Nifty hovers above 19,400; financial services slide

The benchmark indices traded near the flat line in mid-afternoon trade. The Nifty traded above the 19,400 level. Financial services shares saw profit booking after rising in the past four trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 28.29 points or 0.04% to 64,914.11. The Nifty 50 index added 12.95 points or 0.07% to 19,419.65.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index advanced 0.61% while the S&P BSE Small-Cap index rose 0.59%.

The market breadth was strong. On the BSE, 2,003 shares rose and 1,661 shares fell. A total of 120 shares were unchanged.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.18% to 7.267 from its previous close of 7.280.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2800, compared with its close of 83.2750 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement advanced 0.11% to Rs 60,416.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.18% to 105.73.

The United States 10-year bond yield advanced 0.44% to 4.591.

In the commodities market, Brent crude for January 2024 settlement gained 11 cents or 0.13% to $81.72 a barrel.

Buzzing Index:

The Nifty Financial Services index fell 0.34% to 19,493.80. The index had advanced 2.17% in past four trading sessions.

LIC Housing Finance (down 1.63%), Muthoot Finance (down 1.44%), ICICI Prudential Life Insurance Company (down 1.43%), ICICI Bank (down 1.3%), HDFC Asset Management Company (down 1.15%), ICICI Lombard General Insurance Company (down 1.01%), Bajaj Finance (down 0.63%), Indian Energy Exchange (down 0.53%), HDFC Life Insurance Company (down 0.47%) and Kotak Mahindra Bank (down 0.45%) slipped.

On the other hand, REC (up 0.92%), SBI Life Insurance Company (up 0.46%) and Power Finance Corporation (up 0.3%) edged higher.

Stocks in Spotlight:

Hindalco Industries rose 0.70% after its wholly-owned subsidiary, Novelis Inc, reported a 14.21% decline in net income to $157 million in Q2 FY24 from $183 million in Q2 FY23. The net income on year on year basis was mainly impacted due to lower adjusted EBITDA. Net sales decreased 14% as against the prior year period to $4.1 billion for the second quarter of FY24, primarily driven by lower average aluminum prices and a 5% decrease in total flat rolled product shipments to 933 kilotonnes, partially offset by increased product pricing and favorable product mix.

Prince Pipes & Fittings jumped 17.23% after the company reported net profit of Rs 70.63 crore in Q2 FY24 as against a net loss of Rs 24.11 crore recorded in Q2FY23. Revenue from operations rose 3.13% to Rs 656.45 crore in Q2 FY24 as against Rs 636.48 crore recorded in Q2 FY23.

Vinati Organics declined 0.61% after the company reported 27% fall in consolidated net profit to Rs 84.16 crore on a 21% decline in revenue from operations to Rs 448.14 crore in Q2 FY24 as compared with Q2 FY23.

Powered by Capital Market - Live News