Indices trade with major gains; Private bank shares advance

The key equity indices continued to extend gains in mid-afternoon trade. The Nifty traded above the 20,650 mark. Private bank shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 1,250.06 points or 1.85% to 68,731.25. The Nifty 50 index added 384.95 points or 1.90% to 20,652.85.

The benchmarks, Nifty50 and Sensex hit a fresh all-time high of 20,654.30 and 68,761.98 respectively.

In the broader market, the S&P BSE Mid-Cap index rose 1.10% while the S&P BSE Small-Cap index advanced 1.14%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,124.23 and 41,221.91 respectively.

The market breadth was strong. On the BSE, 2,449 shares rose and 1,361 shares fell. A total of 181 shares were unchanged.

Politics:

The BJP is set to form the government in Chhattisgarh, Rajasthan and Madhya Pradesh. The counting of votes in Rajasthan concluded with the BJP securing a landslide victory with 115 seats. Meanwhile, the ruling Congress won 69 seats out of the 199 which had gone to the polls on November 25. In Chhattisgarh, the BJP won 54 seats, the ruling Congress won 35 and the Gondvana Gantantra Party managed to win one seat.

In Telangana, Congress won 64 seats, the ruling Bharat Rashtra Samithi won 39, the BJP got eight seats, and AIMIM won seven. The Communist Party of India won one seat. The BJP has won 163 of the total 230 seats in the Madhya Pradesh Assembly. On the other hand, the Congress has won 66 seats.

Buzzing Index:

The Private Bank index jumped 2.92% to 23,958.25. The index increased 3.55% in two trading sessions.

ICICI Bank (up 3.83%), Federal Bank (up 3.66%), Kotak Mahindra Bank (up 3.08%), HDFC Bank (up 3.05%) and RBL Bank (up 3.02%) were the top gainers.

Among the other gainers were Bandhan Bank (up 2.74%), IndusInd Bank (up 2.7%), IDFC First Bank (up 1.22%), Axis Bank (up 1.14%) and City Union Bank

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.25% to 7.272 as compared with previous close 7.290.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3500, compared with its close of 83.3350 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement fell 0.05% to Rs 63,080.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.11% to 103.38.

The United States 10-year bond yield advanced 0.43% to 4.242.

In the commodities market, Brent crude for February 2024 settlement declined $1.03 or 1.31% to $77.85 a barrel.

Powered by Capital Market - Live News