Sensex gains 184 pts, European mkt opens higher

The domestic equity barometers traded with decent gains in afternoon trade. The Nifty traded below the 21,300 mark after hitting the day`s low of 21,137.20 in early trade. Media, metal and PSU bank stocks were in demand while private bank, realty and bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 184.03 points or 0.26% to 70,554.58. The Nifty 50 index added 66.70 points or 0.31% to 21,305.50.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.92% and the S&P BSE Small-Cap index rose 0.94%.

The market breadth was strong. On the BSE, 2,184 shares rose and 1,538 shares fell. A total of 119 shares were unchanged.

Gainers & Losers:

Hindalco Industries (up 4.05%), Dr. Reddy�s Laboratories (up 3.19%), Power Grid Corporation of India (up 2.94%), Tata Steel (up 2.77%) and Bajaj Finserv (up 2.32%) were major Nifty gainers.

IndusInd Bank (down 3.90%), ICICI Bank (down 2.84%), Asian Paints (down 2.12%), Hero MotoCorp (down 1.62%) and HDFC Life Insurance Company (down 1.29%) were major Nifty losers.

Stocks in Spotlight:

Axis Bank slipped 3.99%. The bank reported 4% rise in net profit to Rs 6071 crore on a 25% increase in total income to Rs 33,516 crore in Q3 FY24 as compared with Q3 FY23.

Indus Towers jumped 6.61% after the company`s consolidated net profit stood at Rs 1541 crore in Q3 FY24 as compared with net loss of Rs 708 crore posted in Q3 FY23. Total revenue rose 6% to Rs 7199 crore in Q3 FY24 from Rs 6765 crore recorded in Q3 FY23.

United Spirts shed 0.09%. The company`s net profit rose to Rs 348 crore in Q3 FY24 as compared with net profit of Rs 111 crore posted in Q3 FY23. Net sales rose to Rs 2989 crore in Q3 FY24 from Rs 2781 crore recorded in Q3 FY23.

Tata Elxsi slipped 4.50%. The design led technology service provider reported 6.04% rise in net profit to Rs 206.43 crore on 11.8% increase in revenue from operations to Rs 914.23 crore in Q3 FY24 over Q3 FY23.

JSW Energy rose 1.23% after the company�s consolidated net profit jumped 24.37% to Rs 232.24 crore in Q3 FY24 as compared with Rs 186.74 crore in Q3 FY23. Total revenue increased 13.26% YoY to Rs 2661.41 crore in Q3 FY24.

Global Markets:

Markets in Europe advanced on Wednesday as investors look ahead to preliminary purchasing managers� index (PMI) data from the euro zone in January.

Asian stocks traded mixed as investors were also assessing economic data out of Japan, as well as factory activity data from Australia.

US stock ended on a mixed note on Tuesday. The S&P 500 climbed to a record high close as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week.

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