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Market opens on firm note, Nifty above 21,950 mark

Published on Feb 16, 2024 09:34

The benchmark indices were trading with decent gains in early trade, tracking positive global cues. The Nifty traded above the 21,950 mark. Barring the Nifty Realty index, all the sectoral indices on the NSE were in the green.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 239.32 points or 0.33% to 72,289.70. The Nifty 50 index added 83.95 points or 0.38% to 21,994.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.69% and the S&P BSE Small-Cap index advanced 0.91%.

The market breadth was strong. On the BSE, 2,242 shares rose and 653 shares fell. A total of 78 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,064.15 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,276.93 crore in the Indian equity market on 15 February, provisional data showed.

Stocks in Spotlight:

Axis Bank declined 0.70%. A Public Interest Writ Petition has been filed by Subramanian Swamy against Union of India, Axis Bank, Axis Securities Limited, Axis Capital and others before the High Court of Delhi in connection with the sale / purchase of shares of Max Life Insurance Company. Axis Bank believes that there is no material impact of the allegations being made against Axis Bank in connection with the transaction.

Escorts Kubota rose 0.77%. The company has executed a Long-term Wage Settlement Agreement with the Workers` Union for a period of three years and received the signed copy from the government authorities.

B.L. Kashyap and Sons rallied 4.83%. The company has secured new order aggregating to Rs 208 crore approx for construction of Block D1 & D2 (SEZ) at Embassy Manyata Business Park Campus, Bangalore.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.08% to 7.079 from previous close of 7.085.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0200, compared with its close of 83.0500 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement added 0.01% to Rs 61,628.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.12% to 104.42.

The United States 10-year bond yield gained 0.42% to 4.258.

In the commodities market, Brent crude for April 2024 settlement fell 9 cents or 0.11% to $82.77 a barrel.

Global Markets:

Asian stocks advanced across the board on Friday, boosted by overnight gains on Wall Street. Japan�s Nikkei 225 hit a fresh 34-year high. Mainland China markets remain closed for the Chinese New Year holidays.

US stocks closed higher on Thursday as retail sales data declined more than expected, feeding hopes the Federal Reserve will soon start cutting interest rates in coming months.

US retail sales fell more than expected in January. Retail sales dropped 0.8% last month, the Commerce Department`s Census Bureau said on Thursday. Data for December was revised lower to show sales rising 0.4%, instead of 0.6% as previously reported.

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