 "Stock market rally, bull trading, Sensex, nifty")
The NSE Nifty Midcap 150 index hit a record high of 19,222.60, gaining nearly 1 per cent on the National Stock Exchange (NSE) in Friday's intra-day trade on the back of strong rally in Dixon Technologies (India), Endurance Technologies, Solar Industries, Mazagon Dock Shipbuilders, JSW Infrastructure and Container Corporation of India.
These stocks have rallied up to 10 per cent after the select companies reported a strong set of numbers for March 2024 quarter (Q4FY24).
The Nifty Midcap 150 index surpassed its previous high of 19,064 touched on May 3, 2024. In the past six trading days, the index has outperformed by surging 5.4 per cent, as compared to 2.4 per cent rise in the Nifty 50.
The strong bounce back in the equity market is also attributed to hopes that Incumbent government may surpass its 2019 tally. Based on Antique Stock Broking analysis of voter turnout data, the brokerage firm believes that the incumbent party may improve its 2019 tally but fall short of the opinion poll expectation of NDA winning 370-410 seats. Analysis of voter turnout mapped against the winning margin suggests that BJP is better placed, according to the broking firm.
As per media reports, the BJP has sent the highest numbers of political advertisements for approval from the Election Commission and a record number of roadshows, thus reducing the risk of overconfidence, the brokerage firm said in a report on Lok Sabha Election.
Meanwhile, among individual stocks from Nifty Midcap 150 index, Dixon hit a record high of Rs 9,062, as it rallied 10 per cent after the company signed an MoU with Acerpure for manufacturing of a range of consumer appliance products.
Dixon will undertake the manufacturing of Acerpure products in its facilities starting with the state-of-the-art TVs, subject to signing of definitive agreements. Acerpure is engaged in the business of trade, import and export of consumer durables and home appliances, and associated peripherals, accessories, components and parts and provision of ancillary services connected therewith.
Shares of Endurance Technologies surged 14 per cent to Rs 2,315.60 after the company reported a 54 per cent year-on-year (YoY) jump in net profit at Rs 210.2 crore as against Rs 136.5 crore in Q4FY23. Operationally, its revenue soared 20.2 per cent YoY to Rs 2,685 crore, while Ebitda (earnings before interest, tax, depreciation, and amortisation) rose 35.8 per cent to Rs 415.9 crore. Ebitda margin improved to 15.3 per cent from 13.6 per cent.
