Equity benchmarks hit fresh intraday high; auto shares rise for 4th day

The key equity indices extended gains and hit fresh intraday high in morning trade. The Nifty continued to hold above the 21,500 mark. Auto shares extended their wining streak for fourth consecutive session.

At 10:31 IST, the barometer index, the S&P BSE Sensex, was up 456.04 points or 0.64% to 71,792.84. The Nifty 50 index advanced 92.65 points or 0.43% to 21,534.

In the broader market, the S&P BSE Mid-Cap index added 0.83% and the S&P BSE Small-Cap index gained 0.67%.

The market breadth remained strong. On the BSE, 2375 shares rose and 1128 shares fell. A total of 164 shares were unchanged.

Buzzing Index:

The Nifty Auto index advanced 0.90% to 18,115.95. The index has gained 3.38% in four sessions.

Sona BLW Precision Forgings (up 5.68%), Tata Motors (up 2.18%), Bajaj Auto (up 1.74%), Tube Investments of India (up 1.24%) and Balkrishna Industries (up 1.01%) were the top gainers.

Among the other gainers were Mahindra & Mahindra (up 0.96%), TVS Motor Company (up 0.94%), Ashok Leyland (up 0.89%), MRF (up 0.78%) and Eicher Motors (up 0.36%).

On the other hand, Hero MotoCorp (down 0.5%), Maruti Suzuki India (down 0.28%) and Bharat Forge (down 0.07%) turned lower.

Stocks in Spotlight:

Adani Ports and Special Economic Zone was up 0.10%. The company will consider fundraising via non-convertible debentures on Jan. 3.

Power Grid Corporation of India added 0.86%. The company started commercial operations at the 500 MW wind energy zone in Tamil Nadu. It has also acquired Vataman Transmission for Rs 18.2 crore and the Koppal-Gadag transmission SPV in Karnataka for Rs 18.4 crore from Power Finance Corp.

Zydus Lifesciences shed 0.17%. The company�s unit received an income tax demand worth Rs 284.58 crore for AY 2023�24. The company believes the entire demand will be nullified post-rectification.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.04% to 7.186 as compared with previous close 7.183.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2725, compared with its close of 83.1900 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement gained 0.36% to Rs 63,254.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 101.47.

The United States 10-year bond yield fell 0.13% to 3.880.

In the commodities market, Brent crude for February 2024 settlement added 2 cents or 0.02% to $80.87 a barrel.

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