Global Markets:

Most of European stocks declined while Asian stocks traded mixed on Tuesday.

U.S. stocks ended higher on Monday boosted by tech shares. Global investors will be looking ahead to US inflation data and big bank earnings in the week ahead for further clues on the state of the economy and the path of rate cuts from the Federal Reserve.

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