The frontline indices ended a volatile session with decent gains on Wednesday. The Nifty scaled above the 19,600 level after hitting the day's low of 19,467.50 in morning trade. Media, metal and oil & gas shares were in demand. On the flip side, realty, financial services and bank stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex rallied 149.31 points or 0.23% to 65,995.81. The Nifty 50 index added 61.70 points or 0.32% to 19,632.55.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index gained 0.57%.

The market breadth was positive. On the BSE, 2,301 shares rose and 1,555 shares fell. A total of 157 shares were unchanged.

Buzzing Index:

The Nifty Media index rose 2.10% to 2,101.70. The index advanced 2.86% in two trading sessions.

Dish TV India (up 11.17%), Navneet Education (up 3.36%), PVR Inox (up 2.32%), Zee Entertainment Enterprises (up 1.93%), Nazara Technologies (up 1.51%), TV18 Broadcast Ltd (up 1.51%) edged higher.

On the other hand, Sun TV Network (down 1.55%), Hathway Cable & Datacom (down 0.6%) and New Delhi Television (down 0.18%) declined.

Earnings Impact:

Coal India rose 1.93%. The company's consolidated net profit fell 9.8% to Rs 7,971.04 crore in Q1 FY24 from Rs 8,832.86 crore recorded in Q1 FY23. Net sales rose 1.8% year on year (YoY) to Rs 33,072.64 crore in the quarter ended 30 June 2023.

Oil India gained 1.65%. On standalone basis, the company reported 3.72% rise in net profit to Rs 1,613.43 crore in Q1 FY24 as compared with Rs 1555.49 crore in Q1 FY23. Net sales (excluding excise duty) declined 24% to Rs 4,531.18 crore in Q1 FY24 as compared with Rs 5964.01 crore in Q1 FY23.

Prestige Estate Projects slipped 2.29%. The company's consolidated net profit jumped 30.26% to Rs 266.9 crore in Q1 FY24 as compared with Rs 204.9 crore in Q1 FY23. Revenue from operations declined 13.29% to Rs 1,680.9 crore in Q1 FY24 as compared with Rs 1,938.5 crore in Q1 FY23.

Siemens shed 1.22%. The company reported profit after tax of Rs 424 crore for the third quarter of financial year 2023 ended 30 June 2023, registering an increase of 43.4% over the same period last year. Revenue for the period under review was at Rs 4,407 crore, a 14% rise over the corresponding quarter in the preceding year.

Happiest Minds Technologies shed 0.28%. The company reported 1.16% rise in consolidated net profit to Rs 58.33 crore on 3.41% increase in net sales to Rs 390.87 crore in Q1 FY24 over Q4 FY23. On a year on year basis, the company's net profit and revenues are higher by 3.5% and 18.8%, respectively as compared with Q1 FY23.

Ideaforge Technology tumbled 6.22% after the company's consolidated net profit tumbled 54.3% to Rs 18.86 crore in Q1 FY24 as compared with Rs 41.25 crore in Q1 FY23. Revenue from operations fell 2.22% to Rs 97.07 crore in Q1 FY24 as compared with Rs 99.27 crore in Q1 FY23.

Talbros Automotive Components zoomed 6.37% after the company's board approved the sub-division/split of the existing equity shares from one equity share into five equity shares.

Meanwhile, the company's net profit jumped 46% to Rs 17 crore on a 20% rise in income from operations to Rs 185 crore in Q1 FY24 as compared with Q1 FY23.

Mishra Dhatu Nigam (MIDHANI) dropped 7.17% after the company's net profit rose 4.7% to Rs 18.54 crore on 66.4% increase in net sales to Rs 181.99 crore in Q1 June 2023 over Q1 June 2022.

Global Markets:

Markets in Europe advanced while Asian stocks traded mixed on Tuesday, as traders digested China's disinflation and Italy's weakening of a surprise windfall tax on banks.

The Italian government eased its stance and clarified that the tax levy on extraordinary profits would be caped at 0.1% of total bank assets.

Data on Wednesday showed China's consumer prices fell 0.3% in July from a year ago. Producer prices dropped for a 10th consecutive month.

Overnight in the U.S., all three major indexes saw a selloff after Moody's downgraded the credit rating on several regional banks, citing deposit risk, a potential recession and struggling commercial real estate portfolios.

Markets are waiting for the U.S. inflation report on Thursday.

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