BAROMETERS TRADE WITH DECENT GAINS; PRIVATE BANK SHARES ADVANCE

The frontline indices traded with modest in mid-afternoon trade. The Nifty traded above the 24,900 level after hitting the day�s low of 24,798.65 in morning trade. Private bank shares extended gains for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 348.91 points or 0.44% to 81,704.75. The Nifty 50 index rose 110.25 points or 0.44% to 24,946.35.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.55% and the S&P BSE Small-Cap index gained 0.98%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,383.87 and 55,482.33, respectively.

The market breadth was strong. On the BSE, 2,341 shares rose and 1,534 shares fell. A total of 114 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index gained 0.98% to 25,838.70. The index rallied 1.85% in three consecutive trading sessions.

City Union Bank (up 3.01%), HDFC Bank (up 1.49%), IDFC First Bank (up 1.38%), IndusInd Bank (up 1.32%), RBL Bank (up 1.3%), ICICI Bank (up 0.83%), Bandhan Bank (up 0.7%), Federal Bank (up 0.66%), Kotak Mahindra Bank (up 0.37%) and Axis Bank (up 0.24%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal rallied 1.88% to 7.049 as compared with previous close 7.039.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.7325, compared with its close of 83.7350 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.15% to Rs 68,370.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 104.57.

The United States 10-year bond yield grew 0.17% to 4.184.

In the commodities market, Brent crude for September 2024 settlement added 14 cents or 0.18% to $79.19 a barrel.

Stocks in Spotlight:

Varun Beverages dropped 5.52%. The company reported 26.04% jump in consolidated net profit to Rs 1,252.60 crore in Q2 CY24 as compared with Rs 993.81 crore posted in Q2 CY23. Revenue from operations (excluding excise duty) surged 28.25% YoY to Rs 7,196.86 crore in second quarter of 2024.

Quess Corp rose 0.79%. The company�s consolidated net profit jumped 14% to Rs 111.67 crore in Q1 FY25 as compared with Rs 97.83 crore in Q4 FY24. Revenue from operations increased 8.76% QoQ to Rs 5003.10 crore in Q1 FY25.

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