The domestic equity benchmarks traded with robust gains near the day's high in the early afternoon trade. The Nifty traded a tad above the 16,000 level. Banks shares extended gains for fourth consecutive trading session.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 613.51 points or 1.15% to 53,848.28. The Nifty 50 index added 182.30 points or 1.15% to 16,017.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.84% while the S&P BSE Small-Cap index gained 1.33%.
The market breadth remained strong. On the BSE, 2,275 shares rose and 897 shares fell. A total of 144 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, drop 2.88% to 20.37. The Nifty 28 July 2022 futures were trading at 16,004.45, at a discount of 13.2 points as compared with the spot at 16,017.65.
The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 24.7 lakh contracts at the 16,500 strike price. Maximum Put OI of 33.5 lakh contracts was seen at 15,000 strike price.
Economy:
India's services industry expanded at the fastest pace in over eleven years in June, as per the S&P Global India services PMI data. June data pointed to further accelerations in growth of new business and output at Indian services companies amid ongoing improvements in demand conditions. Although firms expect the recovery to be sustained over the coming 12 months, concerns surrounding price pressures restricted business confidence. Input costs continued to rise at a historically elevated pace, although one that was the slowest in three months, while charge inflation hit a near five-year high.
Rising from 58.9 in May to 59.2 in June, the seasonally adjusted S&P Global India Services PMI Business Activity Index was at its highest mark since April 2011 and signalled a steep rate of increase. Moreover, the acceleration in growth was broad-based across the four monitored sub-sectors. Services firms noted a substantial upturn in new work intakes at the end of the first fiscal quarter, with the rate of increase improving to the best in over 11 years.
Buzzing Index:
The Nifty Bank index rose 1.12% to 34,322.20, extending its winning streak for the fourth session. The index added 3.16% in four trading sessions.
Bandhan Bank Ltd (up 1.75%), Bank of Baroda (up 1.73%), ICICI Bank Ltd (up 1.58%), HDFC Bank Ltd (up 1.54%), AU Small Finance Bank Ltd (up 0.99%), Bank of India (up 0.92%), Kotak Mahindra Bank Ltd (up 0.91%), IDFC First Bank Ltd (up 0.44%), Federal Bank Ltd (up 0.42%) and Punjab National Bank (up 0.33%) advanced.
RBL Bank slipped 3.78%. The private lender's total deposits rose 6% to Rs 79,217 crore as of 30 June 2022 compared with Rs 74,471 crore as of 30 June 2021. The total deposits rose 0.27% last quarter compared with Rs 79,007 crore as of 31 March 2022. CASA stood at Rs 28,525 crore as of 30 June 2022, registering a growth of 14% YoY and 2% QoQ. CASA ratio improved to 36% in Q1 FY23 compared with 33.7% in Q1 FY22 and 35.3% in Q4 FY22.
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