Market turns rangebound, Nifty hovers above 21,200

The frontline indices traded in a narrow range with decent gains in mid-afternoon trade. The Nifty hovered above the 21,200 mark after hitting the day�s low of 20,976.80. Metal shares advanced after declining in the past two trading sessions. Trading was volatile due to expiry of weekly index options on the NSE.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 287.25 points or 0.41% to 70,793.56 . The Nifty 50 index added 90.50 points or 0.43% to 21,240.65.

In the broader market, the S&P BSE Mid-Cap index gained 1.02% and the S&P BSE Small-Cap index advanced 1.20%.

The market breadth was strong. On the BSE, 2,473 shares rose and 1,232 shares fell. A total of 153 shares were unchanged.

Buzzing Index:

The Nifty Metal index gained 1.19% to 7,510.10. The index has slipped 4.47% in the past two trading sessions.

Hindustan Copper (up 10.94%), NMDC (up 4.5%), Jindal Stainless (up 3.04%), National Aluminium Company (up 2.88%), Steel Authority of India (up 1.74%) we, Vedanta (up 1.29%), Hindalco Industries (up 1.11%), Jindal Steel & Power (up 1%), Ratnamani Metals & Tubes (up 0.31%) and Tata Steel (up 0.23%) advanced.

Numbers to Tracks:

The yield on India`s 10-year benchmark federal paper shed 0.06% to 7.167 as compared with previous close 7.171.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2725, compared with its close of 83.1850 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement added 0.08% to Rs 62,467.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.05% to 102.36.

The United States 10-year bond yield declined 0.31% to 3.866.

In the commodities market, Brent crude for February 2024 settlement rose 30 cents or 0.38% to $80 a barrel.

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