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Market ends with small losses; Nifty settles below 22,250 mark
(15:48, 23 Feb 2024)
The domestic equity indices ended with minor losses on Friday. The Nifty closed below the 22,250 mark after hitting day?s high of 22,297.15 in early trade. Media, realty and consumer durable stocks advanced while PSU bank, oil & gas and metal shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex, shed 15.44 points or 0.02% to 73,142.80. The Nifty 50 index lost 4.75 points or 0.02% to 22,212.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap gained 0.25% and the S&P BSE Small-Cap index rose 0.53%.

The market breadth was positive. On the BSE, 2,046 shares rose and 1,794 shares fell. A total of 96 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 1.48% to 14.97.

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.

IPO Update:

The initial public offer (IPO) of GPT Healthcare received bids for 1,44,57,360 shares as against 1,97,63,327 shares on offer, according to stock exchange data at 15:30 IST on Friday (23 February 2024). The issue was subscribed 0.73 times.

The issue opened for bidding on Thursday (22 February 2024) and it will closed on Monday (26 February 2024). The price band of the IPO is fixed at Rs 176 to Rs 186 per share. An investor can bid for a minimum of 80 equity shares and in multiples thereof.

The IPO of Juniper Hotels received bids for 5,95,92,640 shares as against 2,89,47,367 shares on offer, according to stock exchange data at 15:30 IST on Friday (23 February 2024). The issue was subscribed 2.06 times.

The issue opened for bidding on Wednesday (21 February 2024) and it will closed on Friday (23 February 2024). The price band of the IPO is fixed at Rs 342 to Rs 360 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index gained 1.36% to 2,164.30. The index jumped 2.20% in the two trading sessions.

TV18 Broadcast (up 4.19%), Zee Entertainment Enterprises (up 3.15%), Sun TV Network (up 1.56%), Network 18 Media & Investments (up 1.16%), Nazara Technologies (up 0.85%) and PVR Inox (up 0.46%) advanced.

Stocks in Spotlight:

Vodafone Idea surged 7.56% 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 0.85%. The company said that it has made further investment of Rs 45.75 crore for additional 1% stake in Yulu Bikes, which is India?s largest shared electric two-wheeler mobility company.

Bandhan Bank added 2.56% after the company?s 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) rallied 3% 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 jumped 2.41% 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.

Kalyani Steels rose 2.17% after the company announced that it has signed a Memorandum of Understanding (MoU) with Government of Odisha for setting up manufacturing plants in the state.

SJVN declined 1.77%. The power generation company said that its wholly owned subsidiary, SJVN Green Energy has commissioned and achieved commercial operation date (COD) for its 50 megawatt (MW) gujrai solar power project in Kanpur, Uttar Pradesh.

Lancer Container Lines slipped 1.63%. The company said that it has signed a long-term contract with SYMCON Industries for buying new range of 'marine containers'.

Power Finance Corporation (PFC) shed 0.65%. The company said that its board will meet on 29 February, 2024 to consider fund raising proposal through market borrowing program for the financial year 2024-25.

Global Markets:

European and Asian stocks traded mixed 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 down by 16 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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