Market pares losses; Nifty climbs above 22,400; private banks gain

The headline equity benchmarks reversed all losses and traded with moderate gains in the mid-afternoon trade. The Nifty marched above the 22,400 level. Private bank shares advanced after declining in the past trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 206.07 points or 0.28% to 73,883.20. The Nifty 50 index rose 50.55 points or 0.23% to 22,406.85.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.02% and the S&P BSE Small-Cap index fell 2.01%.

The market breadth was weak. On the BSE, 749 shares rose and 3,074 shares fell. A total of 94 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index gained 1.19% to 24,013.45. The index shed 0.20% in the past trading session.

Kotak Mahindra Bank (up 2.73%), Axis Bank (up 2.52%), ICICI Bank (up 1.39%), IndusInd Bank (up 1.24%) and Federal Bank (up 1.16%), HDFC Bank (up 0.28%) advanced.

On the other hand, Bandhan Bank (down 1.39%), RBL Bank (down 1.21%) and IDFC First Bank (down 0.43%) edged lower.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper was down 0.06% to 7.053 as compared with the previous close of 7.052.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.8975, compared with its close of 82.9025 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.12% to Rs 64,770.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.11% to 103.68.

The United States 10-year bond yield rose 0.73% to 4.166.

In the commodities market, Brent crude for April 2024 settlement added 39 cents or 0.48% to $82.43 a barrel.

Stocks in spotlight:

IIFL Finance was locked in lower circuit of 20%. The company informed that the Fairfax India Holdings Corporation has agreed to provide liquidity support to the company amidst the Reserve Bank of India (RBI) embargo on the company`s gold loan disbursements with effect from 5 March 2024.

Torrent Pharma rose 0.86%. The drug maker informed that the US drug regulator has issued an establishment inspection report (EIR) for the Bileshwarpura facility in Gujarat stating the inspection to be closed.

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