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Nifty above 22,950; European mkt opens lower

Published on May 28, 2024 13:43

The domestic equity indices trimmed losses and traded near the flatline with positive bias in afternoon trade. The Nifty traded above the 22,950 mark after hitting the day`s low of 22,889.10 in early-afternoon trade. Pharma, healthcare and metal shares advanced while realty, PSU bank and oil & gas shares declined.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 30.18 points or 0.04% to 75,420.68. The Nifty 50 index rose 19.75 points or 0.09% to 22,952.20.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.63% and the S&P BSE Small-Cap index fell 0.92%.

The market breadth was weak. On the BSE, 1,231 shares rose and 2,525 shares fell. A total of 119 shares were unchanged.

Gainers & Losers:

Divi`s Laboratories (up 2.69%), HDFC Life Insurance Company (up 1.94%), Grasim Industries (up 1.79%), SBI Life Insurance Company (up 1.71%) and Hero MotoCorp (up 1.65%) and were major Nifty gainers.

Bharat Petroleum Corporation (down 1.52%), Adani Ports and Special Economic Zone (down 1.49%), Coal India (down 1.09%), NTPC (down 0.93%) and Oil & Natural Gas Corporation (down 0.88%) were major Nifty losers.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) shed 0.82%. The insurance giant reported 2.49% jump in net profit to Rs 13,762.64 crore in Q4 FY24 as compared with Rs 13,427.81 crore posted in Q4 FY23. Total premium income surged 15.58% to Rs 1,52,293.13 crore in the fourth quarter of FY24 as compared with Rs 1,31,761.11 crore recorded in the fourth quarter of FY23.

Meanwhile, the company�s board has declared a final dividend of Rs 6 per equity share for FY24. The board has fixed 19 July 2024 as the record date.

AstraZeneca Pharma rose 0.10%. The pharmaceuticals company reported 128.6% surge in net profit to Rs 39.48 crore in Q4 FY24 as compared to Rs 17.27 crore recorded in Q4 FY23. Revenue from operations jumped 34.6% to Rs 383.2 crore during the quarter as compared with Rs 284.70 crore posted in the corresponding quarter last year.

Vishnu Prakash R Punglia rallied 5.70% after the company�s standalone net profit jumped 67.82% to Rs 67.13 crore in Q4 FY24 as compared with Rs 40 crore posted in Q4 FY23. Revenue from operations increased 44.22% YoY to Rs 657.20 crore in the quarter ended 31 March 2024.

Sumitomo Chemical India rallied 4.84% after the company`s consolidated net profit jumped 52.09% to Rs 109.70 crore on a 3.47% increase in revenue from operations to Rs 674.20 crore in Q4 FY24 as compared with Q4 FY23.

Global Markets:

European and Asian stocks declined on Tuesday, as investors awaited global inflation data expected to impact monetary policy.

The US market was closed on Monday, 27th May, for Memorial Day.

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