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The key equity barometers hit an intraday high in mid-afternoon trade. The Nifty marched above the 18,800 level. Private bank shares gained after declining in the past trading session.
At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 386.92 points or 0.61% to 63,304.55. The Nifty 50 index rose 114.80 points or 0.62% to 18,802.90.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.85% while the S&P BSE Small-Cap index gained 0.94%.
The market breadth was strong. On the BSE, 2,182 shares rose and 1,288 shares fell. A total of 139 shares were unchanged.
Numbers to track:
The yield on India's 10-year benchmark federal paper rose 0.14% to 7.046 from previous close of 7.036.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.8725, compared with its close of 82.2500 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement rose 0.14% to Rs 59,441.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 102.21.
The United States 10-year bond yield advanced 0.41% to 3.741.
In the commodities market, Brent crude for August 2023 settlement fell 2 cents or 0.03% to $75.65 a barrel.
Buzzing Index:
The Nifty Private Bank index advanced 0.94% to 22,415.20. The index declined 1.20% in a past trading session.
RBL Bank (up 4.11%), IDFC First Bank (up 2.78%), Bandhan Bank (up 2.15%), Federal Bank (up 1.68%) and HDFC Bank (up 0.91%) were the top gainers.
Among the other gainers were City Union Bank (up 0.64%), IndusInd Bank (up 0.63%), ICICI Bank (up 0.23%), Kotak Mahindra Bank (up 0.22%) and Axis Bank (up 0.12%).
Stocks in Spotlight:
Bharat Heavy Electricals (Bhel) rallied 3.33% after the company signed a pact with Volvo Eicher Commercial Vehicles Limited (VECVL) for joint development of Type – IV Cylinders (hydrogen / CNG) in commercial vehicle segment.
Satin Creditcare Network advanced 1.26% after the microfinance lender announced that its board will meet on Tuesday, 20 June 2023 to consider raising funds by issuing non-convertible debentures (NCDs) on private placement basis.
Aurionpro Solutions rose 0.58% after the company announced that a meeting of its board is scheduled to be held on 20 June 2023, to consider the proposal for raising of funds, by way of issuance of equity shares.
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