Market Commentary     21-Jun-24
Mid-Session
Indices trade with modest losses; PSU bank shares decline
The domestic equity benchmarks traded with moderate losses in afternoon trade. The Nifty traded below the 23,500 level after hitting the day’s high of 23,667.10 in early trade. PSU Bank shares extended losses for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex was down 411.49 points or 0.53% to 77,067.44. The Nifty 50 index declined 95.95 points or 0.41% to 23,471.05. The Nifty clocked an all-time high of 23,667.10 in early trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.02% and the S&P BSE Small-Cap index added 0.22%.

The S&P BSE Small-Cap index hit an all-time high at 52,272.55.

The market breadth was weak. On the BSE, 1,783 shares rose and 2,046 shares fell. A total of 124 shares were unchanged.

Economy:

The headline HSBC Flash India Composite Output Index– a seasonally adjusted index that measures the month on-month change in the combined output of India's manufacturing and service sectors – increased from 60.5 in May to 60.9 in June, highlighting a quicker rate of expansion that was substantial by historical standards and broadly aligned with the average over the past 12 months. As has been the case since February, growth was stronger at goods producers than at service providers

Output growth across India's private sector regained some of the momentum lost in May, with business activity increasing at quicker rates among manufacturing firms and their services counterparts. The HSBC Flash India PMI data, compiled by S&P Global, also showed a substantial upturn in aggregate employment amid robust expansions in total new orders intakes and international sales. Meanwhile price pressures receded.

Buzzing Index:

The Nifty PSU Bank index slipped 1.06% to 7,390.30. The index fell 1.33% in two consecutive trading sessions.

Punjab National Bank (down 1.55%), Bank of Maharashtra (down 1.43%), Bank of Baroda (down 1.24%), Bank of India (down 1.07%), Canara Bank (down 0.97%), Indian Overseas Bank (down 0.96%), UCO Bank (down 0.91%), Central Bank of India (down 0.84%), Punjab & Sind Bank (down 0.83%) and State Bank of India (down 0.77%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal shed 0.04% to 6.973 as compared with previous close 6.976.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.5000, compared with its close of 83.6125 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement gained 0.20% to Rs 72,733.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 105.72.

The United States 10-year bond yield fell 0.45% to 4.233.

In the commodities market, Brent crude for August 2024 settlement lost 36 cents or 0.42% to $ 85.35 a barrel.

Stocks in Spotlight:

Mrs. Bectors Food Specialities slipped 2.23%. The company announced that its board of directors has approved the proposal for raising of funds upto Rs 400 crore by issuance of any method or securities.

Union Bank of India rose 0.14%. The company said that S&P Global Ratings revised its rating outlook on the bank’s credit rating to 'positive’ from 'stable’ while reaffirming the long-term and short-term ratings at 'BBB-' and 'A-3', respectively.

Previous News
  Union Bank of India to conduct board meeting
 ( Corporate News - 12-Jul-24   10:48 )
  Union Bank of India receives upgrade in issuer rating and bonds' ratings
 ( Corporate News - 03-Jul-24   14:17 )
  Mrs Bectors Food Specialities to convene EGM
 ( Corporate News - 26-Jun-24   14:42 )
  Indices trade with modest losses; PSU bank shares decline
 ( Market Commentary - Mid-Session 21-Jun-24   14:41 )
  S&P Global revises rating outlook of Union Bank of India to 'positive’
 ( Hot Pursuit - 21-Jun-24   13:15 )
  Mrs. Bectors Food Specialities board OKs raising upto Rs 400 cr
 ( Hot Pursuit - 21-Jun-24   12:56 )
  Board of Mrs Bectors Food Specialities approves fund raising up to Rs 400 cr
 ( Corporate News - 21-Jun-24   12:13 )
  Union Bank of India receives affirmation in issuer credit rating from S&P Global
 ( Corporate News - 21-Jun-24   11:25 )
  Mrs Bectors Food Specialities to convene board meeting
 ( Corporate News - 19-Jun-24   11:44 )
  Union Bank of India approves one time settlement offer from PC Jeweller
 ( Corporate News - 17-Jun-24   12:23 )
  Union Bank of India to convene AGM
 ( Corporate News - 12-Jun-24   13:45 )
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  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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