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Indices trade with significant gains; PSU bank shares rally for 5th day

Published on Jan 31, 2024 14:36

The benchmark equity indices continued to trade with strong gains in mid-afternoon trade. The Nifty traded above the 21,650 level hitting the day�s low of 21,448.85 in early trade. PSU Bank shares witnessed buying demand for the fifth consecutive trading sessions.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 433.03 points or 0.61% to 71,572.93. The Nifty 50 index added 150.25 points or 0.70% to 21,672.35.

The broader market outperformed the frontline indices, S&P BSE Mid-Cap index added 1.31% and the S&P BSE Small-Cap index rose 1.67%.

The market breadth was positive. On the BSE, 2,450 shares rose and 1,341 shares fell. A total of 102 shares were unchanged.


Growth in India is projected to remain strong at 6.5% in both 2024 and 2025, the International Monetary Fund said on Tuesday. The report pegged global growth at 3.1% in 2024 and 3.2% in 2025. Growth in China is projected at 4.6% in 2024 and 4.1% in 2025, with an upward revision of 0.4% points for 2024 since the October 2023 World Economic Outlook, the IMF said, adding that in the US, growth is likely to fall from 2.5% in 2023 to 2.1% in 2024 and 1.7% in 2025. China and India account for most of the upward revision. In China, growth was supported by higher spending on disaster reconstruction and resilience projects. In India, strong domestic demand underpinned another increase in our growth estimate, the Fund noted.

Buzzing Index:

The Nifty PSU Bank index rose 1.73% to 6,238.35. The index jumped 7.43% in the five trading sessions.

UCO Bank (up 9.26%), Punjab National Bank (up 3.8%), Bank of Baroda (up 3.07%), Bank of Maharashtra (up 2.79%), Central Bank of India (up 2.67%), Punjab & Sind Bank (up 2.42%), Indian Overseas Bank (up 2.38%), State Bank of India (up 1.38%), Indian Bank (up 1.31%) and Bank of India (up 0.72%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.17% to 7.143 as compared with previous close 7.155.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0350, compared with its close of 83.1000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.18% to Rs 62745.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.13% to 103.53.

The United States 10-year bond yield declined 1.09% to 4.011.

In the commodities market, Brent crude for February 2024 settlement shed 5 cents or 0.6% to $82.45 a barrel.

Stocks in Spotlight:

VIP Industries fell 0.04%. The luggage manufacturer�s consolidated net profit dropped 83.79% to Rs 7.15 crore in Q3 FY24 as compared with Rs 44.10 crore recorded in Q3 FY23.

Man Infraconstruction added 3.71% after the company announced that its uber-luxurious `Aaradhya OnePark` project in Ghatkopar East raked in Rs 333 crore in sales at launch.

SRF rallied 4.75%. The specialty chemical maker`s consolidated net profit slipped 50.4% to Rs 253.43 crore on 12% decline in revenue from operations to Rs 3,053.04 crore in Q3 FY24 over Q3 FY23.

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