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Nifty near 11,050; banks stocks in demand
11-Sep-19   14:21 Hrs IST

Key indices held firm near the day's high in the mid-afternoon trade. The Nifty hovered near 11,050 levels. Banks stocks were trading firm. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 174.64 points or 0.47% at 37,320.02. The Nifty 50 index was up 39.65 points or 0.36% at 11,042.7.

The S&P BSE Mid-Cap index was up 0.96%. The S&P BSE Small-Cap index was up 1.41%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1791 shares rose and 708 shares fell. A total of 153 shares were unchanged.

The S&P BSE Bankex was up 1.05% at 31,254.64.

Among PSU banks, Union Bank of India (up 5.51%), Syndicate Bank (up 3.53%), Oriental Bank of Commerce (up 3.38%), Bank of Baroda (up 3.35%), Bank of India (up 3.33%), Punjab National Bank (up 3.28%), State Bank of India (up 2.28%) and Allahabad Bank (up 1.18%) advanced.

Among private sector banks, Yes Bank (up 14.1%), RBL Bank (up 3.3%), IndusInd Bank (up 3.23%), Axis Bank (up 1.34%), ICICI Bank (up 0.52%), Kotak Mahindra Bank (up 0.27%) and HDFC Bank (up 0.18%) jumped.

Power Mech Projects jumped 13.86% after the company received orders worth Rs 275 crore. The company received order from South Railway for construction of pit lines, service building and balance work of between Charlapalli-Ghatkesar station. The total contract is worth Rs 77 crore which is to be completed within the span of 18 months. The company has also received 3 orders from Bharat Heavy Electricals worth Rs 50 crore, Rs 72 crore and Rs 76 crore. The orders are to be completed within 24 months.

TVS Motor Company gained 4.41% to Rs 405.80. The company launched a special edition version of TVS Radeon 109 cc.

Premier Explosives jumped 10.09% after it announced that the company has received an order from Vikram Sarabhai Space Centre (VSSC) for production of PSOM-XL segments (solid propellant) for their satellite launch vehicles. The order is to be executed within a period of 18 months.

Generic Engineering Construction and Projects soared 6.05% after the company bagged orders from various new and existing clients worth Rs 298.88 crore. The order consists of construction of industrial buildings worth Rs 2.05 crore and construction of residential buildings worth Rs 296.83 crore.

Meanwhile, the yield on 10-year benchmark federal paper rose to 6.653% at 14:13 IST compared with 6.57% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.6825, compared with its close of 71.71 during the previous trading session.

In the commodities market, MCX Gold futures for 4 October 2019 settlement declined 0.17% at Rs 38,187.

In the global commodities markets, Brent crude for November 2019 settlement was up 54 cents at $62.92 a barrel.

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