Nifty around 21,200 level, financial services advance

The frontline indices traded with robust gains in mid-afternoon trade. The Nifty traded near the 21,200 level. Financial services shares edged higher after declining in the past two trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 970.89 points or 1.40% to 70,555.49. The Nifty 50 index advanced 270.40 points or 1.29% to 21,196.75.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,210.90 and 70602.89, respectively, in mid-morning trade today.

In the broader market, the S&P BSE Mid-Cap index rose 1% and the S&P BSE Small-Cap index gained 0.72%.

The market breadth was strong. On the BSE, 2,094 shares rose and 1,629 shares fell. A total of 139 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index advanced 1.46% to 21,480.35. The index shed 0.21% in the past two trading sessions.

Shriram Finance (up 5.75%), Cholamandalam Investment & Finance Company (up 4.19%), Bajaj Finance (up 3.16%), Bajaj Finserv (up 2.44%), SBI Cards & Payment Services (up 2.43%), ICICI Bank (up 2.14%), Kotak Mahindra Bank (up 1.57%), HDFC Bank (up 1.42%), HDFC Asset Management Company (up 1.29%) and Muthoot Finance (up 1.04%) advanced.

On the other hand, HDFC Life Insurance Company (down 2.08%), ICICI Prudential Life Insurance Company (down 1.87%) and Indian Energy Exchange (down 0.33%) edged lower.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper slipped 0.88% to 7.195 as compared with previous close 7.259.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3500, compared with its close of 83.4025 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement advanced 2.21% to Rs 62,550.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.18% to 102.67.

The United States 10-year bond yield declined 2.13% to 3.950.

In the commodities market, Brent crude for February 2024 settlement added $1.04 or 1.40% to $75.30 a barrel.

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