SENSEX CLIMBS 260 PTS; BANK SHARES IN DEMAND

The headline equity indices traded with moderate gains in mid-afternoon trade. The Nifty traded above the 23,550 mark. Bank shares extended gains for the third consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex was up 260.20 points or 0.34% to 77,561.34. The Nifty 50 index added 21.75 points or 0.09% to 23,579.65.

The Sensex and Nifty clocked an all-time high of 77,581.46 and 23,630.85 respectively in early trade.

The broader market underperformed the headline indices, the S&P BSE Mid-Cap index declined 0.70% and the S&P BSE Small-Cap index shed 0.27%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,442.90 and 51,968.25 respectively.

The market breadth was negative. On the BSE, 1,697 shares rose and 2,138 shares fell. A total of 101 shares were unchanged.

Economy:

India`s direct tax collection has grown significantly in the current financial year compared to the same period last year. Gross collections (before refunds) are up 22.19%, reaching over Rs 5.15 lakh crore by mid-June, while net collections (after refunds) have grown by around 21% to over Rs 4.62 lakh crore. This growth is partly due to a 27.34% increase in advance tax collection. The government has also issued more refunds this year, with Rs 53,322 crore paid out by mid-June, a 33.7% increase.

Buzzing Index:

The Nifty Bank index gained 2.23% to 51,563.55. The index rallied 3.44% in three consecutive trading sessions.

HDFC Bank (up 3.05%), Axis Bank (up 2.95%), ICICI Bank (up 2.43%), IDFC First Bank (up 2.2%), IndusInd Bank (up 1.98%), Bandhan Bank (up 1.39%), Kotak Mahindra Bank (up 1.24%), State Bank of India (up 0.44%), AU Small Finance Bank (up 0.31%) and Punjab National Bank (up 0.19%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.16% to 6.970 as compared with previous close 6.981.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.4475, compared with its close of 83.4300 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.11% to Rs 71,820.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.02% to 105.24.

The United States 10-year bond yield grew 1.77% to 4.225.

In the commodities market, Brent crude for August 2024 settlement lost 22 cents or 0.26% to $85.09 a barrel.

Stocks in Spotlight:

Sakuma Exports added 1.91% after the company announced that its board will meet on Monday, 01 July 2024, to consider a proposal for issue of bonus shares to the equity shareholders of the company.

Jio financial services shed 0.88%. The company said that it has appointed S.Anantharaman as chief risk officer for a period of 5 years with effect from 19 June 2024.

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