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Indices trade with small gains; European mkt opens higher

Published on Feb 29, 2024 13:34

The frontline indices traded with minor gains in afternoon trade. The Nifty traded above the 21,950 mark after hitting the day�s low of 21,860.65 in morning trade. Metal, PSU bank and financial services shares advanced while media, realty and stocks edged lower. Trading was volatile due to February F&O series expiry today.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 132.53 points or 0.18% to 72,437.41. The Nifty 50 index rose 16.75 points or 0.08% to 21,967.90.

In the broader market, The S&P BSE Mid-Cap index rose 0.15% and the S&P BSE Small-Cap index shed 0.14%.

The market breadth was negative. On the BSE, 1,634 shares rose and 2,095 shares fell. A total of 123 shares were unchanged.


The National Statistical Office (NSO) is scheduled to release the official third quarter GDP data today. India�s economic growth is likely to moderate in the range of 6 to 6.8% in the third quarter of the current financial year, sharply lower than 7.6% expansion recorded in the previous quarter, as per reports.

Gainers & Losers:

Mahindra and Mahindra (up 2.15%), Tata Consumer Products (up 1.46%), Adani Enterprises (up 1.42%), Maruti Suzuki India (up 1.15%) and Adani Ports and Special Economic Zone (up 1.11%) major Nifty gainers.

Apollo Hospitals Enterprise (down 3.70%), Bajaj Auto (down 2.85%), Eicher Motors (down 2.35%) LTIMindtree (down 2.31%) and UPL (down 1.39%) were major Nifty losers.

Stocks in Spotlight:

Reliance Industries (RIL) rose 0.45%. The company, Viacom 18 Media and The Walt Disney Company announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star.

NBCC (India) added 1.28% after the company announced that it has successfully sale of commercial built up space at Ayurvigyan Nagar, New Delhi.

Emami shed 1.10%. The company said that it has entered into an agreement for investing Rs 1.95 crore, by way of subscription to the compulsorily convertible preference shares of Cannis Lupus Services India, its associate company.

Suzlon Energy declined 1.23%. The firm said that it has received an order from EDF renewables for the development of a 30 MW wind power project.

Global Markets:

European shares advanced while Asian stocks traded mixed on Thursday as investors awaited U.S. personal consumption expenditures price index data for clues on the Federal Reserve�s interest rate path.

The U.S. personal consumption expenditures price index is due later in the day, while China�s manufacturing purchasing managers� index reading is scheduled to be released Friday.

US stocks closed lower on Wednesday as investors awaited the Fed�s preferred inflation report. The US economy grew at a solid clip in the fourth quarter amid strong consumer spending, the government confirmed on Wednesday. Gross domestic product increased at a 3.2% annualised rate last quarter, revised slightly down from the previously reported 3.3% pace, the Commerce Department`s Bureau of Economic Analysis said in its second estimate of fourth-quarter GDP growth.

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