Indices trade with minor gains; Nifty Bank hits record high

The domestic equity benchmarks continued to trade with decent gains in the morning trade. The Nifty scaled above the 23,550 mark. Bank shares advanced in two consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was up 205.60 points or 0.27% to 77,546.68. The Nifty 50 index added 55.45 points or 0.25% to 23,596.65. The Nifty Bank clocked an all-time high of 52,118.25 in morning trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.10% and the S&P BSE Small-Cap index added 0.62%.

The S&P BSE Small-Cap index hit an all-time high at 52,542.41.

The market breadth was positive. On the BSE, 2,193 shares rose and 1,202 shares fell. A total of 115 shares were unchanged.

Economy:

India's telecom spectrum auction starts today (June 25th) offering airwaves worth Rs 96,318 crore. The government reportedly aims for Rs 10,000 crore. This auction includes frequencies from 800 MHz to 26 GHz bands and offers 20-year validity with options for sharing or surrendering spectrum after 10 years.

Buzzing Index:

The Nifty Bank index rose 0.79% to 52,113.55. The index added 0.87% in the two trading sessions.

Axis Bank (up 1.34%), HDFC Bank (up 1.03%), AU Small Finance Bank (up 0.83%), State Bank of India (up 0.76%), Federal Bank (up 0.65%), Bank of Baroda (up 0.55%), ICICI Bank (up 0.32%), IDFC First Bank (up 0.1%) edged higher.

On the other hand, Bandhan Bank (down 1.31%), Punjab National Bank (down 0.3%) and IndusInd Bank (down 0.22%) slipped.

Stocks in Spotlight:

Amara Raja Energy & Mobility was locked in 20% upper circuit after its subsidiary Amara Raja Advanced Cell Technologies signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd.

AU Small Finance Bank rose 0.90% to Rs 685.60. The company announced to consider raising funds through QIP on June 27.

Bandhan Bank declined 1.40% to Rs 204.85. The bank said that the Reserve Bank of India has appointed Arun Kumar Singh as an additional director on the board of the bank, for a period of one year from 24 June 2024 to 23 June 2025 or till further orders, whichever is earlier.

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