Market Highlights: Sensex and Nifty Rise, BPCL Shares Surge, Rupee Gains

15 Feb 2024 , 01:44 PM

Both Sensex and Nifty saw gains driven by a rebound in IT stocks and a sustained rally in state-owned banks, amid ongoing volatility on Dalal Street. At the time of writing, Sensex traded at ₹71,848, marking a 0.04% increase from the previous close, while Nifty stood at ₹21,862, reflecting a 0.10% uptick.

Bharat Petroleum Corporation Ltd (BPCL) shares surged over 4% after BPCL ESPS Trust conducted a block deal, with shares trading at ₹651.25 apiece on the BSE.

Star Health and Allied Insurance received a demand order of ₹171 Crore from the office of the deputy commissioner.

Gold struggled near a two-month low as investors analyzed comments from U.S. Federal Reserve officials regarding unexpected January inflation, affecting expectations of immediate and substantial interest rate cuts in 2024.

Spot gold remained flat at $1,991.70 per ounce, after reaching its lowest level since December 13 on Wednesday, with U.S. gold futures also maintaining stability at $2,003.40 per ounce.

Indian government bond yields declined, mirroring the fall in U.S. counterparts, following remarks from a Federal Reserve official about the potential timing of interest rate cuts. The benchmark 10-year yield was at 7.0872%.

Reliance Industries is in discussions to acquire a 29.8% stake in Tata Play, a subscription-based satellite TV and video streaming service, from Walt Disney. The Indian Rupee gained 3 paise against the US dollar in early trade, reaching 82.99.

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