Broader market outperforms; PSU bank shares in demand

The domestic equity benchmarks traded with modest gains in morning trade. The Nifty traded above the 24,850 mark. PSU bank shares extended gains for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 222.43 points or 0.27% to 81,555.15. The Nifty 50 index advanced 57.60 points or 0.23% to 24,892.45.

The Sensex and Nifty clocked an all-time high of 81,749.34 and 24,980.45, respectively in early trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.72% and the S&P BSE Small-Cap index gained 1.26%. The S&P BSE Small-Cap index hit an all-time high at 55,066.48.

The market breadth was strong. On the BSE, 2,627 shares rose and 1,110 shares fell. A total of 163 shares were unchanged.

Economy:

Indias forex reserves jumped by $4.00 billion to hit an all-time high of $670.86 billion as of July 19, data shared by the Reserve Bank of India (RBI) showed on Friday.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) increased by $2.57 billion to $588.05 billion.

Gold reserves expanded by $1.32 billion to $59.99 billion, whereas SDRs were up by $95 million to $18.20 billion.

Reserve position in the IMF was remained unchanged at $4.60 billion.

Result today:

ACC (up 1.30%), Adani Wilmar (up 1.23%), Bharat Electronics (up 1.60%), CSB Bank (up 2.27%), Hindustan Petroleum Corporation (up 1.61%), Jindal Saw (up 3.63%), Kansai Nerolac Paints (up 0.67%), KEI Industries (down 2.08%), Maharashtra Seamless (up 1.53%), Voltamp Transformers (up 2.51%), Wonderla Holidays (up 0.88%), Ajanta Pharma (up 1.56%), Carborundum Universal (up 1.15%), Castrol India (up 1.05%), Exide Industries (up 0.70%), Firstsource solution (up 1.01%), Granules India (up 1.39%), Indus Towers (down 0.63%), Indian Oil Corporation (up 1.70%), Johnson Controls-Hitachi Air Conditioning India (down 1.99%) and Navin Fluorine International (up 0.55%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty PSU Bank index gained 2.88% to 7,480. The index rallied 4.59% in two consecutive trading sessions.

Punjab National Bank (up 6.2%), Indian Overseas Bank (up 4.1%), Punjab & Sind Bank (up 3.95%), Bank of India (up 3.83%), UCO Bank (up 3.17%), Bank of Baroda (up 2.92%), Canara Bank (up 2.73%), Indian Bank (up 2.59%), Union Bank of India (up 2.48%) and Central Bank of India (up 2.13%) advanced.

Stocks in Spotlight:

Bandhan Bank surged 10.39% after the banks net profit surged 47.48% to Rs 1,063.46 crore in Q1 FY25 as compared to Rs 721.05 crore recorded in Q1 FY24. Total income grew by 23.53% to Rs 6,063.35 crore in the first quarter of FY25 from Rs 4,908.02 crore posted in Q1 FY24.

Punjab & Sind Bank advanced 2.91% after the banks standalone net profit jumped 18.88% to Rs 181.50 crore on 14.09% increase in total income to Rs 2,846.02 crore in Q1 FY25 over Q1 FY24.

Kaynes Technology India rallied 6.77% after the companys consolidated net profit surged to Rs 50.77 crore in Q1 FY25 as compared with Rs 24.64 crore posted in Q1 FY24. Revenue from operations jumped 69.59% YoY to Rs 503.97 crore in Q1 FY25.

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