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Barometers trade firm; private bank stocks edge higher

Capital Market 

The key equity indices continued to trade firmly near the day's high in mid afternoon trade. The Nifty, however, slipped below the 17,850 mark. Traders lapped up shares ahead of RBI's monetary policy outcome and Q2 earnings season that is set to kick off on Friday, 8 October 2021.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 652.46 points or 1.10% to 59,842.19. The Nifty 50 index added 192.65 points or 1.09% to 17,838.65.

In the broader market, the S&P BSE Mid-Cap index rose 1.77% while the S&P BSE Small-Cap index gained 1.45%. Both the indices outpaced the benchmarks.

The market breadth favoured the bulls. On the BSE, 2244 shares rose and 995 shares fell. A total of 155 shares were unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 74.77 from its previous closing of 74.98.

MCX Gold futures for 3 December 2021 settlement fell 0.34% to Rs 46,855.

The yield on India's 10-year benchmark federal paper (06.10 GS 2031) was currently at 6.269% as compared with its previous closing of 6.276%.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 94.18.

In the commodities market, Brent crude for December 2021 settlement fell $1.27 or 1.57% to $79.81 a barrel.

Buzzing Index:

The Nifty Private Bank index rose 1.39% to 19,767.55. The index had declined 0.64% to end at 19,497.40 yesterday.

Bandhan Bank (up 7.25%), IndusInd Bank (up 3.68%), RBL Bank (up 2.95%), IDFC First Bank (up 2..45%), ICICI Bank (up 1.97%), Federal Bank (up 1.66%), Yes Bank (up 0.77%) and HDFC Bank (up 0.20%) advanced.

Stocks in Spotlight:

Ramkrishna Forgings jumped 4.95% to Rs 1160 after the company signed a Memorandum of Understanding (MoU) with a US based technology partner for the development of electric vehicle powertrain components for the Indian EV market.

Lupin added 0.90% to Rs 956.20. The company announced that it has received tentative approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) Brexpiprazole Tablets, to market a generic equivalent of Rexulti Tablets, of Otsuka Pharmaceutical Co., Ltd.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 07 2021. 14:27 IST