Friday, 10 May 2024
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Stock Market

Sensex is stuck in the range

  • The major benchmark indices were observed to fluctuate between zones.
  • The S&P BSE Sensex has spent the day moving within a small range of about 275 points.
  • Both the BSE MidCap and SmallCap indices saw gains of 0.6% in the overall market.

The overall market performed better on Wednesday, but the major benchmark indices were observed to fluctuate between zones.

The S&P BSE Sensex has spent the day moving within a small range of about 275 points. At 65,020, the index was up about 80 points from its peak of 65,124 and its low of 64,851. While this was going on, the Nifty50 was testing the 19,450 mark.

S&P BSE Sensex

Both the BSE MidCap and SmallCap indices saw gains of 0.6% in the overall market. Adani Ports, Adani Enterprises, BPCL, Asian Paints, Cipla, LTIMindtree, Grasim, Reliance Industries, ONGC~ L&T, and Wipro all contributed to the strength.

The BSE MidCap and SmallCap indices increased by 0.6% and 0.7%, respectively, in the wider markets. PSU Bank and Nifty Pharma indices were leading the way among sectors, gaining up to 1% each. However, there was a 0.27 percent decline in the Nifty Financial Services index.

To ensure that the UK and India reach a free-trade agreement by the end of the year, India is putting forth a proposal to lower import taxes on a select number of electric vehicles from the UK. To provide financial institutions with industry-specific solutions and technology transformation, Infosys and Amazon Web Services Inc. have renewed their Strategic Collaboration Agreement (SCA).

For the second quarter of fiscal year 2024, Automotive Axles reported a 49.7% increase in net profit, while Godrej Industries reported a 25% decrease. Including wind, solar, and hybrid capacity, the company’s operating portfolio of renewable energy totals 8.4 GW.

In the first nine months of 2023, sales of luxury homes in India that cost at least Rs 4 crore surged by 97%, according to real estate consultancy CBRE. 9,200 luxury homes were sold in the top seven cities this year compared to 4,700 units the previous year.

While JioPhone Prima, a 4G keypad smartphone with built-in apps like YouTube, WhatsApp, and Google Assistant, saw a 30% YoY decline to Rs 194 crore, Khaitan Chemicals & Fertilizers reported a 99.3% drop in Q2FY24 net profit.

Elnet Technologies reported a 15.3% growth in Q2FY24 net profit, while Punjab Communications reported a 15.3% growth. Tiklaknagar Industries announced the opening of a new Premium Brandy, Mansion House Chambers, while Easy Trip Planners reported a 68% increase in Q2FY24 net profit.

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