The key equity barometers continued to trade with strong gains in morning trade. The Nifty traded tad above the 17,250 mark. Bank shares witnessed buying demand for fourth consecutive session.
At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 620.11 points or 1.07% to 58,580.20. The Nifty 50 index gained 174.20 points or 1.02% to 17,254.90.
In the broader market, the S&P BSE Mid-Cap index added 0.94% while the S&P BSE Small-Cap index advanced 1.41%.
The market breadth was strong. On the BSE, 2145 shares rose and 476 shares fell. A total of 126 shares were unchanged.
Investor sentiment was upbeat after Asian markets rose sharply on Friday and bonds reportedly marked their best month since 2008, following an overnight upswing on Wall Street, as concerns of further banking turmoil receded.
However, markets remained cautious following a higher-than-expected German CPI, adding pressure on the European Central Bank to further tighten monetary policy.
Buzzing Index:
The Nifty Bank index rose 1.23% to 40,402.75. The index has added 2.56% in four sessions.
ICICI Bank (up 2.67%), Federal Bank (up 2.4%), Bandhan Bank (up 1.92%), Bank of Baroda (up 1.79%) and IDFC First Bank (up 1.28%) were the top gainers.
Among the other gainers were IndusInd Bank (up 0.98%), Axis Bank (up 0.97%), HDFC Bank (up 0.78%), State Bank of India (up 0.71%) and Punjab National Bank (up 0.43%).
Stocks in Spotlight:
Lupin fell 1.72%. The USFDA inspected Lupin's Pithampur Unit-2 manufacturing facility from 21 March to 29 March 2023. The inspection closed with issuance of a Form-483 with ten observations.
JSW Steel rose 1.39%. The company has been declared as a “Preferred Bidder” for an auction of two coal mines in Chattisgarh and one in Jharkhand.
Bharat Electronics zoomed 6.24%. The Ministry of Defence (MoD) has signed two contracts worth of Rs 2696 crore with Bharat Electronics to bolster the defence capabilities of the country.
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