Market extends gains, European mkt opens higher

Domestic equity benchmarks continued to extend gains in afternoon trade. The Nifty marched above the 21,900 level. Oil & gas, IT and auto shares advanced while PSU Bank, FMCG and bank stocks declined.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 440.41 points or 0.61% to 72,171.83. The Nifty 50 index added 142.25 points or 0.65% to 21,913.95.

In the broader market, the S&P BSE Mid-Cap added rose 0.62% and the S&P BSE Small-Cap index rose 0.99%.

The market breadth was positive. On the BSE, 2,234 shares rose and 1,559 shares fell. A total of 114 shares were unchanged.

Gainers & Losers:

Bharat Petroleum Corporation (up 4.27%), HDFC Life Insurance Company (up 3.82%), Maruti Suzuki India (up 3.77%), Tata Consultancy Services (up 3.64%) and HCL Technologies (up 3.63%) were major Nifty gainers.

Power Grid Corporation of India (down 3%), Indusind Bank (down 1.55%), Bajaj Finserv (down 1.54%), Britannia Industries (down 1.39%) and CIPLA (down 1.37%) were major Nifty losers.

Stocks in Spotlight:

Ashok Leyland shed 0.47%. The company reported 60.51% jump in standalone net profit to Rs 580 crore in Q3 FY24 as compared with Rs 361.34 crore in Q3 FY23. Revenue from operations increased 2.69% to Rs 9,273 crore in Q3 FY24 as compared with Rs 9,026 crore posted corresponding quarter last year.

Yes Bank soared 10.66% after the bank announce that the Reserve Bank of India has granted approval to HDFC Bank for the acquisition of an aggregate holding of up to 9.50% of the paid-up share capital or voting rights of Yes Bank. However, if HDFC Bank fails to acquire a major shareholding within one year, the approval will be revoked.

BSE slipped 3.41% after the exchange platform�s consolidated net profit fell 10.22% to 108.19 crore in Q3 FY24 as against Rs 120.50 crore posted in Q2 FY24. However, revenue from operations increased 18.13% quarter on quarter (QoQ) to Rs 371.53 crore in the qarter ended 31 December 2023. On YoY basis, the exchange and data platform�s consolidated net profit surged 109.51% while revenue from operations jumped 82.16% during the third quarter of FY24.

Global Markets:

European shares advanced while Asian stocks were trading mixed on Tuesday. Investors were awaiting the Reserve Bank of Australia�s rate decision.

US stocks ended lower on Monday as Treasury yields spiked higher on concerns the Federal Reserve might not cut rates as much as expected. Lackluster results from McDonald�s also dampened investor sentiment.

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