Markets open higher, NIFTY50 above 22,400, SENSEX gains 200 pts; here are the key stocks to watch
Upstox
2 min read • Updated: April 23, 2024, 9:53 AM
Summary
Domestic markets open higher led by positive global and domestic cues. NIFTY50 trades above 22,400 level, while SENSEX gains over 200 points to trade at 73,851.
Domestic markets open higher for the second consecutive day this week, tracking positive global cues and strong earnings by index heavyweights. As of 9:30 am, NIFTY50 trades above 22,400 level, while SENSEX gains over 200 points to trade at 73,851.
Out of the NIFTY50 space, 34 stocks were advancing. Bharti Airtel, HCL Tech and Bajaj Finserv were the major gainers, while Hindalco, Power Grid, Tata Consumer Products were among the laggards.
Positive trend in GIFT NIFTY supported the domestic markets in the opening hour. Apart from global markets, falling oil prices also act as a positive trigger for Indian markets on Tuesday as well. The Brent crude oil prices are trading below the $87/barrel mark, retreating nearly 4% from the recent highs of $92/barrel levels.
Meanwhile, Foreign Institutional Investors sold Indian equities worth ₹2,910 crore in yesterday's trading session. At the same time, domestic institutional investors continued their buying spree with ₹3,510 crore worth of buying on Monday.
Key Stocks to watch
Reliance Industries reported robust performance in its Q4 earnings all around. The net profit for the quarter remained flat at ₹21,243 crore for Q4FY24. Reliance Industries became the first Indian company to cross 10 lakh crore of gross revenue for the financial year. The company also declared a dividend of ₹10 per share.
M&M Finance defers release of Q4 results after detecting ₹150 crore fraud, the company informed in an exchange filing. The fraud was detected in the North-East region, where the company's funds were embezzled by forgery of KYC documents.
PSP projects opened Qualified institutional placement (QIP) worth ₹244 crore. The floor price has been fixed at ₹682 per share.
Tejas Networks reported robust Q4 results with turnaround at the bottom-line level with a net profit of ₹147 Crore Vs a loss of ₹11.5 Crore. While the revenue also jumped multifold at ₹1327 Crore Vs ₹299 Crore.
Hatsun Agro product reported a 109% YoY rise in net profit at ₹52 crore, led by strong operating performance. The revenue for the quarter increased by 14.4% YoY at ₹2047 crore.