Nifty below 22,550 mark; financial services shares jump for 2nd day

The key equity indices pared their minor gains and traded near the flat line with a negative bias in the morning trade. The Nifty traded below the 22,550 mark. Financial services shares witnessed buying demand for the second consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, declined 30.70 points or 0.04% to 74,.577.67. The Nifty 50 index shed 16.30 points or 0.07% to 22,531.25.

In the broader market, the S&P BSE Mid-Cap index declined 0.62% and the S&P BSE Small-Cap index fell 1.42%.

The market breadth was weak. On the BSE, 1,087 shares rose and 2,422 shares fell. A total of 178 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index advanced 0.79% to 23,218.60. The index increased 0.97% for the second consecutive trading session.

Shriram Finance (up 3.79%), Cholamandalam Investment & Finance Company (up 3.67%), Bajaj Finserv (up 2.39%), Bajaj Finance (up 1.91%), Muthoot Finance (up 1.91%), SBI Cards & Payment Services (up 1.79%), ICICI Lombard General Insurance Company (up 1.5%), HDFC Bank (up 1.03%), ICICI Bank (up 0.61%) and Axis Bank (up 0.59%) advanced.

Stocks in Spotlight:

Caplin Point Laboratories shed 0.89%. The companys subsidiary, Caplin Steriles, has received final nod from the United States Food and Drug Administration for its Abbreviated New Drug Application for Brimonidine Tartrate and Timolol Maleate Ophthalmic Solution.

Greenpanel Industries declined 3.04%. The company commissioned a new medium density fibreboard (MDF) plant at its existing unit in the Tirupati district (Andhra Pradesh), with an installed capacity of 2,31,000 cubic meters (CBM) per annum.

KP Green Engineering rose 0.53%. The company signed a memorandum of understanding (MoU) with the New and Renewable Energy Department of Madhya Pradesh (MP) for setting up of various solar, wind, hybrid, BESS, and biomass-based projects in Madhya Pradesh.

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