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Benchmarks trim gains; Nifty below 21,850

Published on Feb 02, 2024 13:32

The frontline indices pared some of the gains in afternoon trade. The Nifty traded below 21,850 level after hitting day�s high of 22,126.80 in early afternoon trade. Oil & gas, PSU Bank and IT shares advanced while FMCG and private bank stocks declined.

At 13:26 IST, the barometer index, the S&P BSE Sensex, gained 318.58 points or 0.44% to 71,963.88. The Nifty 50 index added 137.95 points or 0.64% to 21,835.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.71% and the S&P BSE Small-Cap index added 0.42%.

The market breadth was positive. On the BSE, 2,022 shares rose and 1,751 shares fell. A total of 105 shares were unchanged.

Gainers & Losers:

Bharat Petroleum Corporation (BPCL) (up 9.04%), Power Grid Corporation of India (up 4.98%), Adani Ports and Special Economic Zone (up 4.28%), Oil and Natural Gas Corporation (up 3.37%) and Hero Motocorp (up 3.12%) were major Nifty gainers.

Eicher Motors (down 2.62%), HDFC Life Insurance Company (down 0.93%), SBI Life Insurance Company (down 0.77%), Hindustan Unilever (down 0.66%) and HDFC Bank (down 0.63%) were major Nifty losers.

Hero MotoCorp added 3.12% after the company announced that it had sold 433,598 two-wheeler units in January 2024, which is higher by 22% as compared with the same period last year.

Eicher Motors fell 2.62%. The auto maker�s total motorcycles (Royal Enfield) sales rose 2% to 76,187 units in January 2024 as against 74,746 units sold in January 2023.

Separately, Eicher Motors announced that its unlisted subsidiary VE Commercial Vehicles (VECV) had reported 1.6% decrease in commercial vehicles (CV) sales to 7,066 units in January 2024 from 7,181 units in January 2023.

Stocks in Spotlight:

TVS Motor Company gained 2.12% after the 2-wheeler maker reported monthly sales of 339,513 units in January 2024, registering a growth of 23% as against 275,115 units sold in January 2023.

Indian Hotels Company advanced 1.15% after the company`s consolidated net profit increased 18% to Rs 452 crore on 15% rise in revenue to Rs 2004 crore in Q3 FY24 over Q3 FY23.

NMDC advanced 4.62% after the state-owned miner`s iron ore production grew by 8.1% to 4.54 million tonnes (MT) in January 2024 as against 4.20 MT in January 2023.

Ashok Leyland declined 0.63% after the company sold 15939 vehicles in January 2024, which is lower by 7% as compared with 17200 units sold in January 2023.

Global Markets:

European stocks advanced while Asian stocks traded mixed on Friday, mirroring Wall Street�s rebound from the sell-off earlier this week after US Fed Chairman Jerome Powell indicated the U.S. Federal Reserve was unlikely to cut rates in March.

US stocks rebounded on Thursday as investors looked to a spate of high-profile earnings and the Friday`s employment report.

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