NIFTY HOLDS 24,200 LEVEL; EUROPEAN MKT ADVANCE

The key equity indices continued to trade with substantial gains in afternoon trade. The Nifty traded above the 24,200 level. All the sectoral indices on NSE were in the green with oil & gas, media and metal shares gaining the most.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 572.62 points or 0.73% to 79,165.75. The Nifty 50 index gained 220.45 points or 0.92% to 24,213.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 1.91% and the S&P BSE Small-Cap index gained 1.80%.

The market breadth was strong. On the BSE, 2,834 shares rose and 1,016 shares fell. A total of 119 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, tumbled 9.97% to 16.87.

Gainers & Losers:

Oil & Natural Gas Corporation (up 7.48%), Coal India (up 5.85%), Bajaj Auto (up 2.94%), Bharat Petroleum Corporation (up 2.78%) and Power Grid Corporation of India (up 2.77%) were major Nifty gainers.

IndusInd Bank (down 2.57%), Asian Paints (down 0.43%), Kotak Mahindra Bank (down 0.27%), Titan Company (down 0.15%) and Eicher Motors (down 0.15%) were major Nifty losers.

Stocks in Spotlight:

Tata Power Company declined 1.97% after the company�s consolidated net profit decreased marginally to Rs 970.91 crore in Q1 FY25 as compared with Rs 972.49 crore in Q1 FY24. Revenue from operations grew 13.67% to Rs 17,293.62 crore during the first quarter as compared with Rs 15,213.29 crore in the corresponding quarter last year.

Lupin rallied 4.80% after the company�s consolidated net profit jumped 76.01% to Rs 801.31 crore during the quarter as compared with Rs 452.26 crore posted in Q1 FY24. Revenue from operations increased 16.28% YoY to Rs 5,514.34 crore during the quarter.

Gulf Oil Lubricants India surged 7.40% after the company�s consolidated net profit jumped 28.89% to Rs 88.02 crore in Q1 FY25 as compared with Rs 68.29 crore posted in corresponding quarter last year. Revenue from operations increased 9.04% YoY to Rs 885.07 crore during the quarter.

Gland Pharma slipped 3.79% after the company�s consolidated net profit declined 25.94% to Rs 143.76 crore in Q1 FY25 as compared with Rs 194.10 crore in Q1 FY24. Revenue from operations jumped 15.97% YoY to Rs 1,401.70 crore in Q1 FY25.

Bata India fell 3.08%. The company�s consolidated net profit surged 62.84% to Rs 174.06 crore in Q1 FY25 as against Rs 106.89 crore posted in Q1 FY24. However, revenue from operations declined 1.41% year on year (YoY) to Rs 944.63 crore in the quarter ended 30 June 2024.

PI Industries gained 3.44% after the pesticides maker registered 17.21% increase in consolidated net profit to Rs 448.8 crore on 8.3% rise in revenue to Rs 2,068.9 crore in Q1 FY25 as compared with Q1 FY24.

Fusion Micro Finance was locked in 20% lower circuit after the company reported a net loss of Rs 35.62 crore in Q1 FY25 as compared with a net profit of Rs 120.46 crore in Q1 FY24. Total income increased by 27.84% year-over-year (YoY) to Rs 706.68 crore during the quarter.

Global Markets:

European and Asian stocks advanced on Wednesday, recovering from sharp losses earlier in the week.

Japan`s markets surged following encouraging comments on interest rates from the Bank of Japan. However, lingering concerns about a global economic slowdown tempered overall sentiment.

Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Wednesday the central bank won`t raise interest rates when financial markets are unstable.

Regional markets drew support from a strong Wall Street close, though the U.S. recovery remained fragile after Monday`s steep decline. Recent comments from Federal Reserve officials alleviated immediate recession fears, boosting investor confidence. The S&P 500 and Nasdaq rallied 1% on Tuesday, erasing some of the previous day`s losses.

The Fed has indicated that interest rate cuts might be necessary to prevent a recession, indicating a cautious outlook. The Dow Jones Industrial Average gained 294.39 points to close at 38,997.66, while the S&P 500 rose 53.7 points to 5,240.03. The Nasdaq Composite added 166.77 points, ending at 16,366.86.

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