Broader market trades firm; banks stock climb

The equity barometers were trading a range with small gains in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, rose 127.89 points or 0.25% at 50,668.13. The Nifty 50 index gained 31.05 points or 0.2% at 15,206.55.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index surged 0.91% while the S&P BSE Small-Cap index gained 0.82%.

Buyers outpaced sellers. On the BSE, 1,957 shares rose and 1,178 shares fell. A total of 183 shares were unchanged.

Buzzing Index:

The Nifty Bank index added 0.7% to 34,848.75. The index has added 4.54% in two days.

Punjab National Bank (up 3.55%), IDFC First Bank (up 2.97%), SBI (up 2.28%), Axis Bank (up 1.31%), Federal Bank (up 1.29%), RBL Bank (up 0.7%) and HDFC Bank (up 0.64%) climbed.

Stocks in Spotlight:

Bharat Parenterals was locked in an upper circuit of 5% at Rs 406.20 after the pharma company on Saturday said it received the licence and authorization from Drugs Controller General of India (DCGI) and Central Drugs Standard Control Organisation (CDSCO) for the manufacturing and marketing of Favipiravir oral suspension 100mg/ml, which will be used for treatment of COVID 19 disease.

Salasar Techno Engineering added 1.13% to Rs 599.50 after the company said it secured a project worth Rs 238.65 crore from Power Grid Corporation of India (PGCIL). The orders include construction of 201 Km transmission line network and construction of 4 new power substations in the Arunachal Pradesh.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 72.8725 compared with its previous closing of 72.83.

MCX Gold futures for 4 June 2021 settlement rose 0.24% to Rs 48,522.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 89.903.

The yield on 10-year benchmark federal paper fell to 5.973% as compared to its previous close of 5.977%.

In the commodities market, Brent crude for July 2021 settlement rose 99 cents to $67.43 a barrel. The contract increased 2.04% to settle at $66.44 in the previous trading session.

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