The key equity indices extended gains in early afternoon trade. The Nifty scaled above the 19,350 mark. PSU bank stocks declined after rising in the past trading session.
The barometer index, the S&P BSE Sensex, was up 121.42 points or 0.19% to 65,118.02. The Nifty 50 index added 50 points or 0.26% to 19,356.05.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.54% while the S&P BSE Small-Cap index gained 0.67%.
The market breadth was strong. On the BSE, 2,089 shares rose and 1,397 shares fell. A total of 161 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.74% to 12.31. The Nifty 31 August 2023 futures were trading at 19,348.60, at a discount 7.45 points as compared with the spot at 19,356.05.
The Nifty option chain for the 31 August 2023 expiry showed maximum Call OI of 139.4 lakh contracts at the 19,400 strike price. Maximum Put OI of 131.9 lakh contracts were seen at 19,300 strike price.
Buzzing Index:
The Nifty PSU Bank index fell 0.51% to 4,541.75.The index advanced 0.75% in the past trading session.
Union Bank of India (down 5.7%), Indian Bank (down 1.65%), UCO Bank (down 1.23%), Central Bank of India (down 0.84%), Bank of Maharashtra (down 0.51%), Indian Overseas Bank (down 0.48%) and Punjab & Sind Bank (down 0.29%) slipped.
On the other hand, Punjab National Bank (up 0.72%), Bank of India (up 0.35%) and Bank of Baroda (up 0.32%) edged higher.
Stocks in Spotlight:
Bayer CropScience gained 0.92%. The chemical manufacturer said that Duraiswami Narain has resigned from the position of vice chairman & managing director and chief executive officer of the company, effective from close of business hours on 31 October 2023.
Meanwhile, the company's board has approved the appointment of Simon Wiebusch as the vice chairman, managing director and CEO of the company, with effect from 1November 2023.
Rashtriya Chemicals & Fertilizers (RCF) jumped 4.67% after the company announced that the Department of Public Enterprises (DPE) has granted the Navratna Status to RCF.
Gravita India rose 0.14%. The company said that its step down subsidiary situated in Togo, West Africa has started commercial production of lead from its existing recycling plant having an annual capacity of around 6,000 MTPA. The company has been sourcing scrap from Togo for the last 3 years and has set a strong scrap collection network before establishing the plant.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined 0.22% to 7.162 from its previous close of 7.178.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.6100, compared with its close of 82.6300 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement rose 0.18% to Rs 58,995.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.21% to 103.84.
The United States 10-year bond yield fell 0.54% to 4.190.
In the commodities market, Brent crude for October 2023 settlement shed 4 cents or 0.05% to $84.38 a barrel.
Global Markets:
Asian stocks were trading higher on Tuesday after US equities moved higher overnight, with traders awaiting a raft of economic figures over the next few days for clues on the outlook for global central bank policy.
Wall Street ended higher and U.S. Treasury yields retraced earlier gains on Monday, capping the first session of a week likely to be light in volume but heavy with economic data that could affect whether the Federal Reserve will take a rate-hike breather in September.
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