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Broader mkt outperforms; PSU banks advance

Published on Feb 15, 2024 11:36

The benchmark indices traded near the flat line in mid-morning trade. The Nifty hovered above the 21,850 mark. PSU bank shares witnessed buying demand for the third consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 22.23 points or 0.03% to 71,800.60. The Nifty 50 index added 15.30 points or 0.07% to 21,855.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.62% and the S&P BSE Small-Cap index rallied 1.19%.

The market breadth was strong. On the BSE, 2,383 shares rose and 1,283 shares fell. A total of 116 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index increased 1.25% to 7,020.75. The index advanced 5.78% in three trading sessions.

Punjab National Bank (up 2.16%), Bank of India (up 2.06%), Bank of Baroda (up 1.76%), Union Bank of India (up 1.62%), Canara Bank (up 0.97%) and State Bank of India (up 0.67%) advanced.

On the other hand, UCO Bank (down 1.87%), Central Bank of India (down 1.83%) and Indian Bank (down 1.75%) edged lower.

Stocks in Spotlight:

Gland Pharma declined 2.72% after the company�s consolidated net profit fell 17.28% to Rs 191.86 crore in Q3 FY24 as against with Rs 231.95 crore posted in Q3 FY23. Revenue from operations jumped 64.68% to Rs 1,545.2 crore in Q3 FY24 as against Rs 938.29 crore recorded in Q3 FY23.

Glenmark Pharmaceuticals rose 0.09%. The company reported net loss of Rs 330.81 crore in Q3 FY24 as compared with net profit of Rs 290.76 crore in Q3 FY23. Revenue from operations declined 19.67% to Rs 2,460.29 crore in Q3 FY24 as compared with Rs 3,062.75 crore in Q3 FY23. The lower sales in the current quarter are mainly on account of a one‐time impact on the company�s India business

Hindustan Unilever (HUL) shed 0.96%. The firm informed that it is looking to collaborate with Andhra Pradesh Government on palm oil production in the state, which is expected to create over 1,000 jobs. The FMCG major seeks to partner with more than 15,000 farmers in Andhra Pradesh to create at least 30,000 hectares of oil palm plantations.

Global Markets:

Most of the Asian stocks advanced on Thursday after Wall Street resumed a rally as robust earnings helped overcome worries about persistent inflation.

GDP numbers from Japan showed that Asia�s second-largest economy had entered a technical recession. Provisional gross domestic product contracted 0.4% in the fourth quarter compared with a year ago, after a revised 3.3% slump in the July-September period.

US stocks rose on Wednesday as the robust earnings of big technology firms helped ease worries about persistent price pressure. Shares of ride-hailing platforms Lyft and Uber rallied, while Nvidia displaced Alphabet as the US stock market`s third most valuable company.

US producer prices fell more than initially thought in December, revised government data showed on Wednesday. The producer price index for final demand dropped 0.2% in December instead of dipping 0.1% as previously reported, annual revisions of the PPI data published by the Labor Department`s Bureau of Labor Statistics (BLS) showed.

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