Indices come off day's high; banks in demand

The domestic equity barometers traded some points off the days' high in morning trade. The Nifty was trading below the 16,200 level. Banks shares extended their wining streak for the third consecutive session.

At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 244.36 points or 0.45% to 54,422.82. The Nifty 50 index added 64.25 points or 0.4% to 16,197.15.

The equity benchmarks extended their uptrend for third day in a row. In three sessions, the Sensex has added 2.40% while the Nifty has gained 2.43%.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index gained 0.36%.

The market breadth was strong. On the BSE, 1,882 shares rose and 995 shares fell. A total of 148 shares were unchanged.

Buzzing Index:

The Nifty Bank index rose 0.52% to 35,103.35. The index has added 3.81% in three sessions.

Axis Bank (up 2.08%), ICICI Bank (up 1.33%), HDFC Bank (up 0.49%), Federal Bank (up 0.15%) and State Bank of India (up 0.13%) were the top index gainers.

Meanwhile, Punjab National Bank (down 1.13%), Bandhan Bank (down 0.8%) and IDFC First Bank (down 0.73%) edged lower.

Stocks in Spotlight:

Dr Reddy's Laboratories was up 0.03%. The U.S. Food and Drug Administration (USFDA) issued Form 483 with two observations after an inspection at Dr. Reddy's Laboratories' formulation manufacturing facility FTO 11 in Srikakulam, Andhra Pradesh.

Vedanta shed 0.81%. The company said that it will acquire Athena Chhattisgarh Power located in Jhanjgir Champa, Chhattisgarh for Rs 564.67 crore.

Adani Ports & Special Economic Zone rose 0.84%. The company's board on Thursday (7 July 2022) approved the appointment of D Muthukumaran as the chief financial officer and key managerial personnel of the company with effect from 25 July 2022.

Powered by Capital Market - Live News