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Indices trade near flat line; European mkt opens higher

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The equity barometers trade near the flat line with tiny gains in afternoon trade. The Nifty traded above the 22,200 level. Media, realty and pharma shares advanced while PSU bank, oil & gas and bank shares declined.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 26.42 points or 0.04% to 73,184.66. The Nifty 50 index added 15.95 points or 0.07% to 22,233.40.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.47% and the S&P BSE Small-Cap added 0.57%.
The market breadth was positive. On the BSE, 2,160 shares rose and 1,615 shares fell. A total of 104 shares were unchanged.
Economy:
The Reserve Bank of India's (RBI) monetary policy committee (MPC) expressed caution regarding inflation, according to the minutes of the MPC meeting released on 22nd February. The committee members, including RBI Governor Shaktikanta Das, highlighted concerns about uncertainty in food prices, citing it as a significant source of volatility for the overall inflation outlook. Governor Das also emphasised that geopolitical tensions and supply chain disruptions could further contribute to inflation risks.
Deputy Governor Michael Debabrata Patra emphasized the need for a restrictive monetary policy to maintain downward pressure on inflation while minimising the output costs of disinflation. Governor Das warned that recurring food price shocks could disrupt the ongoing disinflation process, posing risks of de-anchoring inflation expectations and generalising price pressures.
Gainers & Losers:
Bajaj Finserv (up 1.48%), Titan Company (up 1.21%), HDFC Life Insurance Company (up 1.15%), SBI Life Insurance Company (up 1.09%) and Dr. Reddy's Laboratories (up 1%) were major Nifty gainers.
Asian Paints (down 1.24%), Bharti Airtel (down 2.31%), Oil & Natural Gas Corporation (down 1.16%), State Bank of India (down 1.12%), Bharat Petroleum Corporation (down 1.05%), NTPC (down 0.91%), and were major Nifty losers.
Stocks in Spotlight:
Vodafone idea surged 11% after the company said that its board will meet on Tuesday, 27 February 2024 to consider fund raising proposals, through equity or debt instruments.
Bajaj Auto shed 0.57%. The company said that it has made further investment of Rs 45.75 crore for additional 1% stake in Yulu Bikes, which is Indias largest shared electric two-wheeler mobility company.
Bandhan Bank rose 1.42% after the companys board has approved the appointment of Rajeev Mantri as the chief financial officer (CFO) and key managerial personnel (KMP) of the bank with effect from 22 February 2024.
IRCTC (Indian Railway Catering and Tourism Corporation) added 2.85% after the company tied up with Bundl Technologies (Swiggy Foods) for supply & delivery of pre-ordered meals through the company's e-catering portal.
Concord Biotech advanced 2.48% after the company received good manufacturing practices (GMP) certificate from Ministry of Health Pharmacy and Poisons Board (PPB), Republic of Kenya for its formulation facility located in Gujarat.
Global Markets:
European and Asian stocks advanced on Friday, contributing to a week of substantial market growth globally. The impressive financial results of AI company Nvidia triggered a surge in record highs across Asia, Europe, and the U.S. However, Japan's Nikkei was closed for a public holiday on that day.
The US Dow Jones index futures were up by 13 points, signaling a positive opening for US stocks today.
Wall Street achieved record highs on Thursday, driven by a surge in technology stocks, particularly fueled by positive earnings and guidance from NVIDIA Corporation, a prominent AI company. Despite warnings from the Federal Reserve about prolonged higher interest rates, investors remained optimistic. However, weak purchasing managers index readings for February suggested a decline in business activity in the U.S.
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First Published: Feb 23 2024 | 1:42 PM IST

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