Market at day's high; Eicher Motors jumps 4.60%

The key equity indices extended gains and traded near the days high in afternoon trade. The Nifty traded above the 21,850 mark after hitting the days low of 21,710.20 in mid-morning trade. Oil & gas, auto and realty shares advanced while metal, consumer durables and pharma stocks corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 253.40 points or 0.35% to 72,265.45. The Nifty 50 index rose 72.95 points or 0.33% to 21,890.40.

In the broader market, the S&P BSE Mid-Cap index shed 0.15% and the S&P BSE Small-Cap index declined 0.07%.

The market breadth was weak. On the BSE, 1,730 shares rose and 1,955 shares fell. A total of 126 shares were unchanged.

Gainers & Losers:

Eicher Motors (up 4.60%), Maruti Suzuki India (up 3.65%), Power Grid Corporation of India (up 2.14%), Nestle India (up 2.13%) and Bajaj Finance (up 1.97%) were major Nifty gainers.

Tata Consumer Products (down 2.08%), Tata Steel (down 1.75%), Hindalco Industries (down 1.48%), Tata Motors (down 1.13%) and UPL (down 1.03%) were major Nifty losers.

Economy:

The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY 2022-23.

The Gross collection of Rs 22,27,067 crore includes Corporation Tax (CIT) at Rs 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs 9,11,534 crore; Tax Deducted at Source of Rs 10,44,511 crore; Self-Assessment Tax of Rs. 1,73,296 crore; Regular Assessment Tax of Rs 73,548 crore; and Tax under other minor heads of Rs 24,177 crore.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.46%. TCS announced that Central Bank, a leading Midwest regional bank, will use TCS BaNCS to update its core technology infrastructure, drive innovation, and strengthen customer relationships. Central Banks strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank.

Aurobindo Pharma gained 2.34% after company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, 50 mcg/spray, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nasonex Nasal Spray, 50 mcg/spray of Organon LLC.

Yes Bank added 0.13% after the Bank has concluded the transfer of exposure of the bank in Katerra India Private to Prudent ARC, an asset reconstruction company, and has received cash consideration of Rs 203.40 crore in relation to the same.

GPT Healthcare rallied 5.72% after the companys consolidated net profit jumped 37.37% to Rs 11.47 crore in Q3 FY24 as compared with Rs 8.35 crore in Q3 FY23. Revenue from operations increased 3.88% YoY to Rs 96.59 crore in the quarter ended 31 December 2023.

Global Markets:

European stocks tumbled while most of the Asian stocks advanced on Wednesday as traders brace for the latest monetary policy decision from the Federal Reserve. Japanese markets are closed for a holiday.

Wall Street's three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia shook off early losses and investors looked ahead to the Federal Reserve's policy meeting conclusion on Wednesday for clues on interest rate policy.

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