At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 193.93 points or 0.25% to 74,152. The Nifty 50 index added 45.35 points or 0.24% to 22,582.90.
In the broader market, the S&P BSE Mid-Cap index shed 0.19% and the S&P BSE Small-Cap index rose 0.12%.
The market breadth was negative. On the BSE, 1,814 shares rose and 1,936 shares fell. A total of 126 shares were unchanged.
Gainers & Losers:
Cipla (up 3.01%), Coal India (up 2.45%), Hindustan Unilever (up 2.35%), Reliance Industries (up 1.95%) and Tata Consumer Products (up 1.88%) were major Nifty gainers.
Bharat Petroleum Corporation (BPCL) (down 1.61%), Hindalco Industries (down 1.56%), Sun Pharmaceutical Industries (down 1.47%) Shriram Finance (down 1.40%), and Hero MotoCorp (down 1.21%) were major Nifty losers.
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Reliance Industries added 2.04% after the company entered into licensing agreement with Nel ASA for manufacturing Nels alkaline electrolysers in India and for captive purposes globally.
Stocks in Spotlight:
Gulf Oil Lubricants India soared 12.14% after the companys standalone net profit jumped 37.41% to Rs 85.43 crore in Q4 FY24 as compared to Rs 62.17 crore posted in Q4 FY23. Revenue from operations grew by 7.67% year on year to Rs 852.82 crore during the quarter.
Gujarat State Fertilizers & Chemicals (GSFC) slumped 8.04%. The fertilizer makers consolidated net profit tumbled 89.01% to Rs 24.71 crore on 17.56% fall in revenue from operations to Rs 1,965.25 crore in Q4 FY24 over Q4 FY23.
G R Infraprojects added 5.03% after the company announced that it has emerged as L-1 bidder for two tenders worth Rs 4,346.14 crore floated by the Maharashtra State Road Development Corporation.
Bharat Heavy Electricals (BHEL) dropped 5.03%. The heavy electrical equipment manufacturer's net profit declined by 24.92% to Rs 484.36 in Q4 FY24 as compared with Rs 645.13 crore posted in Q4 FY23. The companys net sales rose 0.83% to Rs 7,883.88 crore in the quarter ended 31 March 2024 as compared to Rs 7,819.37 crore recorded in Q4 FY24.
Greenply Industries advanced 1.82% after the company's consolidated net profit surged to Rs 28.36 crore in Q4 FY24 as compared with Rs 11.07 crore in Q4 FY23. Revenue from operations jumped 40.4% year on year (YoY) to Rs 599.79 crore in the quarter ended 31 March 2024.
H.G. Infra Engineering surged 9.60% after the company announced that they emerged as the L-1 (lowest) bidder for two tenders floated by the Maharashtra State Road Development Corporation (MSRPC).
Global Markets:
European stocks declined while Asian stocks were traded mixed on Wednesday. Investors, on edge, held onto hope that tech giant Nvidia could deliver on lofty expectations. However, concerns lingered regarding potential interest rate increases by both the US Federal Reserve and the Bank of England.
The release of the Federal Reserve meeting minutes later today is expected to reaffirm the possibility of a rate cut. Nevertheless, policymakers require further assurance that inflation is definitively on a downward path before implementing such a move.
UK inflation figures, also due out today, could sway the Bank of England's decision on rate adjustments. This data may determine whether they choose to ease rates in June or postpone it until August.
US stocks ended Tuesday with modest gains in the absence of significant market movers. All three major indexes rose, with the S&P 500 and Nasdaq reaching all-time closing highs in anticipation of both Nvidia's earnings report and the release of the Fed meeting minutes.
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