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The domestic equity benchmarks continued to trade near the flat line in morning trade. The Nifty hovered near the 19,600 level. PSU bank stocks witnessed bargain buying after sliding for the five trading session.
The barometer index, the S&P BSE Sensex, was down 1.18 points or 0.00% to 65,952.30. The Nifty 50 index added 2.30 points or 0.01% to 19,599.60.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.28% while the S&P BSE Small-Cap index gained 0.49%.
The market breadth was positive. On the BSE, 1,913 shares rose and 1,330 shares fell. A total of 173 shares were unchanged.
Results Today:
Coal India (down 0.30%), Hindalco Industries (down 0.66%), Adani Ports and Special Economic Zone (down 1.42%), Oil India (up 0.17%), Siemens (down 1.40%), 63 Moons Technologies (up 5.80%), Aarti Industries (down 1.76%), EIH (down 0.07%), Happiest Minds Technologies (up 0.41%), Hikal (up .46%), Ideaforge Technology (up 1.04%), IRCON International (down 1.33%), Phoenix Mills (up 3.75%), Prestige Estates Projects (down 0.31%), Radiant Cash Management Services (down 3.06%), Sudarshan Chemical Industries (up 1.77%), Talbros Engineering (up 3.08%), Tilaknagar Industries (up 2.39%), Utkarsh Small Finance Bank (down 1.65%), and Windlas Biotech (up 3.36%) will announce their quarterly earnings later in the day.
Buzzing Index:
The Nifty PSU Bank index gained 1.55% to 4,461.10. The index witnessed bargain hunting after declining 4.93% in the past five trading sessions.
Bank of Baroda (up 1.69%), Punjab & Sind Bank (up 1.62%), Punjab National Bank (up 1.57%), Indian Overseas Bank (up 1.55%), Bank of India (up 1.44%), Union Bank of India (up 1.39%), Bank of Maharashtra (up 1.33%), Canara Bank (up 1.11%), Central Bank of India (up 0.84%) and State Bank of India (up 0.77%) advanced.
Stocks in Spotlight:
PB Fintech slipped 3.95%. The company reported a net loss of Rs 11.42 crore in Q1 FY24, significantly lower as compared with a net loss of Rs 204.33 crore recorded in Q1 FY23. Revenue from operations jumped 31.8% year on year (YoY) to Rs 665.59 crore in the quarter ended 30 June 2023.
RailTel Corporation of India rallied 3.06. The company has received the work order from Pimpri Chinchwad Smart City Limited (PCSCL) for providing end to end services for monetisation of PCSCL City Network Infrastructure on ?Revenue Sharing Model?. The estimated annual revenue from the contract is Rs 70 crore and the total revenue for ten years is Rs 700 crore.
MMTC declined 2.63%. SEBI has cancelled the registration of MMTC as a stock broker for its involvement in illegal ?paired contract? in case pertaining to defunct National Spot Exchange Limited. This order shall come into force with immediate effect.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper shed 0.10% to 7.190 from its previous close of 7.197.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8050, compared with its close of 82.7500 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement fell 0.04% to Rs 59,395.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.24% to 102.31.
The United States 10-year bond yield declined 0.47% to 4.060.
In the commodities market, Brent crude for October 2023 settlement gained 13 cents or 0.15% to $85.47 a barrel.
Global Markets:
Asian stocks were trading mixed on Tuesday as investors focus on China's trade data for July.
Overnight in the U.S., all three major indexes gained as investors continue to digest better-than-expected earnings results.
On the economic data front, traders are looking ahead to July's consumer price index report, out Thursday.
New York Federal Reserve President John Williams said rate cuts could happen as soon as next year if the data complies. Williams also hinted that the Fed could be done hiking rates as policy is ?pretty close to what a peak rate would be.?
Federal Reserve Governor Michelle Bowman said Monday she expects more interest rate increases will be needed to bring down inflation. The central bank official said ?additional increases will likely be needed to lower inflation to the? 2% inflation goal.
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