Nifty hovers near 15,850; PSU banks rally

Key indices were hovering near the day's high in mid-afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 188.66 points or 0.36% to 52,887.33. The Nifty 50 index added 58 points or 0.37% to 15,848.45.

The broader market outperformed. The S&P BSE Mid-Cap index was up 0.94% while the S&P BSE Small-Cap index gained 0.53%.

The market breadth was positive. On the BSE, 1766 shares rose and 1377 shares fell. A total of 147 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 179,942,690 with 3,898,983 global deaths.

India reported 612,868 active cases of COVID-19 infection and 393,310 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

 

Buzzing Index:

The Nifty PSU Bank index soared 3.07% to 2,517.75, snapping its two day losing run. The index lost 1.48% in the past two days.

Indian Overseas Bank (up 5.84%), Central Bank of India (up 5.41%), Canara Bank (up 3.92%), Bank of Baroda (up 3.71%), SBI (up 3%), Union Bank of India (up 3%), PNB (up 2.53%) and Bank of Maharashtra (up 1.39%) advanced.

Numbers to Watch:

In the foreign exchange market, the partially convertible rupee fell to 74.2 compared with its previous closing of 74.18.

MCX Gold futures for 5 August 2021 settlement rose 0.36% to Rs 47,040.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 91.750.

The yield on 10-year benchmark federal paper rose to 6.034% from its previous close of 6.012%.

In the commodities market, Brent crude for August 2021 settlement rose 12 cents to $75.68 a barrel.

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