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Sensex, Nifty trade sideways; banks in demand

Published on Jul 04, 2022 11:28

The domestic equity barometers traded sideways in mid-morning trade. The Nifty traded below the 15,750 level after hitting the day`s high of 15,797.45 in early trade. Banks shares extended gains for the third consecutive session.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 42.35 points or 0.08% to 52,950.28. The Nifty 50 index lost 11.05 points or 0.07% to 15,741.00.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.35%.

The market breadth was positive. On the BSE, 1,848 shares rose and 1,274 shares fell. A total of 196 shares were unchanged.

Buzzing Index:

The Nifty Bank index rose 0.66% to 33,761.90. The index has added 1.48% in three sessions.

Bank of Baroda (up 2.68%), Federal Bank (up 1.55%), and Punjab National Bank (up 1.19%) were the top gainers.

Among the other gainers were ICICI Bank (up 1.19%), Axis Bank (up 0.99%), and State Bank of India (up 0.95%).

On the other hand, AU Small Finance Bank (down 2.76%), Bandhan Bank (down 0.72%), and Kotak Mahindra Bank (down 0.29%) moved lower.

HDFC Bank shed 0.47%. The private lender`s advances aggregated to approximately Rs 13,95,000 crore as of 30 June 2022, registering a growth of around 21.5% over Rs 11,47,700 crore as of 30 June 2021. The bank`s deposits aggregated to approximately Rs 16,05,000 crore as of 30 June 2022, a growth of around 19.3% over Rs 13,45,800 crore as of 30 June 2021.

IDFC First Bank gained 6.2%. The bank`s total customer deposits rose 20.6% to Rs 1,02,363 crore as on 30 June 2022 as against Rs 84,893 crore as on 30 June 2021. Gross funded assets aggregated to Rs 1,37,685 crore as on 30 June 2022, up 21% YoY.

Global markets:

Asian stocks were mixed on Monday ahead of Australia and Malaysia central bank decisions this week.

The U.S. market is closed for a holiday Monday. Wall Street ended sharply higher in light trading on Friday as investors embarked on the second half of the year. The higher close on Wall Street came as traders went bargain hunting following the significant decrease seen early in the session.

A report from the Institute for Supply Management showing the pace of growth in U.S. manufacturing activity slowed by more than expected in the month of June. The ISM said its manufacturing PMI slid to 53.0 in June from 56.1 in May.

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