Sensex climbs 261 pts; PSU banks in demand

The domestic equity barometers scaled fresh intraday highs in mid afternoon trade. The Nifty hovered near the 16,350 mark. PSU bank extended gains for the second day in a row.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 261.44 points or 0.48% to 54,787.37. The Nifty 50 index added 60.30 points or 0.37% to 16,342.55.

The S&P BSE Sensex hit a record high at 54,862.24 while the Nifty hit an all-time high of 16,375.50 in mid-afternoon trade.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.72%. The S&P BSE Small-Cap index gained 1.66%.

Buyers outnumbered strong. On the BSE, 2268 shares rose and 895 shares fell. A total of 120 shares were unchanged.

Primary Market:

The initial public offer of Aptus Value Housing Finance received bids for 34.31 crore shares as against 5.51 crore shares on Thursday (12 August 2021), according to stock exchange data at 14:05 IST. The issue was subscribed 6.22 times.

The initial public offer of Chemplast Sanmar received bids for 4.40 crore shares as against 3.99 crore shares on offer on Thursday (12 August 2021), according to stock exchange data at 14:05 IST. The issue was subscribed 1.10 times.

These two IPO opened for bidding on Tuesday (10 August 2021) and will close today (12 August 2021).

Buzzing Index:

The Nifty PSU Bank index rose 0.93% to 2,375.75. The index has added 1.43% in two sessions.

Indian Overseas Bank (up 9.30%), Jammu and Kashmir Bank (up 5.60%), Punjab & Sind Bank (up 5.44%), Central Bank of India (up 5.20%), UCO Bank (up 5.16%), Bank of Maharashtra (up 2.96%), Indian Bank (up 2.22%), Bank of India (up 1.85%), Union Bank of India (up 1.01%), Punjab National Bank (up 0.80%), Bank Of Baroda (up 0.68%) and Canara Bank (up 0.45%) advanced.

Stocks in Spotlight:

Bharat Forge jumped 4.21% to Rs 816.40. The company posted a consolidated net profit of Rs 153.70 crore in Q1 FY22 as against a net loss of Rs 125.80 crore in Q1 FY21. Consolidated total revenue grew 1.2% quarter on quarter and 82.6% year on year to Rs 2,107.70 crore in Q1 FY22. The company's long-term debt stood at Rs 2653.10 crore as of 30 June 2021 compared with Rs 2632.80 crore on 31 March 2021.

3M India rose 2.82% to Rs 24430. The company reported a consolidated net profit of Rs 30 crore in Q1 FY22 as against a net loss of Rs 43 crore in Q1 FY21. Sales & other operating income during the quarter increased 115% YoY to Rs 744 crore. As compared with Q4 FY21, however, the company's net profit and sales & other operating income have declined by 57% and 10%, respectively.

3M India said sharp increase in input costs adversely impacted material cost. All segments grew on a Y-o-Y basis. Healthcare grew by 19% sequentially compared to last quarter Jan- March 2021, but all other segments declined on a sequential basis.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.2750 from its previous closing of 74.4400.

MCX Gold futures for 5 October 2021 settlement rose 0.14% to Rs 46,455.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 92.91.

The yield on 10-year benchmark federal paper fell to 6.228% from its previous close of 6.236%.

In the commodities market, Brent crude for October 2021 settlement declined 4 cents or 0.06% to $71.40 a barrel.

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