Indices trade with modest gains; Auto shares rally for 5th day

The benchmark indices traded with moderate gains in mid-afternoon trade. The Nifty traded above the 21,750 mark. Auto shares witnessed buying demand for fifth consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 284.69 points or 0.40% to 72,323.12. The Nifty 50 index advanced 99.70 points or 0.46% to 21,754.45.

The benchmarks, Nifty50 and Sensex hit a fresh all-time high of 21,776.90 and 72,435.70 respectively. Further, the Nifty Bank index also registered its fresh record high today at 48,636.45.

In the broader market, the S&P BSE Mid-Cap index gained 0.64% and the S&P BSE Small-Cap index added 0.20%.

The market breadth was negative. On the BSE, 1,791 shares rose and 1,981 shares fell. A total of 121 shares were unchanged.

Buzzing Index:

The Nifty Auto gained 0.84% to 18,381.30. The index jumped 4.89% in five trading sessions.

Mahindra & Mahindra (up 2.47%), Hero MotoCorp (up 2.36%), Bharat Forge (up 1.86%), MRF (up 1.56%) and Tata Motors (up 1.35%), Ashok Leyland (up 1.09%), Samvardhana Motherson International (up 0.21%), Bajaj Auto (up 0.05%) advanced.

On the other hand, Balkrishna Industries (down 1.03%), Tube Investments of India (down 0.98%) and Eicher Motors (down 0.61%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.10% to 7.212 as compared with previous close 7.205.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2000, compared with its close of 83.3475 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement slipped 0.26% to Rs 63,514.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.21% to 100.77.

The United States 10-year bond yield advanced 0.85% to 3.820.

In the commodities market, Brent crude for February 2024 settlement lost 17 cent or 0.21% to $79.48 a barrel.

Stocks in Spotlight:

PTC Industries rose 1.06% after the company announced the signing of an MoU with Nasmyth (UK) for collaboration to leverage their capabilities for offering solutions to defence and aerospace customers in India and globally.

Life Insurance Corporation of India (LIC) gained 1.54% after the life insurer announced the appointment of S Sunder Krishnan as the chief risk officer (CRO) of the company, with effect from 27 December 2023.

Lupin gained 2.47% after the drug maker received final approval from the United States Food and Drug Administration (US FDA) for its ANDA for Loteprednol Etabonate Ophthalmic Suspension.

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