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Nifty crosses 18,500; PSU banks in demand

Capital Market 

The domestic equity barometers continued to trade with strong gains in mid morning trade. The Nifty hit the 18,500 mark. PSU banks advanced for seventh consecutive session.

At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 489.3 points or 0.80% to 61,795.25. The Nifty 50 index added 161.50 points or 0.88% to 18,500.05.

In the broader market, the S&P BSE Mid-Cap index rose 1.49% while the S&P BSE Small-Cap index gained 1.11%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2044 shares rose and 1195 shares fell. A total of 178 shares were unchanged.

High-paced vaccination drive, reviving economies across the world, easing inflation, and RBI's dovish stance are some of the factors that continued to fuel the rally in domestic equity markets. However, rising global crude oil prices and a weakening Indian rupee against the greenback remained on investors watchlist.

Buzzing Index:

The Nifty PSU Bank index rose 2.58% to 2,786.75, advancing for seventh day in a row. The index has gained 11.79% in seven sessions.

Punjab National Bank (up 5.05%), Union Bank of India (up 4.91%), Indian Bank (up 4.68%), Jammu and Kashmir Bank (up 4.36%), Bank of Maharashtra (up 3.79%) and Punjab & Sind Bank (up 3.23%) edged higher.

Bank Of Baroda (up 2.59%), Bank of India (up 2.09%), UCO Bank (up 2.10%), Indian Overseas Bank (up 1.54%), Central Bank of India (up 1.29%), SBI (up 1.27%) and Canara Bank (up 0.57%) advanced.

Stocks in Spotlight:

Indiabulls Real Estate jumped 8.35% to Rs 177.80. The real estate company posted a consolidated net profit of Rs 5.53 crore in Q2 FY22 as compared to a net loss of Rs 76.13 crore in Q2 FY21. Revenue from operations soared 1632% to Rs 349 crore in Q2 FY22 from Rs 20.15 crore registered in Q2 FY21.

The company's consolidated debt net of cash and liquid investments stood at Rs 967 crore as on 30 September 2021 as compared to Rs 2,025 crore as on 21 March 2020 wherein total sold receivables and completed inventory in hand was at Rs 3,369 crore as on date.

NBCC (India) gained 2.17% to Rs 49.50. The EPC company secured total business of Rs 2,100.96 crore in the month of September 2021.

Global markets:

Most Asian stocks were trading lower Monday as investors reacted to the release of key Chinese economic data.

China's economic growth continued to decelerate in the third quarter, as gross domestic product came in at 4.9%, softened by the country's zero-tolerance COVID measures and energy shortages.

The figure slid from 7.9% for the April-to-June quarter, weighed down by high commodity prices amid uncertainty kindled by the Evergrande Group's debt crisis, which is piling risk onto the property and banking sectors.

US stocks rose on Friday as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks.

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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: Mon, October 18 2021. 11:23 IST
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