The domestic equity indices traded with minor gains in the morning trade, as investors viewed the recent correction as excessive. Positive sentiment was further supported by gains in markets across mainland China, South Korea, and Hong Kong, which helped boost domestic investor confidence. The Nifty traded above the 23,150 mark. Metal shares advanced after declining for the past four consecutive trading sessions.
At 10:30 ST, the barometer index, the S&P BSE Sensex, added 297.53 points or 0.39% to 76,630.73. The Nifty 50 index rose 76.60 points or 0.33% to 23,162.55.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.99% and the S&P BSE Small-Cap index rose 0.51%.
The market breadth was strong. On the BSE, 2,413 shares rose and 1,172 shares fell. A total of 158 shares were unchanged.
Result Today:
HDFC Asset Management Company (up 1.99%), Hathway Cable & Datacom (up 2.27%), Network18 Media & Investments (up 2.52%), Shoppers Stop (down 0.41%), SRM Energy (down 4.98%), Atishay (down 1.98%), and Benares Hotels (up 1.17%) will announce their quarterly earnings later today.
New Listing:
Shares of Quadrant Future Tek were currently trading at Rs 374.55 at 10:15 IST on the BSE, representing a premium of 29.16% as compared with the issue price of Rs 290.
The scrip was listed at Rs 374, exhibiting a premium of 28.97% to the issue price.
So far, the stock has hit a high of 390 and a low of 367. On the BSE, over 5.09 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Metal index rose 2.65% to 8,162.30. The index added 4.65% in past four consecutive trading sessions.
Adani Enterprises (up 4.29%), Jindal Steel & Power (up 3.52%), Jindal Stainless (up 3.22%), Steel Authority of India (up 3.18%) and NMDC (up 2.97%), Hindustan Zinc (up 2.85%), Hindalco Industries (up 2.71%), Vedanta (up 2.68%), National Aluminium Company (up 2.55%) and APL Apollo Tubes (up 2.52%) added.
On the other hand, Welspun Corp (down 0.19%), Ratnamani Metals & Tubes (down 0.13%) edged lower.
Stocks in Spotlight:
HCL Technologies tanked 8.82%. The company's consolidated net profit jumped 8.41% to Rs 4,591 crore on 3.56% increase in net sales to Rs 29,890 crore in Q3 FY25 over Q2 FY25.
Meanwhile, the board has declared an interim dividend of Rs 18 per equity share for FY25. This includes a special dividend of Rs 6 per share. The record date for the payment of the aforesaid interim dividend shall be January 17, 2025, and the payment date of the said interim dividend shall be January 24, 2025.
Den Networks shed 0.05% after the cable TV distributor reported 14.74% decrease in consolidated net profit to Rs 40.31 crore in Q3 FY25 as against 47.28 crore posted in Q3 FY24. Revenue from operations declined 4.48% year on year (YoY) to Rs 260.70 crore in the quarter ended 31 December 2024.
Bharat Electronics added 1.16% after the company announced that it has secured additional orders worth Rs 561 crore since 23 December 2024. In a regulatory filing made after market hours on Monday, the company stated that major orders received include contract for supply of communication equipment, electro-optics, upgrades for satcom network, radar & fire control systems, spares, services, etc.
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