Benchmarks trade with modest gains; Nifty hovers above 18,550

The key equity barometers traded with modest gains in mid-afternoon trade. The Nifty hovered above the 18,550 mark. Consumer durable shares declined for eighth straight day.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 275.97 points or 0.44% to 62,406.54. The Nifty 50 index added 73.45 points or 0.40% to 18,570.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.20% while the S&P BSE Small-Cap index gained 0.30%.

The market breadth was positive. On the BSE, 1,948 shares rose and 1,531 shares fell. A total of 153 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined to 7.268 as compared with 7.294 at close in the previous trading session.

 

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.705, compared with its close of 82.515 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement lost 0.29% to Rs 54,140.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 104.96.

The United States 10-year bond yield fell 0.10% to 3.608.

In the commodities market, Brent crude for February 2023 settlement rose $1.36 or 1.74% to $79.35 a barrel.

Buzzing Index:

The Nifty Consumer Durables index declined 0.34% to 25,687.50.The index has slipped 3.51% in the eight trading sessions.

Havells India (down 1.63%), TTK Prestige (down 1.17%), V-Guard Industries (down 1.08%), Kajaria Ceramics (down 0.99%), Blue Star (down 0.66%), Orient Electric (down 0.63%), Relaxo Footwears (down 0.6%), Titan Company (down 0.53%), Voltas (down 0.45%) and Rajesh Exports (down 0.25%) were the losers.

On the other hand, Dixon Technologies (India) (up 2.62%), Bata India (up 0.72%) and Amber Enterprises India (up 0.25%) advanced.

Stocks in Spotlight:

Kama Holdings declined 1.23%. The company announced that its board approved share buyback upto Rs 50.02 crore at a price not exceeding Rs 14,500 per share through the tender offer route, on a proportionate basis. The maximum buyback price of Rs 14,500 per equity share represents a 5.16% premium to Monday's closing price of Rs 13,788.05 on the BSE.

Fusion Micro Finance rose 0.24% after the company said that the credit rating agency ICRA has upgraded its rating on the non-convertible debentures and subordinate debt of the company to "[ICRA] A (Stable) from "[ICRA] A- (Stable).

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