The key equity barometers extended gains and edged higher in morning trade. The Nifty traded marched towards the 19,400 level. PSU banks witnessed buying demand for ninth day in a row.
The barometer index, the S&P BSE Sensex, was up 285.99 points or 0.44% to 65,566.44. The Nifty 50 index added 54.15 points or 0.28% to 19,385.95.
In the broader market, the S&P BSE Mid-Cap index shed 0.15% while the S&P BSE Small-Cap index rose 0.04%.
The market breadth was negative. On the BSE, 1,547 shares rose and 1,731 shares fell. A total of 182 shares were unchanged.
New Listing:
Shares of Cyient DLM were currently trading at Rs 404.55 on the BSE, representing a premium of 52.66% compared with the issue price of Rs 265.
The scrip was listed at a price of Rs 401, at a premium of 51.32% as compared to the issue price.
So far, the stock has hit a high of 424.40 and a low of 401. On the BSE, over 7.35 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Cyient DLM was subscribed 67.31 times. The issue opened for bidding on 27 June 2023 and it closed on 30 June 2023. The price band of the IPO was fixed at Rs 250 -265 per share.
Buzzing Index:
The Nifty PSU Bank index rose 0.55% to 4,483.45. The index has added 12.5% in nine sessions.
Union Bank of India (up 1.88%), Punjab National Bank (up 1.82%), Punjab & Sind Bank (up 1.82%), Central Bank of India (up 1.78%) and Indian Overseas Bank (up 1.52%) were the top gainers.
Among the other gainers were Bank of Maharashtra (up 1.09%), Canara Bank (up 0.93%), State Bank of India (up 0.86%), Indian Bank (up 0.6%).
On the other hand, Bank of India (down 0.5%) and Bank of Baroda (down 0.24%), moved lower.
Stocks in Spotlight:
Vedanta rose 0.69%. The miner on Friday announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio. Vedanta said that its board has approved the acquisition of 100% of Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL), wholly owned subsidiaries of Twin Star Technologies (TSTL) via share transfer at face value.
Hindustan Zinc fell 3.95%. The miner's board approved an interim dividend of Rs 7 per equity share for the financial year 2023-24.
Indian Oil Corporation (IOCL) shed 0.35%. IOCL said that its board approved raising of capital by way of issue of equity shares on right basis upto an amount not exceeding Rs 22,000 crore.
Adani Enterprises shed 0.78%. The company informed that its wholly owned subsidiary, Adani Digital Labs (ADL) has acquired 29.81% stake of Stark Enterprises (SEPL) for Rs 3.56 crore on 7 July 2023.
Global Markets:
Asian stocks traded mixed on Monday ahead of key inflation reports this week, including the U.S. consumer price index report due Wednesday and the producer price index on Thursday.
U.S. Treasury Secretary Janet Yellen concluded her visit to Beijing, and said that the talks were ?direct? and ?productive,? putting bilateral ties on ?surer footing.?
Wall Street's main indices ended lower on Friday in a seesaw session, as investors digested a US jobs report that showed weaker-than-expected growth and awaited more economic data and corporate earnings in the weeks ahead.
The Labor Department's June jobs report showed payrolls increased less than expected, cooling down from May. Nonfarm payrolls rose by 209,000, while the unemployment rate came in at 3.6%.
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