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Barometers near the day`s high; bank stocks advance

Published on Jul 06, 2022 14:28

The key equity barometers traded near the day`s high in mid-afternoon trade. The Nifty continued to trade above the 15,950 level. Bank shares witnessed across the board buying.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 521.97 points or 0.98% to 53,656.32. The Nifty 50 index added 153.80 points or 0.97% to 15,964.65.

In the broader market, the S&P BSE Mid-Cap index rose 1.28% while the S&P BSE Small-Cap index gained 0.62%.

The market breadth was positive. On the BSE, 1,705 shares rose and 1,495 shares fell. A total of 160 shares were unchanged.

Some cooling off in global crude prices overnight boosted domestic investors sentiment. Weak crude price benefits India as it positively impacts growth, current account deficit (CAD), inflation and fiscal deficit.

Investors will closely monitor the release of the Federal Reserve`s minutes of meeting in June, to be out late on Wednesday.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.296% as compared with 7.391% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 79.3325, compared with its close of 79.3350 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement added 0.09% to Rs 51,347.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.02% to 106.56.

In the commodities market, Brent crude for September 2022 settlement advanced $1.71 or 1.66% at $104.48 a barrel.

Buzzing Index:

The Nifty Bank index 1.18% to 34,214.30. The index had declined 0.37% to end at 33,815.90 yesterday.

AU Small Finance Bank (up 3.24%), Kotak Mahindra Bank (up 2.84%), HDFC Bank (up 1.32%), State Bank of India (up 1.13%) and ICICI Bank (up 1.09%) were the top gainers.

Among the other gainers were Axis Bank (up 0.99%), IndusInd Bank (up 0.93%), IDFC First Bank (up 0.9%), Bank of Baroda (up 0.76%) and Bandhan Bank (up 0.73%).

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