Key Players and Market Moves in Indian Stock Market

Navigating the Indian Stock Market: Key Players and Market Moves

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: April 23, 2024

Stock Market News : The Indian benchmark kicked off higher on Tuesday, lifted by an improvement in global markets as risk sentiment improved, led by advances in information technology stocks.

As of 9:25 a.m., the NSE 50 was up by 0.28% to 22,399.25, while the S&P BSE Sensex was up by 0.30% to 73,863.43.

The positive mood was apparent across Asian markets, which opened strongly, while U.S. equities closed higher overnight, elevating investor confidence and causing gold prices to fall.

Twelve of the 13 key sectors showed growth, with heavyweight IT stocks gaining 0.5%.

Furthermore, small and mid-cap companies, which are more focused in domestic sectors, rose by approximately 0.6% each at the market's opening.

This jump in Indian equities comes against the backdrop of a global economic recovery, with investors pulling back on safe-haven assets, contributing to a favorable trading environment.

Focus on key players

Reliance Industries is one of the key participants, following the conglomerate's greater success of fourth-quarter revenue forecasts. The company's shares are expected to attract more attention following reports of strong performance.

Furthermore, Adani Group shares are under investigation after allegations surfaced that India's markets regulator discovered a dozen offshore firms that had invested in Adani Group companies and were found to be in violation of disclosure requirements and investment limitations.

On Monday, FPIs sold Indian equities for ₹2,915 crore (about $350 million) on a net basis. As a result, domestic institutional investors (DIIS) bought stocks worth ₹3,543 crore.

According to National Securities Depository data, FPIS, which were initially net buyers, have suddenly become net sellers, selling ₹44.81 billion of shares in April.

Stocks to look out for:

Tata Consumer Products, ICICI Prudential Life Insurance, and Tata Elxsi are among the companies expected to make significant earnings announcements today.

Tejas Networks recorded a combined profit after tax of ₹147 crore in the March quarter, contrary to a loss of ₹11.47 crore the previous year.

Mahindra Logistics' fourth-quarter loss worsened due to slow volume growth, whereas Rallis India's net loss reduced in the March quarter, with the declaration of a dividend of ₹2.5 per share.

Disclaimer: This piece of writing is solely intended to provide you with informative and educational content. We do not intend to provide investment, financial, legal, or tax advice. It should not be used as an alternative for expert advice or assistance.