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The key equity indices traded in a narrow range with steep gains in mid-afternoon trade. The Nifty hovered near the 19,150 mark. Private bank shares witnessed buying demand for the fourth consecutive trading session.
At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 650.13 points or 1.02% to 64,565.55. The Nifty 50 index added 176.45 points or 0.95% to 19,151.55
The Nifty and the Sensex hit all-time highs of 19,160.10 and 64,600.95, respectively, today. Further, the Nifty Bank index also registered its fresh record high at 44,787.10.
In the broader market, the S&P BSE Mid-Cap index rose 0.49% while the S&P BSE Small-Cap index gained 0.55%.
The market breadth was strong. On the BSE, 1,942 shares rose and 1,514 shares fell. A total of 155 shares were unchanged.
Buzzing Index:
The Nifty Private Bank index rose 1.41% to 22,916.10. The index advanced 2.8% in four trading sessions.
Bandhan Bank (up 4.35%), IndusInd Bank (up 3.25%), RBL Bank (up 3.18%), City Union Bank (up 2.72%) and Federal Bank (up 2.42%) were the top gainers.
Among the other gainers were HDFC Bank (up 1.89%), Axis Bank (up 0.56%), Kotak Mahindra Bank (up 0.17%).
Numbers to track:
The yield on India's 10-year benchmark federal paper advanced 0.71% to 7.106 from previous close of 7.056.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.0400, compared with its close of 82.0350 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement declined 0.32% to Rs 57,831
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 103.52
The United States 10-year bond yield rose 0.83% to 3.883
In the commodities market, Brent crude for August 2023 settlement gained 36 cents or 0.48% to $74.70 a barrel.
Stocks in Spotlight:
HDFC Life Insurance Company fell 0.64%. The company announced that it has acquired 613 equity shares of Xanadu Realty (Xanadu) representing 5.46% of its paid‐up equity share capital upon conversion of compulsorily convertible debentures held by the life insurer.
SBI Life Insurance Company rose 0.26%. The company said that its board approved re-appointment of Mahesh Kumar Sharma as a managing director (MD) & chief executive officer (CEO) of the company.
ABB India rose 0.09%. The company said that it has received an order from John Cockerill India to provide electrification and automation systems for ArcelorMittal Nippon Steel India's (AM/NS India) advanced steel cold rolling mill (CRM) in Hazira, Gujarat.
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