Shares come off the day`s high; bank stocks rise for 5th day

The key equity benchmarks came off the day`s high in early afternoon trade. The Nifty continued to trade above the 16,550 mark. Bank stocks extended gains for fifth consecutive session. A reversal in foreign fund selling in the Indian market helped improve sentiment.

At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 134.21 points or 0.24% to 55,531.74. The Nifty 50 index gained 44.20 points or 0.27% to 16,565.05.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.89% while the S&P BSE Small-Cap index added 0.68%.

The market breadth was strong. On the BSE, 1,947 shares rose and 1,253 shares fell. A total of 148 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.66% to 17.10. The Nifty 28 July 2022 futures were trading at 16,567.50, at a premium of 2.45 points as compared with the spot at 16,565.05.

The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 36.2 lakh contracts at the 17,000 strike prices. Maximum Put OI of 38.8 lakh contracts was seen at 16,000 strike price.

Buzzing Index:

The Nifty Bank index rose 0.92% to 36,301.95. The index has added 4.75% in five sessions.

IDFC First Bank (up 3.3%), Federal Bank (up 2.23%) and Bank of Baroda (up 1.65%) were the top index gainers.

Punjab National Bank (up 1.59%), Bandhan Bank (up 1.12%), Axis Bank (up 0.95%) and ICICI Bank (up 0.52%) advanced while Kotak Mahindra Bank declined 0.97%.

IndusInd Bank jumped 8.07%. The bank reported 64% rise in standalone net profit to Rs 1,603 crore on a 9% increase in total income to Rs 10,110 crore in Q1 FY23 over Q1 FY22.

Separately, IndusInd Bank announced a partnership with EazyDiner - India`s leading table reservation, food discovery & restaurant payment platform, to launch a tailor-made co-branded credit card - EazyDiner IndusInd Bank Credit Card.

AU Small Finance Bank advanced 2.90%. The bank reported 31.8% rise in net profit to Rs 267.87 crore on a 26.3% increase in total income to Rs 1,979.35 crore in Q1 FY23 over Q1 FY22.

State Bank of India (SBI) rose 0.75%. The central board of SBI approved raising upto Rs 11,000 crore through Basel III compliant debt instrument in USD/INR and/or any other convertible currency, during FY23.

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