On January 24, the Nifty 50 and Sensex rebounded strongly, breaking a two-day losing streak, fueled by widespread buying and positive global cues.
Despite fluctuations during the session, the market closed near the day’s high due to late-hour buying.
Sectors like auto, Information Technology, capital goods, FMCG, metal, oil & gas, and power saw gains of 1-2 percent.
Additionally, BSE Midcap and Smallcap indices each surged by nearly 2 percent.
Global Markets
The Hong Kong share market surged on January 24, 2024, fueled by broad gains after China’s central bank announced a reserve requirement ratio cut to boost the economy.
Positive sentiment was further boosted by expectations of Chinese authorities supporting the stock markets and Jack Ma’s acquisition of Alibaba Group shares. The Hang Seng Index closed up 3.56%, gaining 545.89 points, while the Hang Seng China Enterprises Index rose by 4.13%, adding 212.12 points.
Japan stock market finished session slightly lower on Wednesday, 24 January 2024, snapping a two-day winning streak, as investors opted to lock in recent gains amid concern the market overheated.
The 225-issue Nikkei Stock Average index dropped 0.8%. The broader Topix index of all First Section issues on the Tokyo Stock Exchange fell 0.51%.
Stocks in Spotlight
In the quarter ending December 2023, TVS Motor reported a standalone net profit of Rs 593 crore, marking a 68 percent increase from Rs 352 crore in the same period the previous year. The two-wheeler major’s revenue from operations for Q3FY24 stood at Rs 8,245 crore, reflecting a 26 percent rise compared to Rs 6,545 crore reported in the corresponding period of the previous fiscal.
Despite JSW Energy reporting a 24.36 percent rise in consolidated net profit driven by strong performance in its thermal portfolio and merchant sales, its shares experienced a 3 percent intraday decline. Nevertheless, the stock rebounded from these losses, ultimately closing 0.78 percent higher.
Mahanagar Gas shares rose by 2.51 percent following the company’s Q3 earnings surpassing market estimates. The company recorded a remarkable 84 percent year-on-year growth in net profits, reaching Rs 172.07 crore, primarily attributed to reduced gas costs.
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