EQUITY BENCHMARKS TRADE WITH MODEST GAINS; PRIVATE BANK RALLY

The key equity barometers continued to trade with modest gains in mid-afternoon trade. The Nifty traded tad above the 19,450 mark. Private bank shares extended gains for third trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 227.27 points or 0.35% to 65,447.30. The Nifty 50 index rose 56.25 points or 0.29% to 19,452.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.66% while the S&P BSE Small-Cap index gained 0.73%.

The market breadth was strong. On the BSE, 2,126 shares rose and 1,464 shares fell. A total of 152 shares were unchanged.

Economy:

Crude oil imports dropped 1.2% month-on-month to 19.32 million metric tons in July. The decline was in line with lower consumption due to monsoon rains and lower shipments from Russia and Saudi Arabia.

Global and regional uncertainties and domestic disruptions may keep inflationary pressures elevated in India for the coming months, the finance ministry said in a report.

India is on track to achieve a $150 billion bio-economy by 2025, up from over $100 billion in 2022, Union Ministry Jitendra Singh stated.

Buzzing Index:

The Nifty Private Bank index rose 1.14% to 23,054. The index jumped 1.9% in the three trading sessions.

Federal Bank (up 3.2%), RBL Bank (up 2.82%), Bandhan Bank (up 2.5%), Axis Bank (up 2.3%) and ICICI Bank (up 1.58%) were the top gainers.

Among the other gainers were Kotak Mahindra Bank (up 0.68%), IDFC First Bank (up 0.65%), HDFC Bank (up 0.39%), City Union Bank (up 0.24%).

Numbers to track:

The yield on India`s 10-year benchmark federal paper fell 0.26% to 7.199 from its previous close of 7.218.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.8275, compared with its close of 82.9900 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement added 0.06% to Rs 58,610.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.20% to 103.77

The United States 10-year bond yield declined 1.46% to 4.265.

In the commodities market, Brent crude for October 2023 settlement lost 28 cents or 0.33% to $83.75 a barrel.

Stocks in Spotlight:

JB Chemicals & Pharmaceuticals surged 3.86% after the company said the United States Food and Drug Administration (USFDA) approved its abbreviated new drug application (ANDA) for Doxepin Hydrochloride capsules.

Jindal Drilling and Industries (JDIL) fell 1.10%. The company said that CRISIL Ratings has upgraded its rating on the long-term bank facilities of the company to `CRISIL A+/Stable` from `CRISIL A/Stable`.

TCNS Clothing Company declined 2.12%. The company said that CRISIL Ratings has continued its rating on the long-term (LT) bank loan facilities of the company at `CRISIL A+/watch positive` (continues on `rating watch with positive implications`).

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