April 24, 2024
3 min
On April 24th, India's Sensex and Nifty indices saw a flattening trend after morning gains, while midcap and smallcap indices continued to climb. The Sensex closed up 0.2 percent, gaining 114 points to reach 73853, from its intraday high of 74121, marking a rise of 370 points. Similarly, the Nifty finished 0.15 percent higher at 22402 from its intraday peak of 22476, an increase of nearly 75 points. In broader indices, the BSE midcap index rose 0.92 percent to 40957 points, while the BSE SmallCap gained 0.8 percent to reach 46858.60 points.
In the list of gainers, JSW Steel surged by 4 percent, Tata Steel rose 2.9 percent, and Power Grid gained 1.8 percent. Conversely, TCS led the losers, dropping 1.1 percent, followed by Tech Mahindra, down 1 percent, and Maruti Suzuki India, falling by 0.7 percent.
In sectoral indices, BSE Metal surged by 2.8 percent, followed by BSE Commodities and Healthcare, each up by 1.6 percent and 1 percent, respectively. On the downside, the BSE Telecommunication index lost 1.6 percent, followed by BSE IT and BSE Teck indices, each declining by 1 percent.
Global markets experienced an uptick as weaker US business activity data fueled expectations of a Federal Reserve rate cut.
Nifty may expect an immediate support near 22356 then 22310 and resistances are 22448 then 22494. Now the nifty is looking at a range bound trade.
Bank Nifty may expect an immediate support near 48081 then 47973 and resistances are 48297 then 48405. Now the bank nifty is looking at a range bound trade.
PCR Analysis: Nifty PCR-OI has decreased with nifty has positive which shows CALL BUYING.
Open Interest Analysis: Nifty future April contract OI has decreased with positive close which shows Short Covering.
Cost of Carry Analysis: Nifty April month contract has ended in low compare with MAY contract and high range compare with previous session which indicates a mild positive.
India VIX Analysis: India VIX has closed at 10.28 vs 10.20 (DoD) basis which shows increase in volatility.
Axis Bank reported a net profit of Rs 7,130 crore for the fiscal fourth quarter, a significant turnaround from the Rs 5,762 crore loss in the year-ago period following its acquisition of Citi Bank's India consumer division.
The private sector lender's net interest income (NII), representing the difference between the interest income earned from lending activities and the interest paid to depositors, reached Rs 13,089 crore, marking an 11.47 percent increase from the previous year's Rs 11,742 crore.
Axis Bank's gross non-performing assets (NPA) decreased to 1.43 percent from 2.02 percent in the year-ago period, with net NPAs at 0.31 percent compared to 0.39 percent.
The bank's board of directors recommended a dividend of Rs 1 per equity share of face value Rs 2 for the fiscal year ended March 31, 2024. The gross slippage ratio of the bank stood at 1.48 percent, marking a 28 bps decline year-on-year, while the net slippage ratio was at 0.57 percent.
Provisions and contingencies for Q4FY24 amounted to Rs 1,185 crore, with specific loan loss provisions for the same period at Rs 832 crore. The bank's cumulative provisions (standard + additional other than NPA) totaled Rs 12,134 crore at the end of FY24. The full-year net profit of the bank stood at Rs 24,861 crore, compared to Rs 9,580 crore in FY23.
Amitabh Chaudhry, MD & CEO of Axis Bank, commented, “In FY24, Axis Bank charted a course of steady progress. While we relentlessly focused on our key priority areas - Bharat Banking, Digital, and Sparsh (our customer obsession program), I believe we were also nimble in picking up some enticing new opportunities that came our way. Our Citi integration is on track, and we are inching towards the final milestone LD2 in the next six months.
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