Thursday, February 27, 2025 | 04:27 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Market at day's high; Nifty scales above 23,500

Image

The equity barometers extended gains and hit a fresh days high in the afternoon trade, supported by a strong set of earnings from TCPL, Nestle and L&T. Anticipation of favorable moves in the upcoming Union Budget, which have also bolstered market sentiment. The Nifty marched above the 23,500 level. All the sectoral indices on the NSE traded in the green, with consumer durables, realty and auto shares gaining the most.

At 13:30 IST, the barometer index, the S&P BSE Sensex, rallied 770.85 points or 1% to 77,530.66. The Nifty 50 index added 275.55 points or 1.19% to 23,525.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 1.53% and the S&P BSE Small-Cap index added 1.52%.

 

The market breadth was strong. On the BSE, 2,631 shares rose and 1,189 shares fell. A total of 130 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 5.03% to 16.52.

Economy:

Finance Minister Nirmala Sitharaman will table Economic Survey 2024-25 on 31 January 2025, Friday, providing an official assessment of the performance of the economy in the ongoing financial year, and list out the challenges being faced by the nation. The Economic Survey, tabled in Parliament ahead of the Union Budget, also provides the roadmap for reforms and growth. The Economic Survey is prepared by the economic division of the department of economic affairs under the guidance of the chief economic advisor (CEA). India's current CEA is V Anantha Nageswaran.

Gainers & Losers:

Tata Consumer Products (TCPL) (up 5.94%), Nestle India (up 5.17%), Bharat Electronics (BEL) (up 5.09%), Trent (up 4.87%) and Larsen & Toubro (L&T) (up 4.51%) were the major Nifty gainers.

ITC Hotels (down 1.50%), Bharti Airtel (down 1.21%), Bajaj Finserv (down 0.51%), ICICI Bank (down 0.50%) and JSW Steel (down 0.03%) were the major Nifty losers.

Tata Consumer Products rallied 5.94%. The companys consolidated net profit was flat at Rs 278.88 crore in Q3 FY25 as against Rs 278.87 crore posted in Q3 FY24. Revenue from operations jumped 16.82% year on year (YoY) to Rs 4,443.56 crore in the quarter ended 31 December 2024.

Nestle India gained 5.17% to Rs 2,334 after the FMCG major's standalone net profit rose 6.18% to Rs 696.13 crore on 3.9% increase in revenue from operations to Rs 4,779.73 crore in Q3 FY25 over Q3 FY24. Meanwhile, the companys board approved second interim dividend of Rs 14.25 per equity share for the financial year 2024-25, which will be paid on and from 27 February 2025. The record date is fixed as 7 February 2025.

Larsen & Toubro rallied 4.51% after the company reported 13.96% increase in consolidated net profit to Rs 3,358.84 crore in Q3 FY25 compared with Rs 2,947.36 crore in Q3 FY24. Revenue from operations jumped 17.31% YoY to Rs 64,667.78 crore in Q3 FY25.

Stocks in Spotlight:

Bank of Baroda declined 2.79%. The banks standalone net profit increased 5.6% to Rs 4,837.3 crore in Q3 FY25 compared with Rs 4,579.3 crore in Q3 FY24. Total income jumped 10.38% YoY to Rs 34,676.47 crore in Q3 FY25.

Biocon advanced 1.11%. The companys consolidated net profit tumbled 96.2% to Rs 25.1 crore in Q3 FY25 as compared with Rs 660 crore in Q3 FY24. Revenue from operations fell 3.35% YoY to Rs 3,821.4 crore during the quarter.

Protean eGov declined 3.51% after the companys consolidated net profit rose 4% while revenue from operations shed 1% in Q3 FY25. Revenue from tax services grew by 3% YoY, primarily driven by an increase in market share, which rose from 52.1% in Q3 FY24 to 59.2% in Q3 FY25

Global Markets:

The US Dow Jones index futures were currently up 70 pts, signaling a positive opening for US stocks today.

European shares advanced while Most Asian stocks edged higer on Friday, mirroring the Wall Street rally as investors assessed big tech earnings.

The Tokyo consumer price index, excluding fresh food, rose 2.5% year on year in January, compared with 2.4% in the previous month. Japans unemployment rate for December fell to 2.4% from 2.5% in the previous month.

Additionally, Japans retail sales for December climbed 3.7% from the previous year, while its industrial output figures for December grew at 0.3%, month on month, from the 2.2% drop in the month before.

Hong Kong and Chinese markets remain closed for the Lunar New Year holiday.

Overnight, U.S. benchmark indexes ended with decent gains as investors assessed Apple's earnings report and other well-known companys earnings.

The US economy grew at an annualised rate of 2.3 per cent in Q4 2024, down from 3.1 per cent in Q3. Notably, US initial jobless claims fell by 16,000 to 207,000 for the week ending January 25th as compared with 223,000 in 18th Jan 2025.

The Dow Jones Industrial Average climbed 0.38% to close at 44,882.13, the S&P 500 rose 0.53% to end at 6,071.17, and the Nasdaq Composite gained 0.25% to end at 19,681.75.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jan 31 2025 | 1:36 PM IST

Explore News