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Barometers advance in early trade; Nifty above 21,650 mark

Published on Jan 19, 2024 09:41

The key equity indices traded with strong gains in early trade on buying demand in index pivotals. The Nifty traded above 21,650 mark. All the sectorial indices on NSE were in the green with financial services, IT and banking shares gaining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 653.96 points or 0.92% to 71,840.82. The Nifty 50 index gained 197.10 points or 0.92% to 21,659.35.

In the broader market, the S&P BSE Mid-Cap index added 0.90% and the S&P BSE Small-Cap index rose 1.11%.

The market breadth was strong. On the BSE, 2,503 shares rose and 435 shares fell. A total of 71 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 9,901.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,977.12 crore in the Indian equity market on 18 January, provisional data showed.

Stocks in Spotlight:

IndusInd Bank shed 1.57%. The private lender`s standalone net profit increased 17.29% to Rs 2,297.85 crore on 21.11% rise in total income to Rs 13,968.10 crore in Q3 FY24 over Q3 FY23.

Wipro rose 1.50% after the company has signed a definitive agreement to subscribe for the equity share capital in Huoban Energy 11 Private Limited to enhance the proportion of usage of renewable energy for offices in Maharashtra.

Hindustan Unilever rose 0.49%. The company has entered into transaction documents for acquisition of 27.73% stake in the equity share capital of Transition Sustainable Energy Services One Private Limited (SPV).

Numbers to Track:

The yield on India`s 10-year benchmark federal paper added 0.21% to 7.193 as compared with previous close 7.178.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1475, compared with its close of 83.1325 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.23% to Rs 61,910.00.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was shed 0.22% to 103.31.

The United States 10-year bond yield rose 0.46% to 4.164.

In the commodities market, Brent crude for March 2024 settlement declined 22 cents or 0.28% to $78.88 a barrel.

Global Markets:

Asian stocks were trading mixed on Friday, tracking an overnight rise in US stocks.

Japan�s headline inflation rate fell to 2.6% in December, down from 2.8% in November and hitting its lowest level since June 2022. Japan�s core inflation rate � which strips out prices of fresh food � also fell to 2.3% from November�s figure of 2.5%.

US stocks ended with strong gains on Thursday, as AI optimism drove gains in Nvidia and other chipmakers. Atlanta Fed President Raphael Bostic said he would be open to reducing U.S. interest rates sooner than he had anticipated if inflation fell faster than he expected.

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