The benchmark indices continued to trade with strong gains in mid-afternoon trade. The Nifty traded above the 23,650 mark. Financial services shares gained for the second consecutive trading sessions.
At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 601.09 points or 0.78% to 77,942.17. The Nifty 50 index gained 152.15 points or 0.66% to 23,692.75.
The Sensex and Nifty clocked an all-time high of 77,956.67 and 23,692.25 respectively in afternoon trade. Further, the Nifty Bank hit an all-time high of 52,669.30 in afternoon trade.
In the broader market, The S&P BSE Mid-Cap index fell 0.37% and the S&P BSE Small-Cap index rose 0.08%.
The S&P BSE Small-Cap index hit an all-time high at 52,542.41.
The market breadth was negative. On the BSE, 1,879 shares rose and 1,949 shares fell. A total of 140 shares were unchanged.
Buzzing Index:
The Nifty Financial Services index gained 1.87% to 23,502.60. The index advanced 2.22% in the two consecutive trading sessions.
Axis Bank (up 2.81%), HDFC Asset Management Company (up 2.6%), Shriram Finance (up 2.5%), ICICI Bank (up 2.42%), HDFC Bank (up 2.23%), Muthoot Finance (up 1.97%), State Bank of India (up 1.33%), Kotak Mahindra Bank (up 0.93%), LIC Housing Finance (up 0.92%) and Bajaj Finserv (up 0.72%) edged higher.
On the other hand, Power Finance Corporation (down 0.71%), SBI Life Insurance Company (down 0.06%) and IDFC Bank (down 0.04%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal rose 0.13% to 6.980 as compared with previous close 6.971.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4425, compared with its close of 83.4775 during the previous trading session.
MCX Gold futures for 5 August 2024 settlement shed 0.21% to Rs 71,641.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 105.45.
The United States 10-year bond yield declined 0.05% to 4.247.
In the commodities market, Brent crude for August 2024 settlement lost 4 cent or 0.05% to $85.97 a barrel.
Stocks in Spotlight:
Jubilant Pharmova shed 0.62% to Rs 728.25. The company announced that its subsidiary, Jubilant Pharma Holdings Inc., USA (JPHI) has completed the voluntary prepayment of $75 million term loan, equivalent to Rs 626 crore.
Alkem Laboratories added 1.80% after the pharma company said that it has received the establishment inspection report (EIR) from the US drug regulator for its manufacturing facility in Baddi, Himachal Pradesh.