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Barometers turn rangebound, Nifty hovers below 21,900

Published on Feb 07, 2024 13:38

The frontline indices traded in a narrow range with limited losses in afternoon trade. The Nifty hovered below the 21,900 level. PSU bank, realty and metal shares advanced while IT, private bank and auto stocks declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 167.92 points or 0.23% to 72,018.17. The Nifty 50 index lost 39.80 points or 0.18% to 21,889.60.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap added rose 0.63% and the S&P BSE Small-Cap added 0.46%.

The market breadth was positive. On the BSE, 2,229 shares rose and 1,589 shares fell. A total of 102 shares were unchanged.

Gainers & Losers:

State Bank of India (up 3.51%), JSW Steel (up 2.31%), Britannia Industries (up 2.19%), HDFC Life Insurance Company (up 1.92%) and Grasim Industries (up 1.63%) were major Nifty gainers.

Infosys (down 2.28%), Power Grid Corporation of India (down 1.53%), Tata Consultancy Services (down 1.22%), Adani Ports and Special Economic Zone (down 1.08%) and ICICI bank (down 0.91%) were major Nifty losers.

Stocks in Spotlight:

Britannia Industries added 2.19%. The company reported consolidated net profit of Rs 555.66 crore in Q3 FY24, steeply lower from Rs 932.4 crore posted in Q3 FY23. Total income rose to Rs 4,306.89 crore in Q3 FY24 from Rs 4,247.55 crore in Q3 FY23.

FSN E-Commerce Ventures (Nykaa) shed 0.84%. The company reported consolidated net profit of Rs 17.45 crore in Q3 FY24, steeply higher than Rs 8.48 crore posted in Q3 FY23. Revenue from operations increased 22.28% YoY to Rs 1,788.8 crore.

TRF was locked in 20% upper circuit after the company announced that its board has approved to cancel the scheme of amalgamation with Tata Steel, citing improvement in business performance since the merger talks had taken place.

EIH surged 16.6% to Rs 412.55 after the company�s consolidated net profit jumped 52.2% to Rs 229.94 crore in Q3 FY24 as compared with Rs 151.08 crore in Q3 FY23. Revenue from operations increased 26.41% YoY to Rs 741.26 crore in Q3 FY24.

Global Markets:

Most of the European and Asian stocks were trading higher on Wednesday, tracking Wall Street gains as investors assessed corporate earnings from U.S. and Asian firms.

US stocks closed higher on Tuesday, as investors scrutinized a mixed bag of earnings at big U.S. companies and digested comments from Federal Reserve policy makers for clues about its first planned interest-rate cut.

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