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Nifty hits all-time high; consumer durables in demand

Published on Feb 19, 2024 11:31

The benchmark indices traded with significant gains in mid-morning trade. The Nifty traded above 22,100 level. Consumer durables shares extended gains for the fifth consecutive trading session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 217.52 points or 0.30% to 72,644.16. The Nifty 50 index added 88.45 points or 0.40% to 22,129.15.

The benchmark, Nifty50 index hit an all-time high at 22,150.75 in mid-morning trade.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.53% and the S&P BSE Small-Cap index gained 0.79%.

The market breadth was strong. On the BSE, 2,438 shares rose and 1,362 shares fell. A total of 159 shares were unchanged.

Buzzing Index:

The Nifty Consumer Durables index advanced 1.48% to 31,904.40. The index rallied 3.73% in five trading sessions.

Rajesh Exports (up 6.12%), Blue Star (up 4.12%), Dixon Technologies (India) (up 3.7%), Amber Enterprises India (up 2.47%), Orient Electric (up 2.23%), Kajaria Ceramics (up 1.87%), V-Guard Industries (up 1.48%), Crompton Greaves Consumer Electricals (up 1.21%), Voltas (up 0.92%) and Bata India (up 0.86%) advanced.

Stocks in Spotlight:

Omaxe hit an upper circuit of 10% after the company�s consortium has declared as a successful bidder by Uttar Pradesh State Road Transport Corporation (UPSRTC) to develop two bus terminals.

Paisalo Digital zoomed 13.99% after the NBFC announced that its board will consider raising of funds in its meeting to be held on Wednesday, 21 February 2024 on private placement basis.

Godrej Properties shed 0.81%. The company said that the credit rating agency ICRA has reaffirmed its long-term rating on the debt instruments of the company at `ICRA] AA+ (Stable)�. The agency has also reaffirmed the company�s short-term rating at `[ICRA] A1+�.

Global Markets:

Asian stocks traded mixed on Monday after Wall Street slumped on Friday amid signs of US inflation is stickier than expected. Chinese shares were trading higher as they resume trading following the week-long Lunar New Year break.

The People�s Bank of China on Sunday held a key policy rate steady as expected. China�s central bank said it was holding the rate unchanged at 2.5% on 500 billion yuan ($69.51 billion) worth of one-year medium-term lending facility.

US stocks fell on Friday after a hotter-than-expected producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve.

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