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Indices hit fresh intraday high; bank stocks in demand

Published on Oct 04, 2022 10:27

The key equity indices extended their rally and hit fresh intraday high in morning trade. The Nifty hovered near the 17,250 mark, bouncing back sharply from its previous close of 16,887.35. Bank stocks witnessed across the board buying.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 1201.63 points or 2.12% to 57,990.44. The Nifty 50 index added 356 points or 2.11% to 17,243.35.

In the broader market, the S&P BSE Mid-Cap index rose 1.72% while the S&P BSE Small-Cap index gained 1.38%.

Angel One (up 6.50%), Easy Trip Planners (up 6.40%), Delta Corp (up 5.17%) Triveni Turbine (up 4.81%) and KRBL (up 4.54%) were the top broader market gainers.

The market breadth was strong. On the BSE, 2,491 shares rose and 610 shares fell. A total of 125 shares were unchanged.

Investors cheered after witnessing a declining trend in the dollar and US bond yields. The persistence of this trend could lead to a return of FIIs in a big way in the Indian markets. In September, FIIs sold shares worth Rs 18,308.30 in the cash market while DIIs purchased stocks worth Rs 14,119.75 crore during the period under review.

Buzzing Index:

The Nifty Bank index advanced 2.74% to 39,073.45. The index had declined 1.56% to end at 38,029.65 yesterday.

IDFC First Bank (up 6.69%), IndusInd Bank (up 5.14%), Bandhan Bank (up 4.12%), Bank of Baroda (up 3.01%) and Federal Bank (up 2.92%) were the top index gainers.

Among the other gainers were Punjab National Bank (up 2.82%), ICICI Bank (up 2.61%), AU Small Finance Bank (up 2.59%), Axis Bank (up 2.58%) and State Bank of India (up 2.45%).

Stocks in Spotlight:

Mahindra & Mahindra Financial Services jumped 9.43%. The NBFC said that it has recorded a disbursement of approximately Rs 4,080 crore in September 2022, delivering a 110% year on year (YoY) growth.

NCC advanced 2.06%. The company has received a new order for Rs. 393 crore (exclusive of GST) in September 2022. This pertains to building division and is received from State Government agencies and does not include any internal order.

Vishnu Chemicals gained 3.64%. The meeting of the board of directors of the company is scheduled on 31 October 2022 to consider and approve the proposal to sub-divide/split of the equity shares of the company.

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