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Benchmarks trade flat; PSU banks advance

Published on Oct 20, 2021 10:25

The benchmark indices traded near the flat line in morning trade. PSU banks were in demand. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 4.14 points or 0.01% to 61,720.19. The Nifty 50 index was down 2.55 points or 0.01% to 18,416.20.

In the broader market, the S&P BSE Mid-Cap index lost 0.71% while the S&P BSE Small-Cap index declined 1.19%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 1074 shares rose and 1902 shares fell. A total of 129 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 241,553,899 with 4,912,909 deaths. India reported 178,098 active cases of COVID-19 infection and 452,651 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

A total of 99,13,37,625 COVID-19 vaccine doses have been administered in the country so far, with over 41.29 lakh doses being given yesterday, according to the Co-WIN dashboard.

Buzzing Index:

The Nifty PSU Bank index rose 1.89% to 2,770.50. The index had declined 3.73% to end at 2,719.20 yesterday.

Union Bank of India (up 2.97%), SBI (up 2.27%), Canara Bank (up 2.20%), Indian Bank (up 1.70%), Bank of Baroda (up 1.51%) and Punjab & Sind Bank (up 1.09%) advanced.

Jammu and Kashmir Bank (down 2.19%), Indian Overseas Bank (down 1.15%), Bank of Maharashtra (down 0.93%) and UCO Bank (down 0.70%) declined.

Stocks in Spotlight:

Mastek fell 11.90% to Rs 3007.20. The company`s net profit rose 1.6% to Rs 81.5 crore on 3.4% increase in revenue from operations to Rs 533.9 crore in Q2 September 2021 over Q1 June 2021. On a year on year (YoY) basis, Mastek`s net profit rose 37.8% and revenue from operations rose 30.3%.

HDFC Asset Management Company shed 0.62% to Rs 2887. The AMC said that Piyush Surana, chief financial officer (CFO) and key managerial personnel (KMP) of the company has tendered his resignation. He will be relieved from the duties with effect from 31 January 2022, the asset management company added. The company said it is in the process of appointing a new CFO and the same will be communicated to the stock exchanges in due course.

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