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Sensex, Nifty hit fresh intraday high; bank stocks advance

Published on Feb 14, 2023 14:35

The key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. The Nifty traded above 17,900 level after hitting the day`s low at 17,800.05 in early trade. Bank stocks witnessed decent buying demand.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 593.11 points or 0.98% to 61,024.95. The Nifty 50 index advanced 164.40 points or 0.93% to 17,935.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.40% while the S&P BSE Small-Cap index shed 0.47%.

The market breadth was weak. On the BSE, 1,292 shares rose and 2,138 shares fell. A total of 129 shares were unchanged.

Numbers to track:

The yield on India`s 10-year benchmark federal paper advanced 0.10% to 7.376 from 7.366 previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.74, compared with its close of 82.70 during the previous trading session

MCX Gold futures for 5 April 2023 settlement rose 0.44% to Rs 56746.

The United States 10-year bond yield declined 0.83% to 3.688.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.16% to 103.18.

In the commodities market, Brent crude for April 2023 settlement declined 0.61 cents or 0.70% to $86 a barrel.

Buzzing Index:

The Nifty Bank index advanced 0.82% to 41,621.55. The index had declined 0.67% to end at 41,282.20 in the past trading session.

Bank of Baroda (up 2.09%), ICICI Bank (up 1.81%), Axis Bank (up 0.97%), HDFC Bank (up 0.61%), Punjab National Bank (up 0.6%), State Bank of India (up 0.09%) and IndusInd Bank (up 0.07%) advanced.

On the other hand, Federal Bank (down 0.84%), Bandhan Bank (down 0.67%) and IDFC First Bank (down 0.44%) edged lower.

Stocks in Spotlight:

Mirza International surged 12.49% .The company`s consolidated net profit rose 31.1% to Rs 57.58 crore on 0.9% increase in revenue from operations to Rs 594.88 crore in Q3 December 2022 over Q3 December 2021.

Bharat Forge slipped 2.02% .The company reported 14.3% drop in standalone net profit to Rs 289.2 crore in Q3 FY23 from Rs 337.4 crore in Q3 FY22. Total revenue rose by 21.8% YoY to Rs 1,952.1 crore during the quarter

Ipca Laboratories declined 0.74%. The company`s consolidated net profit tumbled 45.25% to Rs 107.84 crore in Q3 FY23 as compared to Rs 196.96 crore reported in Q3 FY22. Revenue from operations rose 8.08% to Rs 1,546 crore during the quarter as against Rs 1,430.47 crore recorded in the corresponding quarter last year.

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