Nifty climbs above 19,650; Eicher Motors spurts 5%

The key equity indices traded in a narrow range with strong gains in afternoon trade. The Nifty marched above the 19,650 level. All the sectoral indices on the NSE were in the green with realty, IT and oil & gas gaining the most.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 718.71 points or 1.11% to 65,652.58. The Nifty 50 index added 224.60 points or 1.16% to 19,668.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.86% while the S&P BSE Small-Cap index advanced 1.12%.

The market breadth was strong. On the BSE, 2,294 shares rose and 1,382 shares fell. A total of 150 shares were unchanged.

Gainers & Losers:

Eicher Motors (up 5.07%), Tech Mahindra (up 3.54%), Hindalco Industries (up 3.46%), LTIMindtree (up 2.35%) and Wipro (up 2.24%) were major Nifty gainers.

Power Grid Corporation of India (down 0.99%), IndusInd Bank (down 0.70%), Sun Pharmaceutical Industries (down 0.08%) and Dr. Reddy�s Laboratories (down 0.04%) were major Nifty losers.

Stocks in Spotlight:

Asian Paints was up 0.42%. The original installed production capacity of the Khandala plant has been increased to 4,00,000 KL per annum in order to meet the medium-term capacity requirements of the company. An amount of Rs. 385 crore (approx.) has been invested by the company towards the above increase in installed capacity and the same has been funded through internal accruals.

Grasim Industries added 0.84%. The company has reported 6% rise in consolidated net profit of Rs 1164 in Q2 FY24 from net profit of Rs 1097 crore in Q2 FY23. Revenue increased 10% rise in total income to Rs 30221 crore in Q2 FY24 from Rs 27486 crore in Q2 FY23.

Rajesh Exports dropped 7.67% after the company has posted 87.9% drop in consolidated net profit to Rs 45.3 crore in Q2 FY24 from Rs 373 crore in Q2 FY23. Revenue for the period under review added up to Rs 38,066 crore, down 52.6% YoY.

Narayana Hrudayalaya jumped 4.34% after the company reported 34.2% rise in consolidated net profit to Rs 226.58 crore on 14.3% increase in revenue from operations to Rs 1,305.25 crore in Q2 FY24 over Q2 FY23.

Global Markets:

Markets in Europe and Asia advanced across the board on Wednesday, taking cues from Wall Street after a soft U.S. inflation reading boosted hopes of the Federal Reserve nearing the end of its interest rate-hiking cycle.

Japan�s economy shrank in the July-September period for the first time in four quarters, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation. Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, while also recording a 0.5% decline from the previous quarter.

On the geopolitical front, U.S. President Joe Biden and China�s President Xi Jinping are expected to meet in person in San Francisco for the first time in about a year.

US stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered the soft U.S. inflation report. The consumer price index was flat in October from the previous month but increased 3.2% from a year ago. The headline CPI had increased 0.4% in September.

Late Tuesday, the House of Representatives passed a bill to avert a government shutdown. The measure will go to the Senate for a vote. If cleared by lawmakers, the legislation goes to President Joe Biden.

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