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Market Commentary - Mid-Session
Benchmarks trade sideways; Private bank shares decline As on : 21-Oct-24  14:31

The headline equity benchmarks traded sideways in mid-afternoon trade. The Nifty traded near 24,850 mark. Private bank shares declined after advancing in the past trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex advanced 153.58 points or 0.20% to 81,385.68. The Nifty 50 index fell 3.70 points or 0.01% to 24,850.35.

In the broader market, the S&P BSE Mid-Cap index fell 1.15% and the S&P BSE Small-Cap index declined 1.12%.

The market breadth was weak. On the BSE, 1,200 shares rose and 2,761 shares fell. A total of 147 shares were unchanged.

Economy:

India's net direct tax collections jumped by 182.02% over last decade to Rs 19.60 lakh crore in FY24, from 6.95 lakh crore in FY15, following strong growth in personal income tax, the latest time series data from the Income Tax Department showed. Personal income tax collections zoomed up nearly 300% to Rs 10.45 lakh crore, from 2.65 lakh crore in FY15, outpacing corporate tax collections, which rose by 112.85% to Rs 9.11 lakh crore from Rs 4.28 lakh crore in FY15.

Buzzing Index:

The Nifty private bank fell 1% to 25,724.40. The index advanced 1.90% in the past trading session.

RBL Bank (down 14.41%), Kotak Mahindra Bank (down 4.83%), IndusInd Bank (down 3.25%), Bandhan Bank (down 3.08%), City Union Bank (down 1.94%), Federal Bank (down 0.89%), IDFC First Bank (down 0.81%), Axis Bank (down 0.44%), ICICI Bank (down 0.31%) declined.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced 2.04% to 6.948 as compared with previous close 6.809.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0750, compared with its close of 84.0700 during the previous trading session.

MCX Gold futures for 31 October 2024 settlement rose 0.64% to Rs 77,653.

The United States 10-year bond yield rose 0.76% to 4.107.

In the commodities market, Brent crude for December 2024 settlement added 76 cents or 1.04% to $73.82 a barrel.

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