Indices trade with modest gains; Sensex adds 260 pts; bank shares rise
Published on Apr 11, 2023 11:32
The key equity barometers came off the day`s high and traded with moderate gains in mid-morning trade. The Nifty traded above the 17,700 level. Banking shares witnessed buying demand.
At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 260.02 points or 0.43% to 60,106.53. The Nifty 50 index added 81.35 points or 0.46% to 17,705.40.
In the broader market, the S&P BSE Mid-Cap index gained 0.15% while the S&P BSE Small-Cap index rose 0.57%.
The market breadth was strong. On the BSE, 2,162 shares rose and 1,141 shares fell. A total of 109 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 882.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 351.50 crore in the Indian equity market on 10 April, provisional data showed.
The Nifty Bank index gained 1.25% to 41,345.55. The index declined 0.50% in the past trading session.
Kotak Mahindra Bank (up 4.43%), Bank of Baroda (up 3.16%), ICICI Bank (up 1.53%), State Bank of India (up 1.47%) and Federal Bank (up 1.06%), Punjab National Bank (up 0.85%), AU Small Finance Bank (up 0.49%), IndusInd Bank (up 0.48%), HDFC Bank (up 0.46%) and IDFC First Bank (up 0.09%) gained.
Stocks in Spotlight:
Vedanta rose 0.54%. The mining company said the Supreme Court (SC) has granted permission to Vedanta to carry out upkeep of its Sterlite copper unit at Tuticorin in Tamil Nadu. Separately, Vedanta announced that its board will meet on Thursday, 13 April 2023, to consider the proposal for issuance of non-convertible debentures on a private placement basis.
Trident jumped 6.45% after the firm announced production update for March 2023. In the home textile division, production of bed linen improved to 3.12 million metres (MM) in March 2023, registering a growth of 8.33% from 2.88 MM recorded in the same period last fiscal.
Tejas Networks advanced 1.56% after the credit rating agency ICRA reaffirmed its rating on the bank facilities of the company, which amounted to Rs 559.86 crore. ICRA has reaffirmed the long-term rating at �[ICRA] A+� and short-term rating at �[ICRA] A1+�. The outlook on the long-term rating is `stable`.
Asian stocks were trading mostly higher on Tuesday as the Bank of Korea held interest rates at 3.5%, in line with expectations. South Korea`s central bank held rates for the second consecutive time.
China`s consumer inflation in March hit the slowest pace since September 2021, weighed by sluggish food prices, official data showed on Tuesday. The consumer price index (CPI) for the month rose 0.7% year-on-year, compared with the 1.0% gain seen in February, said the National Bureau of Statistics (NBS).
U.S. stocks closed Monday mixed after Labor Department data released last week showed workers remain in high demand, increasing the likelihood of another interest-rate increase by the Federal Reserve.
Investors are eyeing the latest consumer price index and producer price index data - due out Wednesday and Thursday, respectively - which will be key in determining if or when the Fed will pause or put an end to its rate hiking campaign.
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