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Nifty trades near 21,600 level; Financial Services shares advance

Published on Jan 19, 2024 11:38

The domestic equity indices continue to trade with modest gains in mid-morning trade. The Nifty traded near the 21,600 level. Financial Services shares advance after declining in the past three consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 452.67 points or 0.64% to 71,639.53. The Nifty 50 index lost 134.95 points or 0.63% to 21,597.20.

In the broader market, the S&P BSE Mid-Cap index rose 1.07% and the S&P BSE Small-Cap index added 1%.

The market breadth was strong. On the BSE, 2,561 shares rose and 1,089 shares fell. A total of 133 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index rose 0.84% to 20,510.35. The index fell 5.29% in the past three trading sessions.

Indian Energy Exchange (up 2.48%), Axis Bank (up 2.37%), Muthoot Finance (up 2.25%), REC (up 2.23%), Power Finance Corporation (up 1.95%), Shriram Finance (up 1.84%), ICICI Prudential Life Insurance Company (up 1.83%), LIC Housing Finance (up 1.71%), ICICI Bank (up 1.66%) and HDFC Life Insurance Company (up 1.1%).

Stocks in Spotlight:

Bajaj Finance rose 0.59%. The NBFC said that its board is scheduled to meet on Monday, 29 January 2024 to consider a proposal for raising funds through issuance of debt instruments.

Poonawalla Fincorp added 1.03%. The NBFC reported 76% jump in net profit to Rs 265 crore in Q3 FY24 from Rs 150 crore in Q3 FY23.

Metro Brands declined 3.27%. The company reported 3% decline in standalone net profit to Rs 111.19 crore in Q3 FY24 as compared with Rs 114.63 crore in Q3 FY23.

Global Markets:

Most of the Asian stocks advanced on Friday, tracking an overnight rise in US stocks.

Japan�s headline inflation rate fell to 2.6% in December, down from 2.8% in November and hitting its lowest level since June 2022. Japan�s core inflation rate � which strips out prices of fresh food � also fell to 2.3% from November�s figure of 2.5%.

US stocks ended with strong gains on Thursday, as AI optimism drove gains in Nvidia and other chipmakers. Atlanta Fed President Raphael Bostic said he would be open to reducing U.S. interest rates sooner than he had anticipated if inflation fell faster than he expected.

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