Broader mkt underperforms; Nifty hovers above 21,700

The frontline indices continued to trade with minor gains in afternoon trade. The Nifty hovered above the 21,700 level. Bank, private bank and FMCG shares advanced while metal, media and oil & gas stocks declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 86.66 points or 0.12% to 71,515.09. The Nifty 50 index added 23.90 points or 0.11% to 21,741.85.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.44% and the S&P BSE Small-Cap fell 1.65%.

The market breadth was weak. On the BSE, 1,062 shares rose and 2,721 shares fell. A total of 110 shares were unchanged.

Gainers & Losers:

Grasim Industries (up 4.76%), Apollo Hospitals Enterprise (up 2.86%), Sun Pharmaceutical Industries (up 2.47%), State Bank of India (up 2.27%) and ICICI Bank (up 1.98%) were major Nifty gainers.

Mahindra & Mahindra (down 2.57%), Oil & Natural Gas Corporation (down 2.56%), Hindalco Industries (down 2.31%), Coal India (down 1.98%) and Bharti Airtel (down 1.93%) were major Nifty losers.

Grasim Industries rallied 4.76% after the company reported 48% rise in adjusted consolidated net profit of Rs 1514 crore in Q3 FY24 as against net profit of Rs 1024 crore recorded in Q3 FY23. Revenue from operations increased 12% to Rs 31,965 crore in Q3 FY24 from Rs 28,638 crore in Q3 FY 23.

Stocks in Spotlight:

Biocon declined 3.18%. The company reported consolidated net profit of Rs 660 crore in Q3 FY24 as against net loss of Rs 42 crore recorded in Q3 FY23. Revenue from operations increased by 34% to Rs 4519 crore in Q3 FY24 from Rs 3020 crore in Q3 FY 23.

Patanjali Foods slipped 3.60% after the FMCG companys standalone net profit fell 19.56% to Rs 216.54 crore in Q3 FY24 as compared with Rs 269.19 crore posted in Q3 FY23. Revenue from operations declined marginally to Rs 7,910.70 crore in the third quarter of FY24 as against 7,926.64 crore posted in Q3 FY23.

AstraZeneca Pharma India dropped 14.81% after the company's consolidated net profit tumbled 46.08% to Rs 15.80 crore in Q3 FY24 as compared with Rs 29.30 crore in Q3 FY23. Revenue from operations jumped 22.41% to Rs 305.78 crore during the quarter as compared with Rs 249.81 crore posted in corresponding quarter last year.

Global Markets:

Most of the European and Asian stocks advanced on Wednesday.

Japans Nikkei hit fresh 34-year highs on Friday, while most Asia-Pacific markets were either fully or partially closed for Lunar New Year holidays. China, South Korea and Taiwans markets were shut, while Singapore and Hong Kong saw a half day of trading.

U.S. stocks ticked higher Thursday to set more records as further evidence piled up to show the job market remains remarkably solid. During the day, the S&P 500 briefly topped the 5,000 level for the first time.

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