Benchmarks trade almost flat; private banks decline

Benchmarks trade almost flat; private banks decline

Jan 17, 2020 08:01 IST capital market

Key equity benchmarks traded near the flat line in mid-afternoon trade. At 14:27 IST, the S&P BSE Sensex, was up 35.90 points or 0.09% at 41,968.46. The Nifty 50 index was down 2.80 points or 0.02% at 12,352.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index was up 0.39%. Both these indices outperformed the benchmarks.

The market breadth was positive. On the BSE, 1308 shares rose and 1132 shares fell. A total of 176 shares were unchanged. In Nifty 50 index, 24 stocks gained while 26 stocks declined.

Buzzing Index

The Nifty Private Bank index fell 0.67% to 17,467.10, declining the most among the other sectoral indices on the NSE.

IndusInd Bank (down 2.65%), Yes Bank (down 2.63%), Federal Bank (down 0.81%), HDFC Bank (down 0.68%), City Union Bank (down 0.41%), RBL Bank (down 0.26%), Kotak Mahindra Bank (down 0.25%), ICICI Bank (down 0.15%) declined. Axis Bank was up 0.56%.

Stocks in Spotlight:

Piramal Enterprises (PEL) surged 5.50% to Rs 1632. The company said its wholly-owned subsidiary, PEL DRG Dutch HoldCo BV, will sell its healthcare insights and analytics business to NYSE-listed Clarivate Analytics Plc for $950 million. The deal includes $900 million on closing and $50 million to be received at the end of 12 months thereon. The transaction is subject to shareholder approval and is expected to be completed by end of next month, PEL said in a release.

Jay Shree Tea & Industries surged 7.24% to Rs 57.75 after the company decided to sell stake in two of its tea estates in Africa. The company has entered into a definitive agreement with Grand Lacs Trading SA, Belgium, to sale stake in Mata and Gisakura tea estates in Rwanda. The sale is expected to be completed by 14 February 2020.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.623% at 14:21 IST compared with 6.598% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.0725, compared with its previous closing low of 70.93.

In the commodities market, Brent crude for March 2020 settlement was up 26 cents a barrel at $64.88 per barrel. The contract rose 62 cents or 0.96% to settle at $64.20 a barrel in Fridays session.

MCX Gold futures for 5 February 2019 settlement rose 0.22% to Rs 39,774.

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