Market Commentary - Mid-Session
Nifty above 25,850; PSU bank shares in demand As on : 23-Sep-24  10:36

The domestic equity benchmarks traded with limited gains in morning trade. The Nifty traded above the 25,850 mark. PSU bank shares advanced after declining in past two consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, added 193.83 points or 0.23% to 84,738.76. The Nifty 50 index rose 94.05 points or 0.36% to 25,885.

The Sensex and Nifty clocked an all-time high of 84,881.73 and 25,925.80, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index added 0.41% and the S&P BSE Small-Cap index rose 0.46%.

The market breadth was strong. On the BSE, 2,314 shares rose and 1,465 shares fell. A total of 184 shares were unchanged.

Economy:

India's forex reserves rose by $223 million to a new all-time high of $689.458 billion for the week ended on September 13, according to the Reserve Bank data released on Friday.

The overall forex kitty had jumped by $5.248 billion to a high of $689.235 billion for the previous reporting week ended on September 6.

The foreign currency assets decreased by $515 million to $603.629 billion, the data showed.

Gold reserves increased by $899 million to $62.887 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) dropped by $53 million to $18.419 billion, the apex bank said.

India's reserve position with the IMF declined by $108 million to $4.523 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty PSU Bank index added 1.44% to 6,723.50. The index shed 0.73% in past two consecutive trading sessions.

Indian Bank (up 2.15%), Canara Bank (up 2.12%), Bank of Maharashtra (up 1.93%), Bank of Baroda (up 1.7%), Central Bank of India (up 1.57%), State Bank of India (up 1.38%), UCO Bank (up 1.19%), Punjab & Sind Bank (up 0.85%), Punjab National Bank (up 0.52%) and Bank of India (up 0.24%) advanced.

Stocks in Spotlight:

Matrimony.com rose 0.81%. The company said that it has plans to launch new line of business in the area of Jobs called 'ManyJobs' to focus extensively on the grey-collar jobs market.

Unichem Laboratories advanced 2.21% after the company announced that its board will meet on Monday, 30 September 2024, to consider integration and consolidation of all USA generic formulations business under single entity.

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