SENSEX, NIFTY HITS NEW LIFE HIGH; PSU BANK STOCKS IN DEMAND

The key equity indices pared all early losses and traded with minor gains in morning trade. The Nifty hovered above 24,600 level. PSU bank shares advanced after declining in the previous trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 101.67 points or 0.12% to 80,807.57. The Nifty 50 index rose 24.10 points or 0.10% to 24,637.10.

The Sensex and Nifty clocked an all-time high of 80,910.45 and 24,678.90, respectively in morning trade.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index declined 1.02% and the S&P BSE Small-Cap index fell 0.93%.

The market breadth was weak. On the BSE, 1,414 shares rose and 2,200 shares fell. A total of 151 shares were unchanged.

Economy:

The International Monetary Fund (IMF) upgraded India`s economic outlook, raising its growth forecast for the 2024-25 financial year to 7%. This revision is driven by an anticipated improvement in private consumption, especially in rural areas.

The IMF maintained its projection of 6.5% growth for the following year (2025-26). This information comes from their latest World Economic Outlook report.

In April, the IMF had already revised India`s growth forecast upwards, from 6.5% to 6.8%. This latest increase reflects continued optimism about the Indian economy.

Earnings Today

Infosys (up 0.26%), L&T Technology Services (down 2.67%), Tata Communications (down 0.07%), Central Bank of India (up 2.52%), CIE Automotive India (down 0.82%), Dalmia Bharat (down 0.41), Grindwell Norton (down 0.74%), Havells India (down 0.30%), JSW Infrastructure (up 0.66%), Mastek (down 0.16%), Newgen Software Technologies (down 2.82%), Persistent Systems (down 1.05%), Polycab India (down 0.82%), Rallis India (down 1.85%), Sagar Cements (down 0.21%), Shoppers Stop (down 0.15%), South Indian Bank (up 0.63%), Sterling and Wilson Renewable Energy (up 3.03), Tanla Platforms (down 1.21) and Tata Technologies (down 0.47) will announce their quarterly results later in the day.

Buzzing Index:

The Nifty PSU Bank index rose 1.04% to 7,482.15. The index shed 0.25% in the past trading session.

Indian Overseas Bank (up 2.88%), UCO Bank (up 2.37%), Punjab & Sind Bank (up 2.27%), Central Bank of India (up 1.74%), Bank of Maharashtra (up 1.73%), State Bank of India (up 1.22%), Union Bank of India (up 1.11%), Canara Bank (up 0.99%), Bank of India (up 0.89%) and Punjab National Bank (up 0.38%) advanced.

Stocks in Spotlight:

Hi-Tech Pipes rallied 4.36% after the company reported 45% increase in total sales volume to 1,22,155 MT for Q1 FY24 as compared with the volume of 84,489 MT recorded in the same period last year.

Jubilant Ingrevia tumbled 5.01% after the company reported 15.36% decline in consolidated net profit to Rs 48.74 crore in Q1 FY25 compared with net profit of Rs 57.59 crore in Q1 FY24. Total revenue from operations stood at Rs 1,024.34 crore in Q1 FY25, down 4.71% from Rs 1,075.02 crore in Q1 FY24.

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