Indices trade with limited gains; European mkt opens lower

The domestic equity benchmarks extended gains in afternoon trade. The Nifty traded above the 21,200 mark after hitting day�s low of 20,976.80. Barring private bank all the sectoral indices on the NSE were traded in green. Trading was volatile due to expiry of weekly index options on the NSE.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 288.82 points or 0.41% to 70,795.13. The Nifty 50 index added 87.30 points or 0.41% to 21,237.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.99% and the S&P BSE Small-Cap index gained 1.24%.

The market breadth was strong. On the BSE, 2,521 shares rose and 1,160 shares fell. A total of 150 shares were unchanged.

Gainers & Losers:

Power Grid Corporation of India (up 2.51%), Britannia Industries (up 1.92%), Bharat Petroleum Corporation (BPCL) (up 1.68%), Apollo Hospitals (up 1.52%) and Reliance Industries (up 1.44%) were major Nifty gainers.

Axis Bank (down 2.18%), Bajaj Auto (down 1.52%), SBI Life Insurance Company (down 0.76%), Cipla (down 0.71%) and ICICI Bank (down 0.65%) were major Nifty losers.

ICICI Bank declined 1.52%. RBI has approved the re-appointment of Sandeep Batra as Executive Director of the Bank with effect from 23 December 2023 to 22 December 2025. This renewed term of two years is within the five years term as previously approved by the shareholders.

Stocks in Spotlight:

UltraTech Cement added 0.47%. The company has entered into share subscription and shareholders agreement to acquire 26% equity shares of Clean Max Terra, a company engaged in generation and transmission of renewable energy. The acquisition is for the purposes of meeting the company�s green energy needs, optimising energy cost and comply with regulatory requirements for captive power consumption under electricity laws.

Mazagon Dock Shipbuilders gained 3.27% after the state-owned shipbuilding firm said that it has signed a contract worth about Rs 1,600 crore with acquisition wing of the Ministry of Defence for the construction and delivery of six next generation offshore patrol vessels (NGOPVs) for Indian Coast Guard (ICG).

Global Markets:

Most of the European stocks were trading lower while Asian stocks ended mixed on Thursday after Wall Street dropped overnight, while investors awaited gross domestic product reading and inflation numbers from the U.S. Investors in Asia will assess producer prices reading from South Korea, as well as Indonesia�s central bank decision on Thursday.

US stocks closed lower on Wednesday after an abrupt mid-afternoon nosedive ended Wall Street`s impressive rally, which had been driven by falling interest rates and the Federal Reserve`s dovish turn.

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