• Sensex   37981.63   592.97  sensex_up_arr
  • Nifty   11227.55   177.30   sensex_up_arr
  • Bank Nifty   21665.50   3.26   sensex_up_arr
  • BSE Midcap   14720.97   2.68  sensex_up_arr
  • USDINR   73.89   -0.06   sensex_dwn_arr
Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Shares trade firm; private banks in demand
(14:26, 02 Jun 2020)
Benchmark indices further extended gains and hit fresh intraday high in mid afternoon trade. The Nifty ascended towards the crucial 10000 mark supported by banking stocks. At 14:20 IST, the barometer index, the S&P BSE Sensex soared 482.15 points or 1.45% at 33,785.67. The Nifty 50 index rallied 137.5 points or 1.4% at 9,963.65.

Sentiment got a boost after Prime Minister Narendra Modi assured industry leaders on Tuesday that India will get its economic growth back and is already on that path with government's various reforms.

The rally was broad based. The S&P BSE Mid-Cap index gained 1.13% while the S&P BSE Small-Cap index rose 1.82%.

Buyers outpaced the sellers. On the BSE, shares 1,631 rose and 721 shares fell. A total of 158 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.

Buzzing Index:

The Nifty Bank index was up 2.12% to 20,382.75. Bandhan Bank (up 4.64%), IndusInd Bank (up 4.24%), Axis Bank (up 1.7%), ICICI Bank (up 1.58%), HDFC Bank (up 1.23%), IDFC First Bank (up 0.42%) and Federal Bank (up 0.21%) advanced.

Kotak Mahindra Bank surged 6% to Rs 1324.15 on the BSE after the counter witnessed multiple block deals in early trade today, 26 May 2020. The media reported that Uday Kotak, the bank's promoter, sold 2.83% stake worth over Rs 6,800 crore in the bank on Tuesday. In January, Kotak Mahindra Bank and Reserve Bank of India (RBI) had reached an agreement under which Uday Kotak agreed to reduce his stake to 26% by August. Uday Kotak held 29.63% stake in the bank as on 31 March 2020.

On the BSE, the counter clocked a volume of 5.65 crore shares as against its average trading volume of 3.31 lakh shares in the past one quarter. The stock jumped 7.88% to hit a high of Rs 1347.75 on BSE in early trade today. On the NSE, the scrip rose 6.08% to Rs 1,324.25. The counter clocked a volume of 1.23 crore shares compared with its average trading volume of 69.94 lakhs shares in the past one quarter. The stock spurt 7.97% to hit a high of Rs 1,348 on NSE in early trade today.

Stocks in Spotlight:

Strides Pharma Science gained 3.23%after the company said it received US drug regulator's approval for triamcinolone acetonide ointment. The ointment is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid responsive dermatoses. The product is part of the niche and small volume product portfolio with limited competition in the US market.

NCC jumped 5.47% after the company said it received four new orders for Rs 1136 crore in May 2020. The orders were received from state government agencies and do not include any internal orders, the company said in a statement. From the total order win, two orders totaling to Rs 993 crore pertain to water division and two order totaling to Rs 143 crore pertain to building division. The announcement was made after market hours yesterday, 1 June 2020.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.013% compared with previous closing of 6.042% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 75.36 compared with its previous closing of 75.545.

In the commodities market, Brent crude for August 2020 settlement was up 83 cents to $39.15 a barrel. The contract surged 1.27% to settle at $38.32 a barrel in the previous trading session.

MCX Gold futures for 5 June 2020 settlement fell 0.28% to Rs 46,950.

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