Market near day`s high; private bank shares advance

The domestic equity benchmarks traded near the day�s high with significant gains in mid-afternoon trade. The Nifty traded near 21,750 mark. Pricvate bank stocks advanced after delcing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, gained 520.21 points or 0.73% to 71,592.70. The Nifty 50 index added 133.40 points or 0.62% to 21,749.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% and the S&P BSE Small-Cap index rose 0.07%.

The market breadth was negative. On the BSE, 1,632 shares rose and 2,176 shares fell. A total of 107 shares were unchanged.

Economy:

India`s retail inflation, based on Consumer Price Index Numbers, eased to a three-month low of 5.10% in January 2024 against 5.69% during the previous month, the latest data released by the Ministry of Statistics & Programme Implementation showed on Monday. India`s factory output, meanwhile, grew 3.8% in December 2023, the data showed. The IIP in November 2023 stood at 2.4%, while during the year-ago period, the factory output stood at 5.1%.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.03% to 7.099 from previous close of 7.114.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.0125, compared with its close of 83.00 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement gained 0.30% to Rs 62,265.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.06% to 104.23.

The United States 10-year bond yield jumped 0.19% to 4.181.

In the commodities market, Brent crude for April 2024 settlement added 22 cents or 0.27% to $82.22 a barrel.

Buzzing Index:

The Nifty Private Bank index added 1.49% to 22,867.80. The index declined 1.66% in the past trading session.

RBL Bank (up 3.41%), City Union Bank (up 3.02%), ICICI Bank (up 2.9%), Axis Bank (up 2.36%), Kotak Mahindra Bank (up 1.86%), IndusInd Bank (up 1.86%), IDFC First Bank (up 1.01%), HDFC Bank (up 0.92%) and Federal Bank (up 0.89%) advanced.

Stocks in Spotlight:

HPL Electric & Power was locked in an upper circuit of 10% after the company announced that it has received an order of worth Rs 181 crore from leading advanced metering infrastructure service provider (AMISP) client for the supply of smart meters.

KIOCL gained 4.89% after the mining company reported net profit of Rs 39.03 crore in Q3 FY24 as against net loss of Rs 33.88 posted in Q3 FY23. Revenue from operations surged 90.86% year on year (YoY) to Rs 549.44 crore in the quarter ended 31 December 2023.

Time Technoplast soared 16.59% after the company�s consolidated net profit jumped 49.55% to Rs 91.60 crore in Q3 FY24 as compared with Rs 61.25 crore posted in Q3 FY23. Revenue from operations stood at Rs 1,324.65 crore in Q3 FY24, registering a growth 17.37% YoY.

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