Sensex, Nifty hover near flat line

Key benchmark indices were trading near the flat line. At 14:27 IST, the S&P BSE Sensex, was down 0.37 points at 41,322.63. The Nifty 50 index lost 4.05 points or 0.03% at 12,121.85.

The broader market advanced. The S&P BSE Mid-Cap index was up 0.55% while the S&P BSE Small-Cap index jumped 0.65%.

The market breadth was positive. On the BSE, 1290 shares rose and 1043 shares fell. A total of 148 shares were unchanged. In Nifty 50 index, 29 stocks advanced while 20 declined. 1 stock remained unchanged

Numbers to Track:

In the foreign exchange market, the rupee depreciated against the dollar. The partially convertible rupee was trading at 71.605, compared with its previous closing low of 71.54.

The yield on 10-year benchmark federal paper fell to 6.390% at 14:23 IST compared with 6.384% in the previous trading session.

In the commodities market, Brent crude for April 2020 settlement was down 13 cents at $58.99 a barrel. The contract rose $1.37 cents or 2.37% to settle at $59.12 a barrel in Friday's trading session.

MCX Gold futures for 5 February 2019 settlement rose 0.13% to Rs 41,639.

Buzzing Index:

The Nifty PSU Bank index 1.2% to 2,173.35, outperforming the other sectoral indices on the NSE.

State Bank of India (up 1.78%), Allahabad Bank (up 1.77%), Bank of Baroda (up 1.73%), United Bank of India (up 1.67%), Andhra Bank (up 0.67%), Punjab National Bank (up 0.66%), Central Bank of India (up 0.59%), Indian Bank (up 0.48%), Bank of Maharashtra (up 0.44%), Canara Bank (up 0.43%) and Union Bank of India (up 0.34%) advanced.

Stocks in Spotlight:

Max Financial Services surged 9.46% to Rs 565.30 after the media reported that Axis Bank is set to acquire more than 20% stake in Max Life Insurance through fresh issue of equity. Max Financial is the holding company of Max Life Insurance. As per reports, the proposed deal is aimed at building a strategic and long-term relationship with Axis Bank, which reportedly contributes more than 54% to Max Life's revenue. It will also eliminate uncertainty over the insurer having a strong, strategic bancassurance partner. Axis Bank, which reportedly owns a little over 2% of Max Life, is expected to infuse more than Rs 2,000 crore in the insurer. The money will go toward funding Max Life's expansion plan, media reports said.

Jayant Agro-Organics fell 2.67% to Rs 91.25. CRISIL downgraded the long-term rating to BBB+ from A- earlier and also revised outlook to negative from outlook. It also downgraded the short-term rating to A2 from A2+. The revision in the credit rating is due to sharp decline in the prices of castor seeds (major raw material for the Jayant group). However, the ratings continue to reflect Jayant group's leadership in the castor oil-based derivatives businesses and extensive industry experience of the promoters. The ratings also factor in healthy net worth & comfortable capital structure of the company.

Simplex Infrastructures hit 5% upper circuit at Rs 54. Media reports suggested that Adani Group is considering to buy an equity stake in Simplex Infrastructures. Two private equity investors have also reportedly expressed interest in the company. The proposed share sale is a part of the stressed assets resolution plan Simplex Infrastructure is preparing, the report said.

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