Nifty trades above 18,600 level; private bank stocks rally
Published on May 30, 2023 14:33
The key equity indices traded with minor gains in the mid-afternoon trade. The Nifty managed to rise above the 18,600 level after hitting day`s low of 18,575.50 in afternoon trade. Private bank shares witnessed buying demand for fourth consecutive trading session.
At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 99.8 points or 0.16% to 62,946.18. The Nifty 50 index added 32.05 points or 0.17% to 18,630.70.
In the broader market, the S&P BSE Mid-Cap index rose 0.20% while the S&P BSE Small-Cap index advanced 0.21%.
The market breadth was almost negative. On the BSE, 1,667 shares rose and 1,776 shares fell. A total of 118 shares were unchanged.
Despite lower chances of a U.S. default, investors remained on edge as the possibility of a recession in the world`s largest economy this year, coupled with rising tensions with China, could greatly limit capital flows into regional markets.
Numbers to track:
The yield on India`s 10-year benchmark federal paper declined to 7.019 from previous close of 7.024.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7325, compared with its close of 82.6300 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement advanced 0.20% to Rs 59,540.
The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.11% to 104.32.
The United States 10-year bond yield declined 1.87% to 3.744.
In the commodities market, Brent crude for July 2023 settlement fell 94 cents or 1.22% to $76.01 a barrel.
The Nifty Private Bank advanced 0.29% to 22,517.90. The index has risen 1.57% in four trading sessions.
RBL Bank (up 5.53%), IDFC First Bank (up 2.07%), Bandhan Bank (up 1.02%), Kotak Mahindra Bank (up 0.77%) and Axis Bank (up 0.58%) IndusInd Bank (up 0.38%) advanced.
On the other hand, City Union Bank (down 0.72%), HDFC Bank (down 0.37%) and Federal Bank (down 0.24%) declined.
Stocks in Spotlight:
Sun Pharmaceutical Industries fell 0.61%. The company said that it has entered into a licensing agreement with Philogen S.p.A for commercializing Philogen`s specialty product, Nidlegy (Daromun) in the territories of Europe, Australia and New Zealand.
Shriram Properties slipped 5.60%. The company`s consolidated net profit tumbled 76.51% to Rs 15.23 crore on 42.53% decline in revenue from operations to Rs 117.85 crore in Q4 FY23 over Q4 FY22.
Force Motors was locked in an upper circuit of 20%. The company reported consolidated net profit of Rs 146.59 crore in Q4 FY23 as compared with net loss of Rs 42.79 crore in Q4 FY22. Revenue from operations jumped 69.01% to Rs 1,490.25 crore in Q4 FY23 as compared with Rs 881.47 crore in Q4 FY22.
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