Market Live: Sensex, Nifty erase early gains, Metals down over 2%
Stock Market Live Updates Today 24 Feb 2023: Indian stock markets made positive openings on Friday tracking gains from global peers. The Nifty index opened at 17591.37 levels, up by 80.1 points while Sensex made a positive opening of 253.68 points at 59859.48 levels. The domestic market indexes erased all early gains and currently trading near their neutral lines.
Other than positive cues from global markets, some support also came in the morning deal after the finance ministry stated that the Indian economy is estimated to grow by 7 percent year-on-year in the current fiscal despite the global economy operating under an extremely challenging macroeconomic environment.
Though, the upside remained capped as the traders remain concerned over the outlook for interest rates after the US Fed`s minutes offered few surprises but reiterated that the central bank will continue to raise interest rates in its battle against inflation. The depreciation of the Indian rupee against the US dollar and FII’s sharp selling on Thursday also limited the markets on the higher side today.
Stock Market Live Today
Market Live at 12 pm IST, the Indian stock market indices are trading absolutely flat at this time, Sensex and Nifty are trading slightly lower by 0.01 percent and 0.08 percent respectively. The Bank Nifty is trading slightly up by 0.07 percent at 12 pm IST. The broader markets are trading marginally higher now, as Nifty midcap and smallcap indexes are trading higher by 0.06 percent and 0.10 respectively.
Among the sectors, Nifty Realty, Energy, and Media are trading higher whereas Metals, PSU Bank, and Auto are trading in the red. The top-gaining stocks in the Nifty 50 index at this moment are Divis Labs, Adani Paints, and Bajaj Finserve and the losing stocks are Adani Enterp, Hindalco, and JSW Steel
Stocks in News Today
Axis Bank informed the stock exchanges that the deal to acquire Citibank India’s consumer business and NBFC (non-banking financial company) business of Citicorp is expected to be completed by March 1. Both parties made progress on integration and have obtained other requisite customer consents and approvals, as applicable. The share price of Axis Bank is trading higher by 0.69% at Rs 849 per share
The share price of Isgec Heavy Engineering is trading higher by over 2% at Rs 458 per share after the company informed that it has bagged an order from a major steel company from eastern India, for the supply of seven waste heat recovery boilers utilizing waste gases from a DRI sponge iron kiln.
West Coast Paper Mills jumped over 4 % and currently trading at Rs 489 per share after the company said that the strike of the contract worker had been called off and the production of paper and paper board division a Dandeli has been restarted.
Tube Investments of India acquired 10753 equity shares, representing a 50% stake in the paid-up of X2Fuels and Energy. The share price of Tube Investments of India is trading higher by 1.43% at Rs 2533 per share
Also, read Best Stock Market Books You Must Read-2023
Trade Setup for Friday 24 Feb: Stock Market News
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