Indices come off day`s high; banks in demand

The domestic equity barometers traded some points off the days` high in morning trade. The Nifty was trading below the 16,200 level. Banks shares extended their wining streak for the third consecutive session.

At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 244.36 points or 0.45% to 54,422.82. The Nifty 50 index added 64.25 points or 0.4% to 16,197.15.

The equity benchmarks extended their uptrend for third day in a row. In three sessions, the Sensex has added 2.40% while the Nifty has gained 2.43%.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index gained 0.36%.

The market breadth was strong. On the BSE, 1,882 shares rose and 995 shares fell. A total of 148 shares were unchanged.

Buzzing Index:

The Nifty Bank index rose 0.52% to 35,103.35. The index has added 3.81% in three sessions.

Axis Bank (up 2.08%), ICICI Bank (up 1.33%), HDFC Bank (up 0.49%), Federal Bank (up 0.15%) and State Bank of India (up 0.13%) were the top index gainers.

Meanwhile, Punjab National Bank (down 1.13%), Bandhan Bank (down 0.8%) and IDFC First Bank (down 0.73%) edged lower.

Stocks in Spotlight:

Dr Reddy`s Laboratories was up 0.03%. The U.S. Food and Drug Administration (USFDA) issued Form 483 with two observations after an inspection at Dr. Reddy`s Laboratories` formulation manufacturing facility FTO 11 in Srikakulam, Andhra Pradesh.

Vedanta shed 0.81%. The company said that it will acquire Athena Chhattisgarh Power located in Jhanjgir Champa, Chhattisgarh for Rs 564.67 crore.

Adani Ports & Special Economic Zone rose 0.84%. The company`s board on Thursday (7 July 2022) approved the appointment of D Muthukumaran as the chief financial officer and key managerial personnel of the company with effect from 25 July 2022.

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