SENSEX GAINS 250 PTS; PRIVATE BANK SHARES ADVANCE

The benchmark indices continued to trade in a narrow range with modest gains in mid-afternoon trade. The Nifty hovered above the 23,500 level. Private bank shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex was up 250.08 points or 0.31% to 77,242.85. The Nifty 50 added 75.55 points or 0.32% to 23,541.15.

The Sensex and Nifty clocked an all-time high of 77,366.77 and 23,579.05 respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% and the S&P BSE Small-Cap index added 0.90%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,278.53 and 51,758.97 respectively.

The market breadth was positive. On the BSE, 2,151 shares rose and 1,808 shares fell. A total of 159 shares were unchanged.

Economy:

Fitch Ratings upgraded India`s GDP growth forecast for the current fiscal year to 7.2%, citing a rebound in consumer spending and rising investments. Fitch Ratings quarterly Global Economic Outlook report also depicted raised the world growth forecast for 2024 to 2.6% from 2.4%. The report highlights positive signs from Europe`s improving recovery prospects, China`s reviving export sector, and stronger domestic demand in emerging markets (excluding China).

Meanwhile, India�s forex reserves rose 4.307 billion US Dollars to hit a new all-time high of 655.817 billion Dollars for the week ended June 7. The reserves had jumped 4.837 billion dollars to 651.51 billion dollars in the previous week. For the latest week, foreign currency assets, a major component of the reserves, increased by 3.773 billion dollars to 576.337 billion dollars.

Buzzing Index:

The Nifty Private Bank index gained 0.98% to 25,021.10. The index rose 1.32% in two consecutive trading sessions.

IDFC First Bank (up 4.1%), City Union Bank (up 3.51%), Bandhan Bank (up 2.05%), ICICI Bank (up 1.07%), HDFC Bank (up 0.79%), IndusInd Bank (up 0.7%), Axis Bank (up 0.67%), RBL Bank (up 0.65%) and Federal Bank (up 0.48%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal added 0.06% to 6.988 as compared with previous close 6.984.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.4350, compared with its close of 83.5500 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement fell 0.19% to Rs 71,315.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.19% to 105.51.

The United States 10-year bond yield grew by 0.38% to 4.293.

In the commodities market, Brent crude for August 2024 settlement lost 47 cents or 0.56% to $83.78 a barrel.

Stocks in Spotlight:

Jnk India was locked in 20% upper circuit after the company received mega order from Reliance Industries (RIL) for Gas Cracker Unit (GCU) de-bottlenecking (DBN) project at RIL�s Dahej Manufacturing Division (DMD), Gujarat in India.

HFCL jumped 7.68% after the company announced that it was exempted from anti-dumping duties imposed by the European Commission on Indian optical fiber cable (OFC) manufacturers.

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