Nifty above 21,700; Auto shares advance

The benchmark indices traded with robust gains in mid-afternoon trade. The Nifty traded above the 21,700 level. Auto shares extended gains for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 1151.94 points or 1.63% to 71,852.61. The Nifty 50 index added 350.40 points or 1.64% to 21,703.

Shares of index heavyweight Reliance Industries hit all time high by advancing 6.72% supporting the benchmark indices.

In the broader market, S&P BSE Mid-Cap index rose 1.42% and the S&P BSE Small-Cap index added 1.02%.

The market breadth was positive. On the BSE, 2,265 shares rose and 1,617 shares fell. A total of 157 shares were unchanged.

Buzzing Index:

The Nifty Auto rose 1.51% to 18,896.25. The index advanced 2.92% in three trading sessions.

MRF (up 4.93%), Bharat Forge (up 3.58%), Tata Motors (up 3.23%), Hero MotoCorp (up 2.76%) and Ashok Leyland (up 2%), Samvardhana Motherson International (up 1.73%), Sona BLW Precision Forgings (up 1.64%), Bosch (up 1.5%), Eicher Motors (up 1.44%) and Maruti Suzuki India (up 1.41%) advanced.

On the other hand, Balkrishna Industries (down 1.13%), Bajaj Auto (down 0.59%) and Tube Investments of India (down 0.43%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.06% to 7.175 as compared with previous close 7.171.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1450, compared with its close of 83.1175 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.44% to Rs 62238.00.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.08% to 103.52.

The United States 10-year bond yield declined 1.04% to 4.120.

In the commodities market, Brent crude for February 2024 settlement rose 18 cents or 0.22% to $83.13 a barrel.

Stocks in Spotlight:

KFin Technologies rallied 3.27% after the company�s consolidated net profit jumped 25.19% to Rs 66.82 crore in Q3 FY24 as against 53.37 crore recorded in Q3 FY23. Revenue from operation increased 16.26% to Rs 218.71 crore in Q3 FY24 as compared with Rs 188.12 crore recorded in Q3 FY23.

Shakti Pumps (India) (SPIL) was locked in 20% upper circuit at Rs 1,269.95 after the company reported a net profit of Rs 45.2 crore in Q3 FY24 as against a net profit of Rs 11.2 crore in Q3 FY23. Revenue for the period under review was Rs 495.6 crore, up by 57.7% YoY from Rs. 314.2 crore recorded in the same period last year. Export in Q3 FY24 stood at Rs 62.2 crore.

Power Mech Projects added 2.44% after the company announced that it has bagged orders worth Rs 644.91 crore from Rail Vikas Nigam (RVNL) and Neyveli Uttar Pradesh Power (NUPPL).

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