Market Commentary     20-Jun-24
Mid-Session
Sensex climbs 146 pts; private bank shares advance
The benchmark indices traded with moderate gains in mid-afternoon trade. The Nifty traded above the 23,550 mark. Private bank shares extended gains for the fourth consecutive session. Trading could be volatile due to weekly F&O series expiry today.

At 14:30 IST, the barometer index, the S&P BSE Sensex was up 145.84 points or 0.19% to 77,483.43. The Nifty 50 index rose 55 points or 0.23% to 23,571.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.39% and the S&P BSE Small-Cap index gained 0.94%.

The market breadth was positive. On the BSE, 2,267 shares rose and 1,546 shares fell. A total of 140 shares were unchanged.

Economy:

The government announced an increase in Minimum Support Prices (MSP) for all 14 kharif crops for the 2024-25 season (July-June). This hike is expected to put an additional Rs 35,000 crore in the hands of farmers, bringing the total MSP payout to around Rs 2 lakh crore.

Meanwhile, the Reserve Bank of India (RBI) projects continued economic momentum in the April-June quarter, driven by rising private consumption and strengthening manufacturing and services sectors.

Buzzing Index:

The Nifty Private Bank index gained 1.18% to 25,854.40. The index rallied 4.70% in four consecuitive trading sessions.

City Union Bank (up 5.42%), Bandhan Bank (up 4.41%), Federal Bank (up 1.95%), Kotak Mahindra Bank (up 1.38%), IDFC First Bank (up 1.35%), Axis Bank (up 0.66%), HDFC Bank (up 0.52%), IndusInd Bank (up 0.45%), ICICI Bank (up 0.44%) and RBL Bank (up 0.27%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.06% to 6.970 as compared with previous close 6.974.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5900, compared with its close of 83.4400 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.35% to Rs 71,982.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.20% to 105.47.

The United States 10-year bond yield grew 2.50% to 4.255.

In the commodities market, Brent crude for August 2024 settlement added 4 cents or 0.05% to $85.37 a barrel.

Stocks in Spotlight:

Bondada Engineering was locked in 5% upper circuit after the company received work order from Goldi Solar aggregating to Rs 14.65 crore.

Tata Communications advanced 1.75% after the company announced that it has secured a five-year $250 million sustainability-linked loan (SLL) from ANZ, DBS Bank and Export Development Canada (EDC).

Previous News
  Bondada Engineering to convene board meeting
 ( Corporate News - 12-Jul-24   11:01 )
  Bondada Engineering unit receives work orders worth Rs 316.82 cr
 ( Corporate News - 11-Jul-24   16:18 )
  Tata Communications announces board meeting date
 ( Corporate News - 05-Jul-24   10:14 )
  Nifty ends above 23,550; Sensex gains 141 pts; VIX sides 2.68%
 ( Market Commentary - Quick Review 20-Jun-24   15:50 )
  Bondada Engineering wins orders of Rs 14.06 cr
 ( Corporate News - 20-Jun-24   14:49 )
  Sensex climbs 146 pts; private bank shares advance
 ( Market Commentary - Mid-Session 20-Jun-24   14:40 )
  Market at day's high; European market opens higher
 ( Market Commentary - Mid-Session 20-Jun-24   13:31 )
  Tata Comm secures maiden sustainability-linked loan of USD 250 mn
 ( Corporate News - 20-Jun-24   12:50 )
  Bondada Engg hits life high on Rs 15-cr order win
 ( Hot Pursuit - 20-Jun-24   12:48 )
  Tata Comm's Hosted SASE solution sets new standard for enterprise security and connectivity for enterprises
 ( Corporate News - 20-Jun-24   12:29 )
  Tata Comm gains on securing $250 mln sustainability-linked loan
 ( Hot Pursuit - 20-Jun-24   12:22 )
Other Stories
  Indices turn rangebound; oil & gas stocks climb for 3rd day
  12-Jul-24   14:33
  Sensex spurts 742 pts, European mkt open higher
  12-Jul-24   13:38
  Nifty trades near 24,500 level; Private bank shares rally for 2nd day
  12-Jul-24   12:32
  Market hits new life high; IT shares in demand
  12-Jul-24   11:32
  Nifty above 24,350; media shares rally for 2nd day
  12-Jul-24   10:32
  Market opens on a firm note; breadth strong
  12-Jul-24   09:35
  Indices trade with tiny cuts; oil & gas shares rise
  11-Jul-24   14:34
  Barometers turn rangebound; European mkt opens higher
  11-Jul-24   13:43
  Market trade in negative terrain; financial services shares under pressure
  11-Jul-24   12:30
  Sensex down 274 pts; realty shares slide
  11-Jul-24   11:32
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