Broader mkt outperforms, private bank shares decline

The frontline indices continued to trade in a narrow range with strong gains in mid-afternoon trade. The Nifty traded above the 21,600 level. Private Bank shares extended losses for the fourth consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 507.39 points or 0.71% to 71,694.25. The Nifty 50 index added 157.25 points or 0.73% to 21,619.50.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index advanced 1.43% and the S&P BSE Small-Cap rose 0.98%.

The market breadth was strong. On the BSE, 2,464 shares rose and 1,312 shares fell. A total of 115 shares were unchanged.

Buzzing Index:

The Nifty Private Bank shed 0.42% to 23,503.05. The index fell 5.55% in four trading sessions.

IndusInd Bank (down 3.72%), IDFC First Bank (down 1.68%), RBL Bank (down 1.35%), Kotak Mahindra Bank (down 1.18%), HDFC Bank (down 1.07%), Federal Bank (down 0.75%), Bandhan Bank (down 0.62%) and City Union Bank (down 0.21%) edged lower.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.15% to 7.189 as compared with previous close 7.178.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1375, compared with its close of 83.1325 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.43% to Rs 62,036.00.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 103.48.

The United States 10-year bond yield added 0.22% to 4.154.

In the commodities market, Brent crude for February 2024 settlement rose 26 cents or 0.33% to $79.36 a barrel.

Stocks in Spotlight:

UltraTech Cement added 1.69% after the cement major reported its highest ever quarterly consolidated net profit at Rs 1,774.78 crore in Q3 FY24, registering a growth of 67.03% YoY. Revenue from operations rose 7.85% YoY to Rs 16,739.97 crore in the quarter ended 31 December 2023.

360 ONE WAM declined 2.04%. The company reported 12% rise in consolidated net profit to Rs 192.11 crore on 26.77% jump in total income to Rs 672.06 crore in Q3 FY24 over Q3 FY23.

Innova Captab jumped 4.75% after the company�s consolidated net profit jumped 22.06% to Rs 22.91 crore in Q3 FY24 as against Rs 18.77 crore posted in Q3 FY23. Revenue from operations grew by 16.82% year on year to Rs 282.94 crore in the quarter ended 31 December 2023.

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