Benchmarks scale fresh intraday highs; PSU bank stocks advance

The key equity barometers scaled fresh intraday highs in mid-afternoon trade. The Nifty hovered near the 17,950 level. PSU Bank witnessed across the board in buying. Investors awaited the release of the US FOMC minutes of meeting scheduled later today.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 403.03 points or 0.67% to 60,245.24. The Nifty 50 index added 117.05 points or 0.66% to 17,942.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.65% while the S&P BSE Small-Cap index gained 0.56%.

The market breadth was strong. On the BSE, 2,009 shares rose and 1,370 shares fell. A total of 133 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell to 7.180 as compared with 7.289 at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.4350, compared with its close of 79.7450 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement rose 0.01% to Rs 51,841.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 106.49.

In the commodities market, Brent crude for October 2022 settlement fell 41 cents or 0.44% to $91.93 a barrel.

Buzzing Index:

The Nifty PSU Bank index advanced 1.44% to 2,910.20. The index had declined 0.37% to end at 2,868.85 yesterday.

Bank of Baroda (up 2.92%), Bank of Maharashtra (up 2.59%), Punjab & Sind Bank (up 2.33%), Canara Bank (up 1.79%) and Indian Bank (up 1.71%) were the top gainers.

Among the other gainers were Bank of India (up 1.63%), Indian Overseas Bank (up 1.15%), Union Bank of India (up 1.12%), Punjab National Bank (up 1.04%) and UCO Bank (up 0.86%).

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