Indices trade with modest gains; financial services advance

The domestic equity barometers traded with moderate gains in mid-morning trade. The Nifty traded around the 21,650 mark. Financial services shares advanced after declining in the past four trading sessions.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 470.57 points or 0.66% to 71,827.17. The Nifty 50 index added 127.10 points or 0.59% to 21,644.45

In the broader market, the S&P BSE Mid-Cap index added 1.12% and the S&P BSE Small-Cap index rose 0.93%.

The market breadth was strong. On the BSE, 2,624 shares rose and 1,054 shares fell. A total of 138 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index advanced 1.11% to 21,492.20. The index witnessed bargain hunting after declining 1.29% in the past four trading sessions.

Power Finance Corporation (up 3.31%), Bajaj Finance (up 3.25%), HDFC Asset Management Company (up 3.14%), Shriram Finance (up 2.93%), REC (up 2.56%), Muthoot Finance (up 2.31%), Axis Bank (up 2.01%), Indian Energy Exchange (up 1.53%), Bajaj Finserv (up 1.34%) and Cholamandalam Investment & Finance Company (up 1.17%) edged higher.

Stocks in Spotlight:

Angel One jumped 4.15% to Rs 3,626.20 after the brokerage company�s client base jumped 55.5% to 19.45 million in December 2023 as against 12.51 million in December 2022.

On sequential basis, the company`s client base grew by 5.4% month on month (MoM) from 18.45 million in November 2023. Gross client acquisition stood at 1.05 million in December 2023 as compared with 0.33 million in December 2022 (up 221.5%) and 0.32 million in November 2023 (up 53.6%).

Ujjivan Small Finance Bank (SFB) rallied 4.29%, fueled by a robust 29% year-over-year (YoY) surge in total deposits to Rs 29,869 crore as of 31 December 2023.

Global Markets:

Asian markets declined on Thursday, led by Japan as the country resumed trading after an extended New Year�s holiday during which it witnessed an earthquake and a collision at Tokyo�s Haneda airport involving Japan Airlines.

The Caixin China General Services Business Activity Index rose to 52.9 in December compared with 51.5 in November, climbing for a 12th straight month. The survey also noted that the rate of growth was the fastest since July.

US stocks lost ground on Friday after the Fed minutes revealed officials concluded that interest rate cuts were likely in 2024, though they appeared to provide little in the way of when that might occur.

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