Nifty slips below 16,800; broader market outperforms

Equity indices came off the day's high in mid afternoon trade. The Nifty slipped below the 16,800 mark after hitting the day's high of 16,936.40 in early afternoon trade.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 409 points or 0.73% at 56,231.15. The Nifty 50 index gained 123.85 points or 0.75% at 16,738.20.

Broader markets outperformed the benchmarks. The S&P BSE Mid-Cap index rose 1.19% while the S&P BSE Small-Cap index rallied 1.16%.

Buyers outnumbered sellers. On the BSE, 2,287 shares rose and 996 shares fell. A total of 116 shares were unchanged.

Buzzing Index:

The Nifty Bank index added 162.85 points or 0.47% to 34,591.35, snapping its six day losing streak. The banking index saw bargain hunting after declining 7% in six days.

AU Small Finance Bank (up 4%), ICICI Bank (up 1.47%), IndusInd Bank (up 1.13%), HDFC Bank (up 1%) and RBL Bank (up 0.95%) were top gainers in banking space.

Stocks in Spotlight:

Globus Spirits jumped 5.86% to Rs 1238.80 after the company announced commencement of commercial production at the enhanced capacity in the West Bengal Unit.

Shilpa Medicare jumped 4.33% to Rs 551.85 after the drug maker on Tuesday announced the launch of chronic constipation drug for adults. The drug company launched PRUCALSHIL (Prucalopride), an orally disintegrating strips of 1 mg and 2 mg in India. Prucalopride is used for symptomatic treatment of chronic constipation in adults in whom laxatives fail to provide adequate relief. Prucalopride medicine in the form of orally disintegrating strips and are most convenient dosage form for geriatric patients.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.467% as compared with 6.435% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.5950, compared with its close of 75.9025 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement shed 0.04% to Rs 48,221.

In the commodities market, Brent crude for February 2022 settlement rose 14 cents or 0.2% to $71.66 a barrel.

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