Benchmarks pare gains; European mkt opens higher

The key equity indices pared most of the gains in afternoon trade. The Nifty traded above the 20,850 mark. Media, IT and FMCG stocks were in demand. On the other hand, healthcare, relaty and pharma shares corrected.

At 13:30 AM IST, the barometer index, the S&P BSE Sensex, was up 185.35 points or 0.27% to 69,481.49. The Nifty 50 index added 28 points or 0.13% to 20,883.10.

The Sensex clocked an all-time high of 69,673.83 while the Nifty hit record high of 20,958.65 in morning trade. Further, the Nifty Bank index also registered its fresh record high of 47,259.85.

In the broader market, the S&P BSE Mid-Cap index shed 0.20% while the S&P BSE Small-Cap index declined 0.14%.

The market breadth was negative. On the BSE, 1,775 shares rose, and 1,914 shares fell. A total of 146 shares were unchanged.

Gainers & Losers:

LTIMindtree (up 2.08%), Wipro (up 1.92%), ITC (up 1.91%), Nestle India (up 1.59%) and Larsen & Toubro (L&T) (up 1.11%) were major Nifty gainers.

Eicher Motors (down 2.61%), Adani Enterprises (down 2.30%), Bajaj Auto (down 2.27%), NTPC (down 2.07%) and Cipla (down 1.78%) were major Nifty losers.

Stocks in Spotlight:

Angel One surged 7.42% after the brokerage company�s client base jumped 51.3% to 18.45 million in November 2023 as against 12.19 million in November 2022.

State Bank of India (SBI) fell 0.43%. The executive committee of the central board (ECCB) of the bank has accorded final approval for acquiring 20% stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds (SBIPFPL) by SBI. The cost of acquisition is Rs 229.52 crore.

Power Grid Corporation of India added 0.47%. The company has been declared as successful bidder under Tariff Based Competitive Bidding to establish Inter-State Transmission System Project for �Transmission system for evacuation of additional 7 GW of RE power from Khavda RE park under Phase III Part B� on Build, Own Operate and Transfer (BOOT) basis.

Bank of India rose 1.36%. The public sector bank announced that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 105.42 per share.

Lupin fell 1.30%. The pharma major announced that it has received approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) of Varenicline tablets. The approved durg is generic equivalent of Chantix tablets of PF Prism C.V. It is indicated for use as an aid to smoking cessation treatment.

Global Markets:

European and Asian stocks traded higher on Wednesday, bolstered by the uptick in US high-tech shares amidst evaluations of US labour market data indicating a slowdown.

Meanwhile, Moody�s Investors Service downgraded its outlook for Chinese sovereign bonds to �negative,� highlighting global worries over the country�s soaring debt. While maintaining an A1 long-term rating, Moody�s expressed concerns about China�s heavy reliance on fiscal stimulus for local entities and state-owned firms, posing economic risks.

Wall Street finished mixed on Tuesday after fresh employment data bolstered bets that the U.S. Federal Reserve will cut interest rates as soon as March.

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