Indices trade with minor gains; financial services advance

The domestic equity barometers traded with decent gains in the early afternoon trade. The Nifty scaled above the 22,150 mark. Financial services stocks extended gains for the sixth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 251.38 points or 0.35% to 72,959.54. The Nifty 50 index added 38.65 points or 0.17% to 22,160.90.

In the broader market, the S&P BSE Mid-Cap index declined 0.30% and the S&P BSE Small-Cap index rose 0.04%.

The market breadth was positive. On the BSE, 2,007 shares rose and 1,716 shares fell. A total of 123 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.21% to 16.21. The Nifty 29 February 2024 futures were trading at 22,190.15, at a premium of 29.25 points as compared with the spot at 22,160.90.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 60.3 lakh contracts at the 23,000 strike price. Maximum Put OI of 42 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Financial Services index advanced 0.91% to 20,736.35. The index jumped 4.11% in six trading sessions.

HDFC Asset Management Company (up 2.12%), HDFC Bank (up 1.93%), Axis Bank (up 1.43%), Kotak Mahindra Bank (up 1.31%) and ICICI Prudential Life Insurance Company (up 1.27%), SBI Cards & Payment Services (up 1.21%), SBI Life Insurance Company (up 1.15%), Bajaj Finance (up 1.04%), ICICI Bank (up 0.49%) and State Bank of India (up 0.36%) edged higher.

On the other hand, Cholamandalam Investment & Finance Company (down 2.55%), Shriram Finance (down 1.37%) and Power Finance Corporation (down 1.22%) edged lower.

Stocks in Spotlight:

CIE Automotive India declined 2.62% after the company�s consolidated net profit from continuing operations fell 9.13% to Rs 177.04 crore in Q4 CY23 as compared with Rs 194.83 crore in Q4 CY22. Revenue from operations fell 0.29% YoY to Rs 2,240.39 crore in Q4 CY23.

JSW Infrastructure advanced 2.66% after it received letter of intent (LoI) from Jawaharlal Nehru Port Authority (JNPA) for a work order through public private partnership (PPP) mode.

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