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Market extends gains; Sensex rises 316 pts

Published on Feb 27, 2024 13:32

The frontline indices marched higher and hit a fresh intraday high in afternoon trade. The Nifty traded a tad above the 22,200 level after hitting the day`s low of 22,085.65 in early trade. Realty, consumer durables and IT shares advanced while oil & gas, FMCG and financial services stocks are in edged lower.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 315.87 points or 0.43% to 73,106. The Nifty 50 index rose 82.30 points or 0.37% to 22,204.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% and the S&P BSE Small-Cap index gained 0.17%.

The market breadth was negative. On the BSE, 1,787 shares rose and 1,962 shares fell. A total of 122 shares were unchanged.


All-India House Price Index (HPI) increased by 3.8% YoY in Q3:2023-24 compared to 3.5% growth in the previous quarter and 2.8% a year ago, the Reserve Bank of India reported Annual HPI growth varied widely across the cities - ranging from a high of 8.4% (Chennai) to a low of 0.6% (Kochi). On a sequential basis, all-India HPI increased by 1.6% in Q3:2023-24; among the ten cities, six (viz., Delhi, Mumbai, Chennai, Bengaluru, Ahmedabad and Kochi) recorded rise in house prices during the latest quarter. The Reserve Bank released its quarterly house price index (HPI) 1 (base: 2010-11=100) for Q3:2023-24, based on transaction-level data received from the registration authorities in ten major cities.

Gainers & Losers:

Tata Consultancy Services (up 2.37%), Tata Motors (up 1.71%), HDFC Life Insurance Company (up 1.68%), Power Grid Corporation of India (up 1.49%) and HCL Technologies (up 1.34%) major Nifty gainers.

Hero MotoCorp (down 1.59%), State Bank of India (down 1.17%), Divi`s Laboratories (down 1.04%) Adani Ports and Special Economic Zone (down 1.03%) and UPL (down 0.97%) were major Nifty losers.

Stocks in Spotlight:

One 97 Communications advanced 2.24% after the company said that it has withdrawn its nominee from the board of Paytm Payments Bank and Vijay Shekhar Sharma will step down as part-time non-executive chairman and board member.

Canara Bank rose 0.59%. The public lender�s board has approved the sub-division of one equity share having a face value of Rs 10 each fully paid-up, into five equity shares of Rs 2 each, fully paid-up, subject to approval of the Reserve Bank of India.

Multi Commodity Exchange of India (MCX) gained 1.88% after the company said that it has entered into a memorandum of understanding (MoU) with Jakarta Futures Exchange (JFX) for knowledge sharing and regional development.

Global Markets:

Most of European stocks advanced while Asian stocks traded mixed on Tuesday as markets await events due later this week for a better gauge of the global interest-rate outlook.

US stocks ended with modest losses on Monday, as the focus shifted after last week`s AI-fuelled rally to upcoming economic data that could affect the timing of the Federal Reserve`s expected interest rate cut.

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