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Benchmarks trade higher; European Mkt open lower

Published on Mar 07, 2024 13:35

The benchmark indices continued to trade with limited gains in afternoon trade. The Nifty traded near the 22,500 level. Media, metal and consumer durables shares advanced while oil & gas, private bank and bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 43.46 points or 0.06% to 74,129.45. The Nifty 50 index added 24.50 points or 0.11% to 22,498.55.

The Nifty and the Sensex hit all-time highs in mid-morning trade at 22,523.65 and 74,245.17, respectively.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.66% and the S&P BSE Small-Cap index gained 0.93%.

The market breadth was positive. On the BSE, 2,221 shares rose and 1,540 shares fell. A total of 105 shares were unchanged.

The domestic market will remain closed on Friday, 8 March 2024, on account of Mahashivratri.


India`s GDP growth in the current fiscal year ending in March could be "very close" to 8%, Reserve Bank of India (RBI) governor Shaktikanta Das reportedly said. Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong.

Gainers & Losers:

Tata Steel (up 3.99%), Bajaj Auto (up 3.44%), JSW Steel (up 2.66%), Tata Motors (up 2.28%), and UPL (up 2.25%) were major Nifty gainers.

Mahindra & Mahindra (down 3.84%), Bharat Petroleum Corporation (down 2.04%), SBI Life Insurance Company (down 2.01%), ICICI bank (down 1.11%) and Reliance Industries (down 1.09%) were major Nifty losers.

JSW Steel added 2.66% after the steel major said that its consolidated crude steel production for the month of February 2024 increased 5% to 21.50 lakh tonnes from 20.51 lakh tonnes steel produced in February 2023.

Stocks in Spotlight:

Larsen & Toubro added 1.37% after The EPC major announced that its hydrocarbon business, L&T Energy Hydrocarbon (LTEH) has secured a significant order from the Oil & Natural Gas Corporation (ONGC) for the MHN TCPP PGC BGC Project (MTPBP), off India�s West Coast.

Hindustan Aeronautics (HAL) advanced 2.94% after the company informed that the amendment to the light combat aircraft (LCA) initial operating capability (IOC) contract has made an upward revision in the contract value.

Asian Paints rose 2.07% after the company said that it�s a wholly-owned subsidiary, Asian Paints (Polymers) (APPPL) has entered into requisite agreements with Gujarat Chemical Port (GCPL) to set up an ethylene storage and handling facility in Dahej, Gujarat.

Bajaj Finserv gained 1.83 after its subsidiary, Bajaj Allianz General Insurance Company`s gross direct premium underwritten for February 2023 was at Rs 1,294.80 crore, recording a growth of 38.52% year on year.

Suzlon Energy locked in 5% upper circuit after the company announced that it has received a new order from Juniper Green Energy for the development of a 72.45 MW wind power project.

SpiceJet gained 3.46% after the airline operator announced the resolution of $49.8 million (Rs 413-crore) dispute with Echelon Ireland Madison One.

Exide Industries advanced 2.24% after the battery manufacturer has invested Rs 39.99 crore in its wholly-owned subsidiary, Exide Energy Solutions (EESL) through a rights issue.

GPT Infraprojects jumped 4.37% after the company secured an order from North Central Railway, Agra, Uttar Pradesh aggregating to Rs 135 crore.

Global Markets:

European stocks declined while Asian markets traded mixed on Thursday, with several stock indexes hitting record highs, following by Federal Reserve Chair Jerome Powell�s comments that interest rates will likely fall this year.

U.S. stocks ended higher on Wednesday after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year.

Federal Reserve Chair Jerome Powell reiterated to lawmakers that the US central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation. In prepared testimony to a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs �at some point this year,� but made clear they�re not ready yet.

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