NIFTY ABOVE 23,850 MARK; PRIVATE BANK SHARES ADVANCE

The benchmark indices continued to marched higher and hit a fresh intraday high in mid-afternoon trade. The Nifty traded above the 23,850 mark. Private Bank shares gained for the second consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 601.92 points or 0.76% to 78,639.81. The Nifty 50 index gained 144.05 points or 0.61% to 23,865.35.

The Sensex and Nifty clocked an all-time high of 78,704.54 and 23,880.50 respectively in mid-afternoon trade. Further the Nifty Bank registered an all-time high of 52,958.75 in mid-afternoon trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.11% and the S&P BSE Small-Cap index added 0.14%.

The market breadth was negative. On the BSE, 1,903 shares rose and 1,943 shares fell. A total of 121 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index rose 0.65% to 26,390.05. The index added 2.36% in the two consecutive trading sessions.

Kotak Mahindra Bank (up 1.58%), ICICI Bank (up 1.43%), RBL Bank (up 1.35%), Federal Bank (up 0.89%) and Bandhan Bank (up 0.52%), IndusInd Bank (up 0.3%), Axis Bank (up 0.16%) edged higher.

On the other hand, HDFC Bank (down 0.21%), City Union Bank (down 0.14%) and IDFC First Bank (down 0.06%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.13% to 6.992 as compared with previous close 6.991.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5750, compared with its close of 83.4300 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement shed 0.04% to Rs 71,435.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.18% to 105.79.

The United States 10-year bond yield gained 0.93% to 4.277.

In the commodities market, Brent crude for August 2024 settlement added 16 cents or 0.19% to $85.17 a barrel.

Stocks in Spotlight:

Titagarh Rail Systems (TRSL) advanced 7.10% after CRISIL Ratings upgraded its ratings on the bank facilities of the company to �CRISIL AA-/Stable/CRISIL A1+� from �CRISIL A+/Stable/CRISIL A1�.

RattanIndia Enterprises slipped 3.34%. The company�s chief operating officer (COO), Vijay Nehra resigned from his position effective from 24 June 2024.

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