SENSEX GAINS 279 PTS; PSU BANKS DECLINE

The headline equity indices traded with modest gains in mid-afternoon trade. The Nifty traded above the 25,100 level after hitting the day`s low of 24,964.65 in morning trade. PSU bank shares fell after advancing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex gained 278.51 points or 0.34% to 81,990.27. The Nifty 50 index added 101.55 points or 0.41% to 25,119.30.

The Nifty clocked an all-time high of 25,129.60 in mid-afternoon trade.

In the broader market, The S&P BSE Mid-Cap index rose 0.17% and the S&P BSE Small-Cap index added 0.02%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 49,099.45 and 56,416.31 respectively.

The market breadth was positive. On the BSE, 1,918 shares rose and 2,005 shares fell. A total of 103 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index fell 0.51% to 6,950.05. The index rose 0.04% in the past trading session.

Union Bank of India (down 0.83%), Punjab National Bank (down 0.66%), Bank of Baroda (down 0.62%), Canara Bank (down 0.53%), Bank of India (down 0.32%), Bank of Maharashtra (down 0.30%), State Bank of India (down 0.21%), UCO Bank (down 0.19%) and Central Bank of India (down 0.15%) declined.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose 0.10% to 6.982 as compared with previous close 6.975.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9650, compared with its close of 83.9325 during the previous trading session.

MCX Gold futures for 5 September 2024 settlement fell 0.28% to Rs 71,352.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.27% to 100.83.

The United States 10-year bond yield declined 0.34% to 3.822.

In the commodities market, Brent crude for October 2024 settlement lost 59 cents or 0.75% to $78.07 a barrel.

Stocks In Spotlight:

Indian Oil Corporation rose 0.52%. The company said that it has entered into a memorandum of understanding (MoU) with Rashtriya Ispat Nigam (RINL) for suppling of hydraulic and lubricating oils & greases for a period of 5 years from 2024 to 2029.

Ashok Leyland shed 0.13%. The company informed that its step-down subsidiary, Ohm International Mobility, U.K. has been voluntarily liquidated with effect from 27 August 2024.

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