Nifty hovers above 23,900; PSU bank shares slide

The benchmark indices traded in a narrow range with small gains in mid-afternoon trade. The Nifty traded above the 23,900 level after hitting days low of 23,805.40 in early trade. PSU bank shares declined after advancing in the two consecutive trading sessions. Trading was volatile due to monthly F&O series expiry today.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 277.06 points or 0.35% to 79240.08. The Nifty 50 index added 77.45 points or 0.32% to 23,946.25.

The Sensex and Nifty clocked an all-time high of 79,240.08 and 24,036.60 respectively in afternoon trade. Further, the Nifty Bank registered a life high of 53,180.75 in morning trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.28% and the S&P BSE Small-Cap index declined 0.90%.

The market breadth was weak. On the BSE, 1,346 shares rose and 2,492 shares fell. A total of 125 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index declined 1.46% to 7,261.50. The index rose 0.45% in past two trading sessions.

Punjab National Bank (down 4.18%), Bank of India (down 2.95%), UCO Bank (down 2.39%), Punjab & Sind Bank (down 2%), Central Bank of India (down 1.97%), Union Bank of India (down 1.74%), Indian Overseas Bank (down 1.6%), Canara Bank (down 1.22%), Bank of Baroda (down 1.16%) and Bank of Maharashtra (down 1.04%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.01% to 6.996 as compared with previous close 6.997.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4875, compared with its close of 83.5750 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.04% to Rs 71,120.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 106.01.

The United States 10-year bond yield gained 0.49% to 4.336.

In the commodities market, Brent crude for August 2024 settlement added 43 cents or 0.50% to $85.68 a barrel.

Stocks in Spotlight:

Genesys International Corporation jumped 5.25% after the company announced a strategic partnership with NNG, a leading automotive navigation and connected car technology solutions provider.

Aurobindo Pharma shed 1.29%. The United States Food and Drug Administration (US FDA) inspected Telangana facility of Eugia SEZ, a 100% step-down subsidiary of Aurobindo Pharma from 19 February to 29 February 2024.

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