Barometers trade near flat line, broader mkt outperforms

The benchmark indices traded near the flat line with small losses in mid-afternoon trade. The Nifty traded a tad above 21,700 level after hitting the days high of low of 21,530.20 morning trade. PSU bank stocks extended gains for the second consecutive trading session.

At 14:29IST, the barometer index, the S&P BSE Sensex, declined 48.29 points or 0.07% to 71,506.90. The Nifty 50 index lost 7.95 points or 0.04% to 21,751.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.53% and the S&P BSE Small-Cap index gained 0.97%.

The market breadth was positive. On the BSE, 2,261 shares rose and 1,551 shares fell. A total of 94 shares were unchanged.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.27% (Provisional) for the month of January, 2024 (over January, 2023), according to data from Ministry of Commerce & Industry today. The inflation stood at 0.73% in December.

Positive rate of inflation in January, 2024 is primarily due to increase in prices of food articles, machinery & equipment, other manufacturing, minerals, other transport equipment etc. The month over month change in WPI index for the month of January, 2024 stood at -0.33 % as compared to December, 2023.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.41% to 7.126 from previous close of 7.097.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.0625, compared with its close of 83.0850 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement declined 0.31% to Rs 61,315.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 104.90.

The United States 10-year bond yield slipped 0.65% to 4.290.

In the commodities market, Brent crude for April 2024 settlement added 3 cents or 0.04% to $82.80 a barrel.

Buzzing Index:

The Nifty PSU Bank index advanced 2.91% to 6,912.30. The index rallied 4.15% in two trading sessions.

Indian Bank (up 4.24%), State Bank of India (up 4.23%), Bank of India (up 1.83%), Bank of Baroda (up 1.73%), Canara Bank (up 1.65%), Indian Overseas Bank (up 1.62%), Central Bank of India (up 1.34%), Bank of Maharashtra (up 1.21%), Punjab & Sind Bank (up 1.2%) and Union Bank of India (up 0.73%). edged higher.

Stocks in Spotlight:

Prestige Estates Projects slipped 3.53% after the companys consolidated net profit decreased 9% to Rs 116.3 crore in Q3 FY24 as against Rs 127.8 crore reported in the same period last year. However, revenue from operations declined 22.49% year on year (YoY) to Rs 1,795.8 crore in the quarter ended 31 December 2023.

Nuvama Wealth Management surged 11.10% after the company reported consolidated net profit of Rs 176.33 crore in Q3 FY24, steeply higher than Rs 87.36 crore in Q3 FY23. Revenue from operations jumped 45.3% YoY to Rs 840.64 crore in Q3 FY24.

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