Indian Stock Indices Rise for 4th Day, Q4 Earnings Awaited

Ira Singh
Khabar Khabaron Ki,24 April’24

The Indian equity market extended its winning streak for the fourth straight session on Wednesday,led by gains in heavyweight financials and metal stocks,with investor focusing on earnings from key Nifty50 constituents due this week.Investors awaited the earnings of FMCG giant Hindustan Unilever (HUL), banking major Axis Bank and several other firms for cues.

At close,the Sensex was up 114.49 points or 0.16 percent at 73,852.94, and the Nifty was up 34.40 points or 0.15 percent at 22,402.40. About 2,184 shares advanced, 1,458 shares declined, and 134 shares

Meanwhile, a mixed trend on the sectoral front kept the traders occupied wherein metal, realty and pharma posted decent gains while IT and auto closed subdued. Broader markets outperformed benchmarks with BSE Midcap and BSE Smallcap rising up to 0.9 percent.

Rupee Close:
On 24 April’24,The rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 83.30 against the US dollar on Wednesday, as the support from positive domestic equities was negated by rising American currency.

Forex traders said elevated crude oil prices and significant foreign fund outflows in the international market dented investors’ sentiments.

Trading Guide:
Indian markets lagged the Asian peers as Q4 earnings remained largely subdued with weak results from IT and a few index heavyweights results also disappointed. However, buoyed by strong manufacturing and service sectors, the Indian composite PMI hit a multi-year high, reflecting domestic resilience bringing some buoyancy in the broad market. Globally, investor sentiment improved with easing tensions in the Middle East and declining oil prices,says Vinod Nair, Head of Research, Geojit Financial Services

Market experts have recommended six stocks to buy today —Sudarshan Chemical Industries, Chambal Fertilizers & Chemicals, Mahindra Holiday & Resorts India Ltd, RVNL, Parag Milk Food Ltd, and GMR Airports Infra Ltd.