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Shares turn rangebound; bank stocks edge higher

Published on Sep 08, 2022 10:23

The key equity indices traded in a narrow range, near the day`s high, in morning trade. The Nifty continued to trade above the 17,750 mark. Bank stocks witnessed across the board buying. Gains in domestic equity benchmarks mirrored the uptick in their Asian peers.

At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 556.77 points or 0.94% to 59,585.68. The Nifty 50 index added 148.15 points or 0.84% to 17,772.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.53% while the S&P BSE Small-Cap index advanced 0.82%.

The market breadth was strong. On the BSE, 2232 shares rose and 843 shares fell. A total of 136 shares were unchanged.

Buzzing Index:

The Nifty Bank index rose 1.21% to 39,933.05. The index had declined 0.88% in the past two sessions.

ICICI Bank (up 2.24%), Bank of Baroda (up 2.05%), IDFC First Bank (up 1.99%), Bandhan Bank (up 1.67%) and Punjab National Bank (up 1.33%) were the top gainers.

Among the other gainers were IndusInd Bank (up 1.11%), State Bank of India (up 1.1%), AU Small Finance Bank (up 1.08%), Axis Bank (up 1.07%) and Federal Bank Ltd (up 0.84%).

Stocks in Spotlight:

Schneider Electric Infrastructure zoomed 13.57%. The board of directors of the company considered and approved enhancing the production capacity of Vacuum Interrupters & Vacuum Circuit Breakers by setting up a manufacturing unit in Kolkata.

C.E. Info Systems added 0.87%. The company has completed the acquisition of 3% stake in Nawgati Tech through CCPS. CE Info bought 342 shares of Face Value Rs 10 each in Nawgati for Rs 1 crore.

Sona BLW Precision Forgings rose 0.15%. Sona Comstar said that it has achieved the 100,000 EV traction motor production milestone. The company started production of these indigenous traction motors at its Chennai plant in November 2020. While it took 17 months to reach cumulative production of 50,000, the company doubled it in four months.

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