BAROMETERS TRADE WITH DECENT GAINS; POWER GRID CORP UP 4%
Published on Feb 20, 2024 13:40
The domestic equity indices traded with limited gains in the afternoon trade. The Nifty scaled above the 22,150 mark after hitting day�s low of 22,045.85 in morning trade. Media, realty and financial services advanced while IT, Auto and Pharma shares declined.
At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 215.30 points or 0.30% to 72,923.46. The Nifty 50 index added 36.15 points or 0.16% to 22,158.40.
In the broader market, the S&P BSE Mid-Cap index declined 0.27% and the S&P BSE Small-Cap index fell 0.03%.
The market breadth was positive. On the BSE, 1,990 shares rose and 1,772 shares fell. A total of 109 shares were unchanged.
Gainers and Losers:
Power Grid Corporation Of India (up 4.02%), HDFC Bank(up 1.95%), Axis Bank (up 1.73%), Apollo Hospital (up 1.68%), Kotak Mahindra Bank (up 1.57%) were major Nifty gainers.
Hero Motocorp (down 3.55%), Bajaj Auto (down 2.52%), Coal India (down 1.92%), Eicher Motors (down 1.70%), HCL Technologies (down 1.42%) were were top Nifty losers.
Federal Bank dropped 5.55% while Kotak Mahindra Bank rose 1.57% after Kotak Mahindra Bank secured KVS Manian for top position, leaving Federal Bank`s CEO candidate search in question.
Kotak Mahindra Bank has promoted KVS Manian, the current whole-time director, to joint managing director, and Shanti Ekambaram, also a whole-time director, to deputy MD, effective from 1 March 2024. This move has raised questions about the ongoing CEO candidate search at Federal Bank, as KVS Manian was reportedly one of the candidates being considered for the MD and CEO position at Federal Bank, along with two internal candidates. This development occurred amid the forthcoming conclusion of the term of Federal Bank`s current MD & CEO, Shyam Srinivasan, on 22nd September 2024.
Stocks in Spotlight:
Deepak Fertilisers and Petrochemicals Corporation (DFPCL) rallied 5.67% after the company said that it has entered into a long term supply agreement for Liquefied Natural Gas (LNG) with Equinor ASA, Norway.
Tech Mahindra (TechM) rose 0.22%. The company through its wholly owned subsidiary viz., vCustomer Philippines Inc. will acquire 100% equity shares in Philippines-based Orchid Cybertech Services, Inc., for a cash consideration of AUD 5 million.
Ramkrishna Forgings advanced 1.75% after the company received $220 million contract to supply to light vehicle segment across North America.
Global Markets:
European shares traded mixed while Asian shares advanced on Tuesday, influenced by the closure of US markets in the preceding session.
The US Dow Jones index futures were currently down by 110 points, signaling a negative opening for US stocks today. This decline is attributed to ongoing uncertainty regarding the trajectory of interest rates. Traders remain cautious and on edge due to the anticipation of key earnings reports, notably from NVIDIA Corporation, adding to the market`s overall sense of unpredictability. The absence of trading cues on Monday, owing to a US market holiday, is expected to give way to increased trading activity in the upcoming days, particularly as the earnings season progresses.
The People`s Bank of China took an unexpected step by reducing its five-year benchmark loan prime rate on Tuesday, aiming to further ease monetary conditions and support the decelerating economic recovery. The cut in the five-year LPR, instrumental in determining mortgage rates, lowered it from 4.10% to 3.95%, while the one-year LPR remained unchanged at 3.45%.
The US 10-year bond yield is recorded at 4.31%. In the commodities market, Brent crude for April 2024 settlement lost 5 cents or 0.06% to $83.42 a barrel.
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