INDICES TRADE WITH MODEST GAINS; PSU BANK SHARES DECLINE

The headline equity indices traded with decent gains in mid-afternoon trade. The Nifty traded above the 24,950 mark. PSU bank shares extended losses for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 290.51 points or 0.38% to 81,756.60. The Nifty 50 index added 94.25 points or 0.38% to 24,951.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.83% and the S&P BSE Small-Cap index rose 0.10%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,680.74 and 55,685.07, respectively.

The market breadth was strong. On the BSE, 2,104 shares rose and 1,799 shares fell. A total of 102 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index fell 0.86% to 7,364.45. The index shed 0.94% in two consecutive trading sessions.

Punjab & Sind Bank (down 2.02%), Indian Overseas Bank (down 1.93%), Bank of Baroda (down 1.58%), UCO Bank (down 1.55%), Punjab National Bank (down 1.35%), Canara Bank (down 1.04%), Bank of Maharashtra (down 0.96%), Central Bank of India (down 0.86%), State Bank of India (down 0.52%) and Union Bank of India (down 0.28%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal grew 1.77% to 7.054 as compared with previous close 7.050.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.7400, compared with its close of 83.7300 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.63% to Rs 69,040.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.25% to 104.29.

The United States 10-year bond yield fell 0.07% to 4.138.

In the commodities market, Brent crude for September 2024 settlement gained $1.67 or 2.14% to $79.74 a barrel.

Stocks in Spotlight:

IndiaMART InterMESH dropped 6.21%. The company reported 37% rise in consolidated net profit to Rs 114 crore on a 17% increase in operating revenue to Rs 331 crore in Q1 FY25 as compared with Q1 FY24. The revenue includes IndiaMART standalone revenue of Rs 315 crore and Busy Infotech revenue of Rs 15 crore, registering a growth of 18% and 15%, respectively, on YoY basis.

Dixon Technologies (India) rose 1.18% after the company reported 107.91% surge in consolidated net profit to Rs 139.70 crore in Q1 FY25 from Rs 67.19 crore posted in Q1 FY24. Revenue from operations zoomed 101.12% year on year (YoY) to Rs 6,579.80 crore in the quarter ended 30 June 2024.

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