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Benchmarks trade near flat line, European mkt advance

Published on Feb 21, 2024 13:42

The equity barometers traded sideways in afternoon trade. The Nifty traded below the 22,200 level. Realty, PSU bank and metal shares advanced while media and IT stocks declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 8.75 points or 0.01% to 73,048.65. The Nifty 50 index added 1.55 points or 0.01% to 22,195.40.

In the broader market, The S&P BSE Mid-Cap index lost 0.25% and the S&P BSE Small-Cap shed 0.02%.

The market breadth was weak. On the BSE, 1,839 shares rose and 1,929 shares fell. A total of 123 shares were unchanged.

Gainers & Losers:

Tata Steel (up 3.01%), JSW Steel (up 2.82%), State Bank of India (up 1.98%), Adani Enterprises (up 1.58%) and Eicher Motors (up 1.23%) were major Nifty gainers.

Power Grid Corporation of India (down 1.93%), Bharat Petroleum Corporation (down 1.86%), Coal India (down 1.44%), Infosys (down 1.27%) and NTPC (down 1.25%) were major Nifty losers.

Stocks in Spotlight:

Varun Beverages gained 1.58% after the company announced the signing of an exclusive deal with PepsiCo to manufacture and package `Cheetos� in Morocco.

Hindalco Industries added 1.29% after its fully owned subsidiary, Novelis Inc. announced that it has confidentially submitted a filing for initial public offering (IPO) with the US Securities and Exchange Commission (SEC).

ABB India surged 9.24% after the company�s net profit (from continuing operations) grew by 12.8% to Rs 345.20 crore in Q4 CY23 as compared with Rs 305.91 crore recorded in Q4 CY22. The company�s total revenue from operation increased 13.62% to Rs 2,757 crore for the fourth quarter of CY23 as compared to Rs 2,426.91 recorded in corresponding quarter last year, seamless execution of a strong backlog, revenue mix, services focus and capacity utilization led to increased revenue across almost all businesses and divisions.

Thermax rose 0.67%. The company has entered into license and technical assistance agreement with Flowtech Co, South Korea (Licensor) to manufacture poly carboxylate ether products.

Tata Power Company rose 0.45%. The company announced that its wholly-owned subsidiary, Tata Power Trading Company (TPTCL) has collaborated with BluSmart for sourcing green power.

Global Markets:

Most of the European stocks advanced while Asian stocks were trading mixed on Wednesday, as traders weighed big tech prospects ahead of Nvidia Corp.`s hotly anticipated earnings that dragged Wall Street away from its all-time highs.

In January, Japanese exports surpassed expectations, growing by 11.9% year-on-year due to increased overseas demand for automobiles and electronics. This exceeded the anticipated 9.5% rise and marked Japan`s fastest export growth since November 2022. Conversely, imports experienced a larger-than-expected decline of 9.6%, compared to the predicted 8.4% drop, reflecting sluggish domestic demand. Consequently, Japan`s trade balance unexpectedly shifted to a surplus of 240 billion yen ($1.60 billion) from a deficit of 410 billion yen in December.

The US Dow Jones index futures is currently down by 28 points, signaling a negative opening for US stocks today. Traders awaited more cues on monetary policy from the minutes of the Federal Reserve�s late-January meeting.

In the US, the Nasdaq 100 dropped almost 1% while the S&P 500 fell below 5,000 in the last session. Nvidia`s stock also fell more than 4% ahead of its scheduled earnings announcement on Wednesday. Traders are keenly observing its result, seeking confirmation that the chipmaker can meet the high expectations associated with the artificial-intelligence boom.

The US 10-year bond yield is recorded at 4.27%. In the commodities market, Brent crude for April 2024 settlement was at $82.57 a barrel.

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