Benchmarks trade in range; banks advance

The domestic equity barometers traded in a narrow range near day`s high in afternoon trade. The Nifty was trading above the 17,950 mark. Banks stocks advanced for the second consecutive session.

At 13:21 IST, the barometer index, the S&P BSE Sensex, was up 484.14 points or 0.81% to 60,228.79. The Nifty 50 index added 145.70 points or 0.82% to 17,958.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.60% while the S&P BSE Small-Cap index added 1.08%.

The market breadth was strong. On the BSE, 2,632 shares rose and 943 shares fell. A total of 119 shares were unchanged.

Stocks in Spotlight:

Sobha rose 1.18% to Rs 862.50 after the company reported Q3 sales volume of 1,322,684 square feet of super built-up area, an increase of 17% YoY. It also reported the highest ever share of the sale value of Rs 908 crore during the quarter, up by 34% YoY.

Diamines & Chemicals spurted 12.86% to Rs 284.05 after the company said it received environment clearance for expansion in manufacturing plant of synthetic organic chemicals in Vadodara, Gujarat.

One97 Communications (Paytm) fell 3.71% to Rs 1,186.20, extending its losing streak to fifth consecutive trading session. Shares of Paytm have declined 11.45% in five trading sessions.

Selling emerged after a foreign brokerage reportedly initiated coverage on the scrip with an `Underperform` rating and a price target of Rs 900. The brokerage house said that it sees "no sign of headwinds abating". The target price is 25% lower than the current levels.

Buzzing Index:

The Nifty Bank rose 0.97% to 38,103.95. The index had added 1.64% in the past two sessions.

Federal Bank (up 4.21%), (up 4.21%), RBL Bank (up 3.11%), Kotak Mahindra Bank (up 1.98%), ICICI Bank (up 1.57%), Punjab National Bank (up 1.54%), SBI (up 1.35%), IDFC First Bank (up 1.32%) and Axis Bank (up 1.09%) advanced.

Economy:

India`s Gross Domestic Product (GDP) is estimated to rise 9.2% in the current fiscal as compared to a contraction of 7.3% in the financial year 2020-21. This was stated by the Statistics and Programme Implementation Ministry in its First Advance Estimates of National Income for the financial year 2021-22.

It has also been stated that real GDP or GDP at Constant Prices in the current fiscal year is estimated at Rs 147.54 lakh crore as against the Provisional Estimate of GDP for the year 2020-21 of Rs 135.13 lakh crore. Second Advance Estimates of National Income for the year 2021-22 and quarterly GDP estimate for the quarter October-December, 2021 will be released next month.

Powered by Capital Market - Live News