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Nifty slides below 17,350 level; bank stocks edge higher

Published on Oct 06, 2022 14:29

The key equity benchmarks sharply came off the day`s high in mid-afternoon trade. The Nifty traded tad below the the 17,350 level. Bank stocks record decent buying for second consecutive session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 217.38 points or 0.37% to 58,282.85. The Nifty 50 index added 68.70 points or 0.4% to 17,343.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.99% while the S&P BSE Small-Cap index gained 1.25%.

Buyers outnumbered sellers. On the BSE, 2,350 shares rose and 1,050 shares fell. A total of 149 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.462 as compared with 7.362 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.8750, compared with its close of 81.6200 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement rose 0.45% to Rs 51,876.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.21% to 111.30.

The United States 10-year bond yield increased to 3.763 as compared with 3.759 at close in the previous trading session.

In the commodities market, Brent crude for December 2022 settlement lost 14 cents or 0.15% at $93.23 a barrel.

Buzzing Index:

The Nifty Bank index rose 0.64% to 39,360.80. The index has advanced 3.50% in two sessions.

ICICI Bank (up 2.52%), IDFC First Bank (up 2.07%), Axis Bank (up 1.9%), Bandhan Bank (up 1.74%) and Bank of Baroda (up 1.42%) were the top gainers. Among the other gainers were State Bank of India (up 1.15%), Federal Bank (up 0.91%), Punjab National Bank (up 0.82%), AU Small Finance Bank (up 0.69%) and Kotak Mahindra Bank (up 0.19%).

RBL Bank advanced 2.59%. The private lender`s total deposits rose 5% to Rs 79,407 crore as of 30 September 2022 from Rs 75,588 crore recorded on 30 September 2021. The bank`s retail LCR deposits aggregated to Rs 32,804 crore as on 30 September 2022, recording a growth of 4% YoY.

Yes Bank rose 1.85%. The bank`s deposits increased by 13.2% to Rs 2,00,020 crore as on 30 September 2022 from Rs 1,76,672 crore as on 30 September 2021. Loans & advances as on 30 September 2022 stood at Rs 1,92,809 crore, up by 11.6% YoY.

Ujjivan Small Finance Bank rallied 4.09%. The bank`s gross loan book jumped 44% to Rs 20,938 crore as on 30 September 2022 as against Rs 14,514 crore recorded on 30 September 2021. Total Deposits aggregated to Rs 20,389 crore as on 30 September 2022, up 45% YoY.

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