HDFC Bank shares jump 2% as the Sensex and Nifty close with small gains

The S&P BSE Sensex closed the day with a marginal increase of 0.22 percent, settling at 73,667.96 points, while the Nifty50 edged up by just 0.01 percent to reach 22,335.70 points. The stock market indices experienced modest gains amidst a volatile trading day.

During the trading session, the Nifty50 saw a slight increase of 0.01 percent to reach 22,335.70, while the S&P BSE Sensex recorded a 0.22 percent rise, closing at 73,667.96 points. Throughout the day, these indices fluctuated between losses of 0.35 percent and gains of 0.6 percent.

HDFC Bank saw a notable surge of 2.22 percent, its best performance in three weeks, driven by multiple block deals. Other major players like Reliance Industries, Tata Consultancy Services, and Infosys also witnessed gains ranging from 0.6 percent to 2 percent.

However, small- and mid-cap stocks experienced profit booking due to concerns over stretched valuations, resulting in a decline of 2 percent and 1.4 percent, respectively, underperforming the benchmark indexes.

Recent regulatory moves aimed at seeking more disclosures have impacted small- and mid-cap stocks negatively, leading to a decline of about 7 percent and 2 percent, respectively, since February 27. This contrasts with the 0.6 percent rise observed in the Nifty50 during the same period.

The IT sector saw a gain of 0.64 percent ahead of the release of key US inflation data, which could influence the Federal Reserve's decision on interest rates. Market participants are closely monitoring this data as IT firms generate a significant portion of their revenue from the US.

Investors are also awaiting India's inflation data, expected to show a decline to a four-month low in February. This data, based on a Reuters poll of economists, is scheduled for release on Tuesday.

However, concerns persist regarding state-owned banks, which witnessed a decline of 2.57 percent amid worries about near-term earnings. Similarly, realty stocks experienced a tumble of 3.7 percent, marking their worst session in seven weeks.

Despite today's losses, realty and state-owned banks have shown significant gains of 11.5 percent and 23.20 percent, respectively, in 2024 so far, outperforming the benchmark indices.

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