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Indices near day`s high; banks advance

Published on Jul 18, 2022 14:33

The key equity indices traded near the day`s high with major gains in the mid-afternoon trade. The Nifty traded above the 16,200 level. IT, metals and PSU banks stocks advanced while pharma, FMCG and healthcare shares corrected.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 613.33 points or 1.14% to 54,374.11. The Nifty 50 index added 187.35 points or 1.17% to 16,236.55.

The broader market was trading firm. The S&P BSE Mid-Cap index rose 1.34% while the S&P BSE Small-Cap index added 1.36%.

The market breadth was strong. On the BSE, 2,314 shares rose and 1,063 shares fell. A total of 171 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.435 as compared with 7.438 at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.9150, compared with its close of 79.82 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement rose 0.72% to Rs 50,470.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, increased 0.50 % to 107.52.

In the commodities market, Brent crude for September 2022 settlement rose $1.84 or 1.86% at $100.94 a barrel.

Buzzing Index:

The Nifty Bank index advanced 1.50% to 35,201.20, extending its gaining run for the second trading session. The index added 1.59% in two trading sessions.

Among the components of the Nifty Bank index, IDFC First Bank (up 4.05%), Federal Bank (up 3.95%), Bandhan Bank (up 3.85%), IndusInd Bank (up 3.67%), Kotak Mahindra Bank (up 2.83%), Bank of Baroda (up 2.79%), Punjab National Bank (up 2.31%), State Bank of India (up 1.99%), ICICI Bank (up 1.96%) and Axis Bank (up 1.92%) jumped. On the other hand, HDFC Bank (down 1.21%) declined.

Stocks in Spotlight:

Cyient rose 1.11% to Rs 779.35 after the company announced a partnership with Honeywell to manufacture Honeywell Anthem, the first cloud-connected cockpit system. The company said that it has inked a multi-year deal with Honeywell for this project. The Honeywell Anthem flight deck will have unparalleled levels of connectivity, an exciting and intuitive interface modeled after everyday smart devices, and a highly scalable and customizable design.

Shilpa Medicare advanced 3.31% to Rs 430.15 after the company said its API facility (Unit I) at Raichur, Karnataka has received GMP (good manufacturing practice) certificate from MOH-Russia. The facility was inspected by the Ministry of Health of the Russian Federation from 17 February 2022 to 21 February 2022. The facility is involved in manufacturing, testing, packing, storage of chemically synthesized non-sterile drug substances for human use.

KNR Constructions rose 0.94% to Rs 253.65 after the construction company said that it has received a Letter of Acceptance (LoA) for a road construction project in Telangana worth Rs 34.26 crore. The scope of the project entails construction of four lane road from IDA Pashamailaram Industrial Park to Outer Ring Road (ORR) (Patancheru - Shankerpally road junction) in Sangareddy district in Telangana.

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