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Indices edge higher; breadth positive

Published on Feb 12, 2024 09:38

The domestic equity benchmarks traded with minor gains in early trade. The Nifty traded above 21,800 level. IT, media and metal shares advanced while PSU Bank, realty and oil & gas stocks declined.

At 09:33 IST, the barometer index, the S&P BSE Sensex, was up 52.34 points or 0.07% to 71,647.83. The Nifty 50 index added 20.55 points or 0.09% to 21,803.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% and the S&P BSE Small-Cap index added 0.07%.

The market breadth was positive. On the BSE, 1,776 shares rose and 1,350 shares fell. A total of 109 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 141.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 421.87 crore in the Indian equity market on 9 February, provisional data showed.

Stocks in Spotlight:

Hero MotoCorp declined 3.45%. The company reported 51% jump in standalone net profit to Rs 1,073 crore on a 21% increase in revenue to Rs 9,724 crore in Q3 FY24 as compared with Q3 FY23.

Tata Power Company slipped 2.72%. The company reported 2.28% jump in consolidated net profit to Rs 1076.12 crore in Q3 FY24 as compared with Rs 1052.14 crore in Q3 FY23. Revenue from operations increased 3.69% to Rs 14,651 crore in Q3 FY24 from Rs 14,129.12 crore in Q3 FY23.

ONGC fell 1.22%. The company reported 7.9% fall in consolidated net profit to Rs 10748 crore in Q3 FY24 as compared with Rs 11665 crore in Q3 FY23. Gross Revenue fell 2.2% to Rs 165569 crore in Q3 FY24 from Rs 169213 crore in Q3 FY23.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.24% to 7.097 from previous close of 7.114.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9975, compared with its close of 82.0700 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement fell 0.09% to Rs 62,240.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.09% to 104.05.

The United States 10-year bond yield fell 0.45% to 4.174.

In the commodities market, Brent crude for April 2024 settlement shed 48 cent or 0.58% to $81.71 a barrel.

Global Markets:

Asia markets were traded mixed Monday to start a holiday-shortened week for most markets, while China remains shut for the week. Many major stock markets in Asia-Pacific were closed Monday including Hong Kong, Taiwan and South Korea.

Wall Street ended higher on Friday after December�s revised inflation reading came in lower than first reported. The benchmark S&P 500 closed above the key 5,000 level for the first time ever.

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