MARKET TRADE WITH SMALL GAINS; FINANCIAL SERVICES SHARES ADVANCE

The headline equity indices traded near the flat line with some positive bias in mid-afternoon trade. The Nifty traded above the 22,950 mark. Financial Services shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex was, up 57.08 points or 0.08% to 75,475.06. The Nifty 50 index added 10.75 points or 0.05% to 22,978.40.

The Sensex and Nifty clocked an all-time high of 75,636.50 and 23,026.40 in mid-afternoon trade.

In the broader market, The S&P BSE Mid-Cap index added 0.28% and the S&P BSE Small-Cap index shed 0.16%.

The market breadth was weak. On the BSE, 1,658 shares rose and 2,136 shares fell. A total of 116 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index gained 0.64% to 21,870.55. The index rallied 2.55% in two consecutive trading sessions.

Power Finance Corporation (up 5.79%), REC (up 4.08%), HDFC Bank (up 1.48%), Shriram Finance (up 0.95%) and Axis Bank (up 0.67%), Bajaj Finance (up 0.58%), ICICI Lombard General Insurance Company (up 0.25%), State Bank of India (up 0.19%) and HDFC Life Insurance Company (up 0.09%) advanced.

On the other hand, Cholamandalam Investment & Finance Company (down 1.31%), Muthoot Finance (down 1.07%) and Kotak Mahindra Bank (down 0.74%) edged lower.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.07% to 6.992 as compared with previous close 6.997.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.0650, compared with its close of 83.2975 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.31% to Rs 72,089.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.13% to 104.97.

The United States 10-year bond yield fell 0.16% to 4.470.

In the commodities market, Brent crude for July 2024 settlement lost 25 cents or 0.31% to $ 81.11 a barrel.

Stocks in Spotlight:

Finolex Cables rallied 14.45% after the company`s consolidated net profit increased 6.34% to Rs 186.10 crore on 14.43% rise in revenue from operations to Rs 1,401.02 crore in Q4 FY24 over Q4 FY23.

JK Lakshmi Cement added 1.60% after the cement maker reported 46.27% rise in standalone net profit to Rs 142.35 crore in Q4 FY24 from Rs 97.32 crore in same quarter last year. Revenue from operations fell by 4.69% YoY to Rs 1,647.78 crore in the fourth quarter. Sales volume for the period under review was 25.51 lakh tones, down 4.28% YoY.

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