Nifty hits new all-time high; European mkt advance

Domestic equity benchmarks continued to trade with significant gains in afternoon trade. The Nifty scaled above 21,850 mark. IT, PSU banks and Realty shares were in demand while auto and pharma stocks decline.

At 13.30 IST, the barometer index, the S&P BSE Sensex, was up 731.63 points or 1.02% to 72,452.81. The Nifty 50 index added 206.60 points or 0.95% to 21,853.80.

The benchmark, Nifty 50 index hit a fresh all-time high at 21,860.35 in afternoon trade.

In the broader market, the S&P BSE Mid-Cap index added 0.34% and the S&P BSE Small-Cap index gained 0.67%.

The market breadth was positive. On the BSE, 2240 shares rose and 1552 shares fell. A total of 114 shares were unchanged.

Gainers & Losers:

Infosys (up 7.55%), Oil & Natural Gas Corporation (up 4.53%), Tech Mahindra (up 4.21%), Tata Consultancy Services (up 4.11%) and LTIMindtree (up 4.11%) were major Nifty gainers.

Apollo Hospitals Enterprise (down 1.63%), Cipla (down 1.62%), Coal India (down 1.01%), Power Grid Corporation of India (down 0.99%) and Bajaj Finserv (down 0.99%) were major Nifty losers.

Infosys jumped 7.55% the IT major`s consolidated net profit fell 1.6% to Rs 6,113 crore in Q3 FY24 from Rs 6215 crore in Q2 FY24. Revenues fell marginally to Rs 38,821 crore in Q3 FY24 as compared with Rs 38,994 crore in Q2 FY24. Year on year basis, the company�s net profit declined 7.2% while revenues increase 1.3% as compared with Q3 FY23. In terms of guidance, the company has revised it FY24 revenue guidance to 1.5%-2.0% and operating margin guidance at 20%-22%.

Tata Consultancy Services rallied 4.11% after the IT giant`s consolidated net profit declined 2.5% to Rs 11,058 crore in Q3 FY24 as against Rs 11,342 crore reported in Q2 FY24. Revenue from operations rose 1.49% to Rs 60,583 crore during the quarter from Rs 59,692 crore posted in Q2 FY24. The company`s order book total contract value (TCV) stood at $8.1 billion as on 31 December 2023 and the book to bill ratio was at 1.1. The board has declared a second interim dividend of Rs 9 and a special dividend of Rs 18 per equity share. The record date for the same is 19 January 2024 and the payment date is 5 February 2024.

Stocks in Spotlight:

Tata Power Company rose 0.39%. Tata Power Renewable Energy Limited (TPREL), a subsidiary of the company, has signed Memorandum of Understanding (MoU) with the Government of Gujarat (GoG) to develop 10,000 MW of Renewable Energy Power projects across multiple sites in Gujarat.

Ultratech Cement shed 0.45%. The company said that it has entered into share subscription and shareholders agreement to acquire 26% equity shares of Amplus Ages for total consideration of Rs 49 crore.

Bajel Projects rallied 5.53% after the company announced that it has bagged a letter of intent (LOI) from Tata Power Company for a project worth Rs 487.64 crore.

Global Markets:

All European shares were higher while Asian stocks open mixed on Friday, while Japan continued its record-breaking rally, as investors awaited a slew of economic data out of China, including inflation and trade numbers for December.

US stocks ended close to the flat line on Thursday even as U.S. inflation for December came in higher than expected. The consumer price index increased by 0.3% last month from November. Year over year, CPI was up 3.4%.

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