Benchmarks bounce; bank stocks decline

14 Jun 2022 , 10:29 AM

The key equity indices reversed early losses and traded near the flat line with some positive bias in morning trade. The Nifty traded above the 15,750 level, reversing from early low of 15,659.45. Value buying emerged after the Nifty slumped 4.27% in the past two sessions. Banks extended losses for the third consecutive session. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 8.54 points or 0.02% to 52,855.24. The Nifty 50 index added 9.95 points or 0.06% to 15,784.35. In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index added 0.43% each. The market breadth was weak. On the BSE, 1864 shares rose and 1108 shares fell. A total of 135 shares were unchanged. The US Dow Jones futures were currently up 280 points, indicating a positive start to equities on Wall Street today. Economy: India retail inflation eased to 7.04% in May, mainly on account of softening food prices, though it remained above the RBIs upper tolerance level for the fifth consecutive month, government data showed on Monday. The Consumer Price Index (CPI) based inflation was 7.79% in April. In May 2021, the retail inflation stood at 6.3%. Buzzing Index: The Nifty Bank index shed 0.20% to 33,338.70. The index has declined 4.98% in three sessions. Among the components of the Nifty Bank index, IndusInd Bank (down 1.01%), HDFC Bank (down 0.57%), ICICI Bank (down 0.56%), and Axis Bank (down 0.46%) were the top losers. On the other hand, Bandhan Bank (up 1.55%), Federal Bank (up 1.07%) and Bank of Baroda (up 0.95%) moved up. Stocks in Spotlight: Adani Enterprises (AEL) rose 1.79%. AEL and TotalEnergies have entered into a new partnership to jointly create the worlds largest green hydrogen ecosystem. In this strategic alliance, TotalEnergies will acquire 25% minority interest in Adani New Industries (ANIL) from AEL. ANILs ambition is to invest over USD 50 billion over the next 10 years in green hydrogen and associated ecosystem. In the initial phase, ANIL will develop green hydrogen production capacity of 1 million ton per annum before 2030. Torrent Power advanced 1.14%. The Gujarat-based integrated power utility on Monday said it has completed acquisition of a 50-megawatt (MW) solar power plant in Telangana from SkyPower Group for Rs 416 crore. Powered by Capital Market – Live News