INDICES TRADE WITH MINOR GAINS; PRIVATE BANK SHARES ADVANCE

The key equity benchmarks traded with limited gains in mid-afternoon trade. The Nifty traded above the 25,350 mark after hitting the day�s low of 25,336.20 in early afternoon trade. Private bank stocks advanced for the three consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex rose 151.95 points or 0.18% to 83,035.57. The Nifty 50 index added 41.90 points or 0.17% to 25,398.40.

The Sensex and Nifty clocked an all-time high of 83,184.34 and 25,445.70, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% and the S&P BSE Small-Cap index rose 0.25%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit a record high of 49,506.01 and 57,502.74 respectively.

The market breadth was positive. On the BSE, 2,129 shares rose and 1,886 shares fell. A total of 125 shares were unchanged.

Economy:

India`s forex reserves jumped $ 5.248 billion to a new all-time high of $ 689.235 billion for the week ended September 6, the Reserve Bank of India said on Friday. The overall kitty had jumped by $ 2.299 billion to a record $ 683.987 billion for the previous reporting week. For the week ended September 6, foreign currency assets, a major component of the reserves, increased by $ 5.107 billion to $ 604.144 billion, the data showed.

Buzzing Index:

The Nifty Private Bank index rose 0.47% to 26,198.10. The index added 2.37% in the three consecutive trading sessions.

Axis Bank (up 1.01%), RBL Bank (up 0.83%), ICICI Bank (up 0.65%), Kotak Mahindra Bank (up 0.65%) and IndusInd Bank (up 0.56%), HDFC Bank (up 0.39%) and IDFC First Bank (up 0.38%) edged higher.

On the other hand, City Union Bank (down 1.14%), Federal Bank (down 0.93%) and Bandhan Bank (down 0.16%) edged lower.

Numbers to Track:

The yield on India`s 10-year benchmark federal advanced 1.40% to 6.887 as compared with previous close 6.792.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.8850, compared with its close of 83.9200 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement added 0.20% to Rs 73,663.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.42% to 100.69.

The United States 10-year bond yield fell 0.14% to 3.642.

In the commodities market, Brent crude for November 2024 settlement added 54 cents or 0.75% to $72.15 a barrel.

Stocks in spotlight:

Systematix Corporate Services (SCSL) rose 0.93%. The company informed that it has raised Rs 103.12 crore through preferential allotment of equity shares at Rs 1,531 per share.

HEG rallied 4.04% after the company informed that its board has approved the enhancement of existing investment limit from Rs 200 crore to Rs 250 crore in one or more tranches.

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