BAROMETERS PARE LOSSES; FINANCIAL SERVICES ADVANCE

The key equity indices reversed all losses and traded with small gains in mid-morning trade. The Nifty traded above the 24,400 level. Financial services shares advanced for the fifth consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex was up 55.69 points or 0.06% to 83,133.74. The Nifty 50 index rose 3.70 points or 0.01% to 25,422.25.

In the broader market, the S&P BSE Mid-Cap index fell 0.32% and the S&P BSE Small-Cap index shed 0.02%.

The market breadth was negative. On the BSE, 1,790 shares rose and 1,836 shares fell. A total of 165 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index rose 0.81% to 24,185.20. The index increased 2.56% in five consecutive trading sessions.

Power Finance Corporation (up 2.75%), Bajaj Finance (up 1.82%), REC (up 1.77%), Shriram Finance (up 1.55%) and ICICI Prudential Life Insurance Company (up 1.2%), HDFC Bank (up 1.06%), SBI Life Insurance Company (up 1.02%), Cholamandalam Investment & Finance Company (up 0.91%), Bajaj Finserv (up 0.69%) and Muthoot Finance (up 0.54%) edged higher.

On the other hand, IDFC (down 0.59%), ICICI Lombard General Insurance Company (down 0.34%) and SBI Cards & Payment Services (down 0.2%) edged lower.

Stocks in Spotlight:

Vakrangee zoomed 10.46% after the company informed strategic corporate agency tie-up with Star Health & Allied Insurance Co. (Star Health Insurance), to offer health insurance products across its network. Through this collaboration, Vakrangee will offer a wide range of health insurance products from Star Health to its customers, ensuring enhanced penetration of health insurance services in remote and underserved regions of the country.

Inox Wind (IWL) added 1.72% after the company said that it has received a letter of intent (LoI) from IGREL Renewables (IGREL) for execution of 550 MW wind capacity on turnkey basis. As part of the project, Inox Wind will supply, install and commission the wind turbine generators (WTGs), and provide multi-year comprehensive operations & maintenance (O&M) services post commissioning.

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