Indices opens higher; breadth strong

The key equity indices were trading with modest gains in early trade. The Nifty traded above the 20,950 level. Metal, media and realty shares advanced while auto and pharma stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 250.86 points or 0.36% to 62,772.55. The Nifty 50 index added 81 points or 0.39% to 20,982.15.

In the broader market, the S&P BSE Mid-Cap index added 0.43% while the S&P BSE Small-Cap index gained 0.54%.

The market breadth was negative. On the BSE, 2,126 shares rose and 870 shares fell. A total of 109 shares were unchanged.

Buzzing Index:

The Nifty Bank index rose 0.40% to 47,058.90. The index has added 0.41% in two sessions.

Bank of Baroda (up 1.23%), HDFC Bank (up 1%), IndusInd Bank (up 0.67%), Axis Bank (up 0.4%) and IDFC First Bank (up 0.29%) were the top gainers.

Among the other gainers were Kotak Mahindra Bank (up 0.26%), Punjab National Bank (up 0.23%), Federal Bank (up 0.23%), ICICI Bank (up 0.15%).

On the other hand, AU Small Finance Bank (down 1%), State Bank of India (down 0.53%) and Bandhan Bank (down 0.19%) moved lower.

Stocks in Spotlight:

Zomato rose 0.53%. Japan`s SoftBank is likely to sell Zomato shares worth $135 million through a block deal, as per reports. The shares will be sold at a price of Rs 120.50 per share, as per reports.

Five Star Business Finance fell 2.04%. A clutch of investors, namely Peak XV Partners (formerly Sequoia Capital), TPG and Matrix Partners, are planning to sell part of their stake in the company through block deals, as per reports.

Container Corporation of India (CONCOR) added 0.90%. CONCOR and NTPC Vidyut Vyapar Nigam (NVVN) have signed a memorandum of understanding (MoU) to explore the possibility of setting up PV Solar renewable energy projects in CONCOR terminals.

Olectra Greentech added 1.63%. The company has received letter of award from Vasai Virar City Municipal Corporation, Mumbai for supply and maintenance of 40 electric buses. The Value of these 40 electric buses supply would be Rs 62.80 crore.

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