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Sensex jumps 710 pts, PSU bank stocks advance

Published on Jan 09, 2023 14:32

The frontline indices traded with robust gains in afternoon trade. The Nifty traded above the 18,050 mark. Barring the Nifty Consumer Durables index, all the other sectoral indices on the NSE were in the green.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 709.83 points or 1.19% to 60,610.20. The Nifty 50 index added 201.55 points or 1.13% to 18,061.

In the broader market, the S&P BSE Mid-Cap index gained 0.56% while the S&P BSE Small-Cap index rose 0.37%.

The market breadth was positive. On the BSE, 2,033 shares rose and 1,525 shares fell. A total of 192 shares were unchanged.

Hopes of a cool down in US rate hikes and improving global economic outlook buoyed by reopening of China`s borders lifted the investor sentiment.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.345 from its close of 7.373 recorded in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.34, compared with its close of 82.6675 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement rose 0.62% to Rs 56,089.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.35% to 103.51.

The United States 10-year bond yield added 0.67% to 3.595.

In the commodities market, Brent crude for March 2023 settlement jumped $2.22 or 2.83% to $80.79 a barrel.

Buzzing Index:

The Nifty PSU Bank index rose 1.02% to 4,317.15. The index lost 0.84% in the past trading session.

Bank of India (up 1.82%), Indian Bank (up 1.52%), Canara Bank (up 1.5%), Punjab National Bank (up 1.06%), Bank of Baroda (up 1.04%), State Bank of India (up 0.96%), Bank of Maharashtra (up 0.81%), Union Bank of India (up 0.37%), UCO Bank (up 0.16%) and Punjab & Sind Bank (up 0.16%) edged higher.

On the other hand, Central Bank of India (down 0.64%), Indian Overseas Bank (down 0.16%) declined.

Stocks in Spotlight:

Ajmera Realty & Infra India (ARIIL) advanced 2.31% after the company announced that its sales value advanced 19% to Rs 128 crore in Q3 FY23 compared with Rs 108 crore reported in Q3 FY22. The sales value dropped 23% last quarter compared with Rs 166 crore posted in Q2 FY23.

Bandhan Bank gained 2% after the bank`s total loan book and advances increased by 14% YoY to Rs 1,00,520 crore in Q3 FY23. During the quarter, the private bank`s loans & advances increased by 5% from Rs 95,835 crore posted in Q2 FY23. The bank had disbursed loans aggregating to Rs 87,998 crore in the quarter ended on 31 December 2021.

Delhivery rose 0.41%. The company said that South Asia`s largest content-to-commerce conglomerate Good Glamm Group has extended its partnership with the company for implementing end-to-end supply chain solutions and increasing its customer satisfaction.

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