Sensex scales 59K; PSU banks in demand

Equity benchmarks hit fresh intraday high in mid afternoon trade. The Nifty scaled 17,600 mark while the Sensex crossed 59,000 level for the first time. Active government support in reviewing economy by pushing PLI schemes and continuous inflow from foreign portfolio investors boosted sentiment.

At 14:25 IST, the barometer index, the S&P BSE Sensex, jumped 353.21 points or 0.6% at 59,076.19. The Nifty 50 index advanced 90.85 points or 0.52% to 17,610.30.

The Sensex hit an all time high of 59,128.98 while the Nifty registered a fresh record high of 17,621.65.

In the broader market, the S&P BSE Mid-Cap index added 0.45% while the S&P BSE Small-Cap index gained 0.09%.

The market breadth was positive. On the BSE, 1,648 shares rose and 1,559 shares fell. A total of 163 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 232.84 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 167.67 crore in the Indian equity market on 15 September 2021, provisional data showed.

Buzzing Index:

The Nifty PSU Bank index jumped 4% to 2,508, rising for third trading session. The PSU bank index added 7.23% in three trading sessions.

Indian Overseas Bank (up 7%), Central Bank of India (up 6.37%), Punjab & Sindh Bank (up 6.14%), Punjab National Bank (up 6.06%), Union Bank of India (up 5.45%), Bank of Maharashtra (up 5.42%) and UCO Bank (up 4.41%) were top gainers in public sector banking segment.

Stocks in Spotlight:

Dilip Buildcon advanced 2.32% to Rs 538 after the company announced the receipt of the letter of acceptance (LoA) from the National Highways Authority of India (NHAI) for a road project in the state of Andhra Pradesh.

Easy Trip Planners surged 13.26% to Rs 615.40 after the company expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States of America. The company said it forayed into new countries as part of its second phase of the global expansion strategy. The travel planning company is also anticipating a huge pent-up global demand for the travel and tourism sector in the coming months.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.425 from its previous closing of 73.5.

MCX Gold futures for 5 October 2021 settlement fell 0.57% to Rs 46,630.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.19% at 92.72.

In the commodities market, Brent crude for November 2021 settlement fell 10 cents or 0.13% to $75.36 a barrel.

The yield on 10-year benchmark federal paper rose to 6.162% from its previous close of 6.163%.

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