Key benchmark indices scaled fresh intraday high in morning trade. The Nifty was above 11,100-mark and headed towards its 200-day simple moving average placed at 11,202.88.
At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 189.53 points or 0.451% at 37,683.99. The Nifty 50 index was up 58.45 points or 0.453% at 11,116.80. Barring IT stocks, buying was witnessed across all sectors.
Broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.72%. The S&P BSE Small-Cap index was up 1.24%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1316 shares rose and 523 shares fell. A total of 72 shares were unchanged
PSU banks picked up the momentum for the second day. Allahabad Bank (up 4.44%), Union Bank of India (up 3.9%), Oriental Bank of Commerce (up 3.57%), Bank of Baroda (up 3.31%), Syndicate Bank (up 2.76%), Punjab National Bank (up 2.74%), Bank of India (up 2.54%) and State Bank of India (up 1.94%) advanced.
The Central Board of the Reserve Bank of India (RBI) announced to transfer a sum of Rs 1,76,051 crore to the Government comprising of Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions. The RBI, in consultation with the Government of India, had constituted an Bimal Jalan committee to review the extant economic capital framework of the Reserve Bank of India. The announcement was made yesterday, 26 August 2019.
IDBI Bank (up 6.76%) is barred from trading in F&O segment by NSE after crossing 95% of market wide position limit.
More From This Section
Strides Pharma Science (down 2.75%) will be excluded from F&O segment from 1 November 2019 as it does not meet the eligibility criteria set up by NSE. The existing unexpired contracts of expiry months of August, September and October would continue to be available for trading till their respective expiry.
Reliance Nippon Life Asset Management rose 2.27% after Nippon Life Insurance Company acquired additional shares in the company. Nippon Life Insurance raised its stake in the company by 10.59% to 53.46%. With additional acquisition of shares, Reliance Nippon Life Asset Management has become a subsidiary of Nippon Life Insurance Company. Nippon assured that with this acquisition there won't be any change in management.
Overseas, Asian stocks were trading higher on signs Sino-US trade hostilities might be easing helped restore investor confidence after the previous session's rout.
US stocks rose on Monday, following a sharp sell-off in the prior session, after US President Donald Trump predicted a trade deal with China, cooling investor concerns after a ramp-up in rhetoric derailed markets last week.
President Donald Trump, under pressure to scale back a US-China trade war partly blamed for a global economic slowdown, claimed on August 26 that the two sides will begin serious negotiations soon.
Powered by Capital Market - Live News