BENCHMARKS EXTEND GAINS; BANK SHARES IN DEMAND

The domestic equity barometers extended gains in morning trade. The Nifty traded near the 25,100 level. Bank shares advanced after declining in the previous trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, advanced 431.71 points or 0.54% to 81,831.17. The Nifty 50 index added 133.20 points or 0.54% to 25,098.45.

In the broader market, the S&P BSE Mid-Cap index fell.18% and the S&P BSE Small-Cap index shed 0.10%.

The market breadth was positive. On the BSE, 1,877 shares rose and 1,515 shares fell. A total of 145 shares were unchanged.

Economy:

India�s forex reserves dropped by $3.709 billion to $701.176 billion for the week ended October 4, the RBI said on Friday. In the previous reporting week, the reserves had jumped by $12.588 billion to an all-time high of $704.885 billion.

The foreign currency assets, a major component of the reserves, decreased by $3.511 billion to $612.643 billion, the data released on Friday showed.

Gold reserves decreased by $40 million to $65.756 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $123 million to $18.425 billion.

India�s reserve position with the IMF was down by $35 million to $4.352 billion in the reporting week, the apex bank data showed.

Result Today

Reliance Industries, HCL Technologies, Angel One, Sterling and Wilson Renewable Energy, Alok Industries, Gopal Snacks, Ceenik Exports, Dr Lalchandani Labs, International Travel House, Nutraplus India, Oriental Hotels, Premier Polyfilm, Rajoo Engineers, and Rita Finance and Leasing will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Bank index added 0.96% to 51,664.10. The index fell 0.70% in the past trading session.

Federal Bank (up 2.59%), HDFC Bank (up 1.64%), Kotak Mahindra Bank (up 1.23%), IDFC First Bank (up 0.95%) and IndusInd Bank (up 0.84%), State Bank of India (up 0.81%), Canara Bank (up 0.74%), Bank of Baroda (up 0.71%), ICICI Bank (up 0.56%) and Punjab National Bank (up 0.31%) edged higher.

Stocks in Spotlight:

Wipro added 1.97% after the company said that its board will meet on 16-17 October 2024 to consider bonus issue to equity shareholders.

Metropolis Healthcare fell 1.28% after Rakesh Agarwal, chief financial officer and key managerial personnel of the company resigned from his position with effect from 10 November 2024 due to some personal priorities.

PNC Infratech gained 3.42% after the company received an order worth Rs 2,039.61 crore from the City & Industrial Development Corporation of Maharashtra (CIDCO) for infra-development in Navi Mumbai`s NAINA region.

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