Nifty trade near 22,150; European mrkt drifts lower

The key equity indices continued to trade higher with decent gains in afternoon trade. The Nifty traded near the 22,150 mark. Realty, IT and PSU bank shares declined while consumer durables, Pharma and FMCG shares were in demand.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 300.26 points or 0.41% to 72,726.90. The Nifty 50 index added 108.55 points or 0.49% to 22,149.25.

The benchmark, Nifty50 index hit an all-time high at 22,157.90 in early afternoon trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.54% and the S&P BSE Small-Cap index gained 0.76%.

The market breadth was strong. On the BSE, 2,475 shares rose and 1,471 shares fell. A total of 161 shares were unchanged.

Gainers and Losers:

Grasim Industries (up 3.03%), Bajaj Finserv (up 2.42%), Bajaj Auto (up 2.21%), Bajaj Finance (up 2.06%), Adani Enterprises (up 1.72%) were major Nifty gainers.

SBI Life Insurance Company (down 1.25%), HDFC Life Insurance Company (down 1.06%), LTIMindtree (down 0.98%), Larsen & Toubro (down 0.94%), Tata Motors (down 0.61%) were the top Nifty losers.

Bajaj Auto rallied 2.21% after the company�s buyback committee constituted by the board of directors has fixed 29 February 2024, as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback.

Stocks in Spotlight:

Power Grid Corporation of India rose 1% after the company announced that its board of directors has accorded two investment approvals for the projects worth Rs 655.75 crore.

CRISIL soared 6.44% after the rating agency�s consolidated net profit jumped 32.97% to Rs 210.12 crore on 11.61% increase in revenue from operations to Rs 917.74 crore in Q4 CY23 over Q4 CY22.

Godrej Properties shed 0.33%. 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+�.

Balrampur Chini Mills jumped 3.68% after the company�s board approved to enter a new line of business to manufacture Polylactic Acid (PLA), to be used for production of bioplastic.

One 97 Communications (OCL) was locked in upper circuit of 5% after the company said that it has shifted its nodal account to Axis Bank by opening an Escrow Account, to continue seamless merchant settlements as before.

Tata Power Company advanced 1.77% after the company announced the receipt of a letter of intent (LoI) from REC Power Development and Consultancy to acquire Jalpura Khurja Power Transmission for Rs 838 crore.

Global Markets:

European shares declined while 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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