SENSEX CLIMBS 146 PTS; PRIVATE BANK SHARES ADVANCE

The benchmark indices traded with moderate gains in mid-afternoon trade. The Nifty traded above the 23,550 mark. Private bank shares extended gains for the fourth consecutive session. Trading could be volatile due to weekly F&O series expiry today.

At 14:30 IST, the barometer index, the S&P BSE Sensex was up 145.84 points or 0.19% to 77,483.43. The Nifty 50 index rose 55 points or 0.23% to 23,571.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.39% and the S&P BSE Small-Cap index gained 0.94%.

The market breadth was positive. On the BSE, 2,267 shares rose and 1,546 shares fell. A total of 140 shares were unchanged.

Economy:

The government announced an increase in Minimum Support Prices (MSP) for all 14 kharif crops for the 2024-25 season (July-June). This hike is expected to put an additional Rs 35,000 crore in the hands of farmers, bringing the total MSP payout to around Rs 2 lakh crore.

Meanwhile, the Reserve Bank of India (RBI) projects continued economic momentum in the April-June quarter, driven by rising private consumption and strengthening manufacturing and services sectors.

Buzzing Index:

The Nifty Private Bank index gained 1.18% to 25,854.40. The index rallied 4.70% in four consecuitive trading sessions.

City Union Bank (up 5.42%), Bandhan Bank (up 4.41%), Federal Bank (up 1.95%), Kotak Mahindra Bank (up 1.38%), IDFC First Bank (up 1.35%), Axis Bank (up 0.66%), HDFC Bank (up 0.52%), IndusInd Bank (up 0.45%), ICICI Bank (up 0.44%) and RBL Bank (up 0.27%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.06% to 6.970 as compared with previous close 6.974.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5900, compared with its close of 83.4400 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.35% to Rs 71,982.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.20% to 105.47.

The United States 10-year bond yield grew 2.50% to 4.255.

In the commodities market, Brent crude for August 2024 settlement added 4 cents or 0.05% to $85.37 a barrel.

Stocks in Spotlight:

Bondada Engineering was locked in 5% upper circuit after the company received work order from Goldi Solar aggregating to Rs 14.65 crore.

Tata Communications advanced 1.75% after the company announced that it has secured a five-year $250 million sustainability-linked loan (SLL) from ANZ, DBS Bank and Export Development Canada (EDC).

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