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Indices sharply pare gains; private bank stocks in demand
16-Jun-22   10:28 Hrs IST

The key equity indices sharply pared early gains in morning trade. The Nifty traded below the 15,750 level. Private bank stocks witnessed some bit of bargain buying after declining in the past four sessions.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 194.49 points or 0.37% to 52,735.88. The Nifty 50 index added 44.45 points or 0.28% to 15,736.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.27% while the S&P BSE Small-Cap index added 0.36%.

The market breadth, indicating the overall health of the market, remained strong. On the BSE, 1930 shares rose and 1020 shares fell. A total of 128 shares were unchanged.

Buzzing Index:

The Nifty Private Bank advanced 0.69% to 16,983.45. The index had declined 5.76% in the past four sessions.

Bandhan Bank (up 2.21%), ICICI Bank (up 1.4%), Federal Bank (up 1.12%), IDFC First Bank (up 0.92%), IndusInd Bank (up 0.9%), HDFC Bank (up 0.69%) and Axis Bank (up 0.36%) advanced.

On the other hand, RBL Bank (down 0.73%) and Kotak Mahindra Bank (down 0.32%) moved lower.

Stocks in Spotlight:

Dredging Corporation of India (DCI) rose 2.60% to Rs 294 after the company announced that it has secured a maintenance dredging contract worth Rs 250 crore per year from Jawaharlal Nehru Port Authority (JNPA).

NBCC rose 2.9% to Rs 30.86 after the EPC company secured total business of Rs 330.35 crore in the month of May 2022.

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