Stock Market Highlights: Market closes flat, NIFTY50 at 22,306, SENSEX down 45 points

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Benchmark Indices – NIFTY50 (+0.03%) and SENSEX (+0.06%) – closed flat on Wednesday. NIFTY50 is at 22,306. Out of the NIFTY50 space, 25 stocks were advancing. BPCL, Hero MotoCorp, Tata Motors, Hindalco and Coal India were among top gainers.

Auto components major Bharat Forge Ltd on Wednesday reported a 77.8% rise in consolidated net profit at ₹227.12 crore in the fourth quarter ended March 31, 2024, riding on higher sales.

The company had posted a profit of ₹127.74 crore in the corresponding period of the previous fiscal, Bharat Forge said in a regulatory filing.

Shares of SRF fell over 3% on Wednesday after the company reported a 25% year-on-year (YoY) decline in its fourth-quarter (Q4) consolidated net profit at ₹422 crore.

The management commentary about the firm witnessing severe competition from Chinese players also appears to have put pressure on the stock. SRF reported a 6% YoY decline in its Q4 operating revenue at ₹3,570 crore.

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Benchmark Indices – NIFTY50 (+0.04%) and SENSEX (+0.01%) – are trading flat on Wednesday. NIFTY50 is at 22,312. Out of the NIFTY50 space, 28 stocks were advancing. BPCL, Coal India, NTPC, Tata Motors and Powergrid were among top gainers.

Healthcare products maker Amkay Products Ltd made a dream debut on the BSE SME platform on Wednesday with shares listing at a premium of 90% to the issue price.

According to BSE data, Amkay Products Ltd listed at ₹104.50 per share on the SME platform against the issue price of ₹55 per share.

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Shares of air conditioning and engineering services provider Voltas Ltd on Wednesday tanked over 9% after the company reported a 22.75% decline in consolidated net profit in the fourth quarter ended March 31, 2024.

The stock plunged 9.13% to ₹1,261.65 on the BSE.

At the NSE, it dropped 9.15% to ₹1,262 apiece.

Shares of TVS Motor were trading 1% down at ₹1,959 on the NSE ahead of Q4 FY24 results.

Passenger vehicle retail sales in India rose 27% year-on-year to 22,06,070 units in April as all segments, including passenger vehicles and two-wheelers, witnessed growth, industry body FADA said on Wednesday.

The overall vehicle registrations stood at 17,40,649 units in April 2023.