Equity benchmark indices settled higher for the third consecutive session on Tuesday, after gains in telecom, tech, and consumer durable stocks amid a positive sentiment in the global markets. However, surging crude oil prices and foreign capital outflows amid geopolitical tensions restricted the markets’ appreciation bias.
The BSE Sensex jumped 89.83 points or 0.12 per cent to close at 73,738.45. The NSE Nifty gained 31.60 points or 0.14 per cent to settle at 22,368. Volatility index India VIX declined sharply by 20 per cent to 10.2 levels.
"The domestic market exhibited range-bound performance, tracking positive global cues with sustained outperformance of the broader market. While tensions between Iran and Israel were perceived to have limited escalation, the uptick in crude prices suggests investors’ reassessing the risks. With higher levels of the dollar index and US bond yields, FIIs are expected to continue with outflows, but inflows from DIIs are supporting the recovery," said Vinod Nair, Head of Research, Geojit Financial Services.
Here Are The Key Stocks To Watch On 24 April:
Tata Consumer Products: The FMCG company reported a consolidated net profit of Rs 268 crore in the March quarter of FY24, falling sharply by 23 per cent compared to the year-ago period, impacted by an exceptional loss of Rs 216 crore. Revenue from operations surged 9 per cent YoY to Rs 3,927 crore. EBITDA grew 22 per cent year-on-year to Rs 631 crore, with a margin expansion of Rs 180 bps to 16.1 per cent for the March quarter. The company has recommended a dividend of Rs 7.75 per share.
IIFL Finance: The non-banking financial company (NBFC) announced the commencement of a special audit as directed by the Reserve Bank of India (RBI). This comes after the RBI’s imposition of an embargo on March 4, 2024, suspending the disbursement of new gold loans by IIFL until the satisfactory completion of the audit.
Multi Commodity Exchange of India (MCX): The commodity exchange has posted a net profit of Rs 87.87 crore for the March 2024 quarter, up from Rs 5.45 crore in the year-ago period. Revenue from operations grew 35.4 per cent YoY to Rs 181.1 crore during the quarter. The company board has recommended a final dividend of Rs 7.64 per equity share.
Dr Reddy’s Laboratories: The pharmaceutical company informed exchanges that it has initiated a voluntary recall of six lots of Sapropterin Dihydrochloride powder for oral solution 100 mg in the US market after it found powder discolouration in some packets, which could impact the medicine’s potency.
ICICI Prudential: The insurance company reported a 26 per cent decline in net profit to Rs 174 crore for the March 2024 quarter on higher expenses, compared to Rs 235 crore in the year-ago period. The company’s net premium income increased 17 per cent to Rs 14,788 crore in the March quarter compared to Rs 12,629 crore in the year-ago period.
