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Nifty hovers below 18,650 mark, Private bank stocks advances

Published on Jun 09, 2023 11:33

The benchmark indices continued to trade near the flat line with tiny losses in mid-morning trade. The Nifty hovered below the 18,650 mark after hitting the day`s high of 18,676.65 in early trade. Private bank shares rose after declining for the past trading session.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 35.42 points or 0.06% to 62,813.22. The Nifty 50 index shed 9.25 points or 0.05% to 18,625.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.25% while the S&P BSE Small-Cap index rose 0.27%.

The market breadth was positive. On the BSE, 1,825 shares rose and 1,499 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index rose 0.73% to 22,577.75. The index declined 0.76% in the past trading session.

RBL Bank (up 2.74%), IndusInd Bank (up 2.33%), Axis Bank (up 1.5%), IDFC First Bank (up 0.69%), ICICI Bank (up 0.52%), Bandhan Bank (up 0.44%), HDFC Bank (up 0.21%) edged higher.

On the other hand, Kotak Mahindra Bank (down 0.63%), Federal Bank (down 0.24%) and City Union Bank (down 0.16%) declined.

Stocks in Spotlight:

Greenlam Industries jumped 6.78% after the company announced the commencement of commercial production of plywood and allied products at its Tindivanam facility.

Zydus Lifesciences rose 0.38%. The drug maker announced that it has strarted of phase IV real world data registry trial `Evidences- X`I for Saroglitazar Magnesium in non-alcoholic fatty liver disease (NAFLD) patients with comorbidities. The phase IV Evidences- XI trial will enrol approximately 1500 male and female NAFLD patients with comorbidities (either obesity, type 2 diabetes mellitus, dyslipidemia or metabolic syndrome- 200 patients each).

Global Markets:

Asian stocks advanced on Friday, tracking an overnight rise in US stocks. Investors digested China`s consumer price index, which saw a 0.2% rise in May and its producer prices that fell 4.6% year on year, marking the steepest drop since June 2016.

US stocks closed higher on Thursday, regaining some of their momentum, thanks to a rebound by technology stocks. Investors were sitting on the sidelines ahead of inflation data and a Federal Reserve policy meeting next week.

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