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Market Update: Sensex, Nifty Extend Gains

16 Feb 2024 , 02:07 PM

Domestic benchmark indices extended gains for the 4th consecutive session, driven by sustained domestic buying and positive cues from Asian peers amid signs of a cooling U.S. economy.

At the time of writing, the Sensex traded at ₹72,460, reflecting a 0.57% increase, while the Nifty traded at ₹22,052, up by 0.68%. Top gainers in the market included Glenmark (9.10%), LPCA labs (7.46%), Federal Bank (5.40%), and NALCO (5.36%). On the flip side, Gujarat Gas (-6.31%), Zee Entertainment (-2.21%), and Power Grid Corp (-1.94%) were among the top losers.

Recent market activity has shown a range-bound trend, with intermittent bouts of buying and selling. Over the last two days, Foreign Institutional Investors (FIIs) sold equity worth ₹6,993 Crores, while Domestic Institutional Investors (DIIs) bought equity worth ₹5,173 Crores in the cash market.

Aurobindo Pharma reported that the FDA completed an inspection at the Auro Peptides Facility with zero observations. ITCONS e-Solutions entered into a service agreement with Wipro.

KPI Green Energy shares hit a 5% upper circuit at ₹1,479.1 after the company’s subsidiary secured a 1.5 MW solar power project. Alpex Solar shares reached a 5% upper circuit after BofA Securities acquired a minority stake, posting 215% returns to investors since its listing on the NSE SME platform.

State Bank of India has requested a reduction in the cash reserve ratio for green deposits from the Reserve Bank of India, according to Chairman Dinesh Kumar Khara.

Entero Healthcare Solutions shares debuted on exchanges at a 2% discount to the IPO price, listed at ₹1245 on BSE against an offer price of ₹1258. RattanIndia Enterprises’ drone company Neosky launched drone training for school children in collaboration with Narayana Health.

Carlyle Group sold a 1.4% stake in YES Bank for approximately ₹1,057 crore. The rupee rose by 3 paise to 83.02 against the US dollar in early trade.

For feedback and suggestions, write to us at editorial@iifl.com

 

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