Sensex gains 223 pts, financial services shares advance

The key equity barometers traded with decent gains in mid-morning trade. The Nifty hovered above the 17,900 level. Financial services stocks witnessed bargain buying after declining in the past three sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 222.63 points or 0.37% to 60,914.17. The Nifty 50 index gained 57.40 points or 0.32% to 17,902.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index added 0.17%

The market breadth was positive. On the BSE, 1,720 shares rose and 1,493 shares fell. A total of 168 shares were unchanged.

New Listing:

Shares of Indong Tea Company hit an upper circuit of 5% at Rs 21.80 at 10:18 IST on the BSE, a discount of 16.15% compared with the issue price of Rs 26.

The scrip was listed at Rs 20.80, representing a discount of 20% compared with the initial public offer (IPO) price.

So far, the scrip hit a low of Rs 19.80. Over 14.72 lakh shares of the company have changed hands in the counter till now.

Shares of Lead Reclaim and Rubber Products were trading at Rs 28 at 10:21 IST on the BSE, a premium of 12% compared with the issue price of Rs 25.

The scrip was listed at Rs 27.50, representing a premium of 10% compared with the initial public offer (IPO) price.

So far, the scrip hit a high of Rs 28.50 and a low of Rs 27.15. Over 8.82 lakh shares of the company have changed hands in the counter till now.

Buzzing Index:

The Nifty Financial Services index rose 0.57% to 18,356.45. The index witnessed bargain hunting after declining 2.06% in three trading sessions.

Indian Energy Exchange (up 4.92%), HDFC Bank (up 1.11%), Housing Development Finance Corporation (up 1.05%), Power Finance Corporation (up 0.75%), State Bank of India (up 0.53%), REC (up 0.53%), Bajaj Finance (up 0.43%), ICICI Bank (up 0.42%), Muthoot Finance (up 0.31%) and Cholamandalam Investment & Finance Company (up 0.16%) edged higher.

On the other hand, SBI Cards & Payment Services (down 1.04%), ICICI Prudential Life Insurance Company td (down 0.83%) and SBI Life Insurance Company (down 0.58%) slipped.

Stocks in Spotlight:

SpiceJet declined 1.17%. The low-cost air carrier said that its board will consider fund raising on 24 February 2023. The company's board will consider issuing equity shares on preferential basis consequent upon conversion of outstanding liabilities into equity shares of the company, subject to applicable regulatory approvals. Further, the board will also discuss and consider options for raising fresh capital through issue of eligible securities to qualified institutional buyers, subject to applicable regulatory approvals.

JK Tyre & Industries rose 1.15% after the tyre maker said it will raise Rs 240 crore by issuing 24,000 compulsorily convertible debentures to International Finance Corporation (IFC).

Central Bank of India added 0.19%. The bank said that it has entered into a strategic co-lending partnership with Moneywise Financial Services to offer MSME Loans at competitive rates. The said loans would be subject to compliance with the applicable laws and guidelines issued by Reserve Bank of India (RBI).

Global Markets:

Asian stocks traded mixed on Tuesday as investors await regional private surveys for factory activity. Minutes from the Reserve Bank of Australia's February meeting, when it hiked its cash rate by 25 basis points, showed a pause in its hikes was not an option.

The au Jibun Bank Flash Japan Manufacturing purchasing managers' index fell further into contraction territory to 47.4 in February, after recording 48.9 in January, a release showed. Meanwhile a stronger service sector growth was seen in the economy, with a reading of 53.6 in February, a rise from 52.3 seen in January.

US markets were closed on Monday due to Presidents' day holiday.

Powered by Capital Market - Live News