Nifty slips below 22,650; broader market outperforms

The headline equity benchmarks traded in negative terrain with substantial losses in morning trade. The Nifty traded below 22,650 mark. Nifty Financial Services shares declined after rising in the past six consecutive trading sessions.

At 10:30IST, the barometer index, the S&P BSE Sensex, was declined 418.45 points or 0.54% to 74,632.49. The Nifty 50 index slipped 107.75 points or 0.47% to 22,646.05.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.28% and the S&P BSE Small-Cap index added 0.08%.

The market breadth was negative. On the BSE, 1,597 shares rose and 1,893 shares fell. A total of 161 shares were unchanged.

The Asian Development Bank (ADB) on Thursday raised India�s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

New Listing:

Shares of Bharti Hexacom were currently trading at Rs 802.20 at 10:19 IST on the BSE, representing a premium of 40.74% as compared with the issue price of Rs 570.

The scrip was listed at Rs 755.20, exhibiting a premium of 32.49% to the issue price.

So far, the stock has hit a high of 824.70 and a low of 755.20. On the BSE, over 10.33 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Financial Services index fell 0.75% to 21,554.30. The index rallied 2.67% in past six trading sessions.

Shriram Finance (down 1.53%), Kotak Mahindra Bank (down 1.16%), HDFC Bank (down 1.12%), SBI Cards & Payment Services (down 0.66%), Bajaj Finance (down 0.65%), HDFC Asset Management Company (down 0.56%), ICICI Bank (down 0.5%), Bajaj Finserv (down 0.46%), State Bank of India (down 0.39%) and REC (down 0.31%) declined.

On the other hand, ICICI Prudential Life Insurance Company (up 1.47%), Muthoot Finance (up 1.35%) and Power Finance Corporation (up 0.37%) edged higher.

Stocks in Spotlight:

Vakrangee advanced 2.23% after the company said that it has entered into agreement with Global One Enterprise (Max TV) for offering subscription based OTT Plans through Vakrangee Kendra networks.

Computer Age Management Services (CAMS) rallied 4.20% after the Reserve Bank of India (RBI), in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has granted authorisation to the company to operate as an Online Payment Aggregator.

Metropolis Healthcare jumped 4.48% after the company said that its core business revenue (excluding revenue from covid, covid allied tests & PPP contracts) jumped approximately 15% YoY in Q4 of FY24.

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