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  • Sensex, Nifty hit day's high; bank stocks advance
  • December 07,2021  10:26
  • The domestic equity barometers hit the day's high in morning trade. The Nifty marched towards the 17,100 mark. Bank stocks witnessed some bargain buying after declining in the past two sessions.

    At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 638.95 points or 1.13% to 57,386.09. The Nifty 50 index added 172.50 points or 1.02% to 17,084.75.

    In the broader market, the S&P BSE Mid-Cap index rose 0.69% while the S&P BSE Small-Cap index added 0.84%.

    The market breadth was strong. On the BSE, 2227 shares rose and 705 shares fell. A total of 128 shares were unchanged.

    The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) kicked off its two-day policy meet on 6 December 2021. MPC's interest rate decision will be disclosed on Wednesday, 8 December 2021. In the previous meeting, MPC kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.

    Buzzing Index:

    The Nifty Bank index rose 1.59% to 36,304.15. The index had declined 2.12% in the past two sessions.

    Among the index constituents, Kotak Mahindra Bank (up 3.62%), Bandhan Bank (up 2.36%), Axis Bank (up 2.25%), IDFC First Bank (up 1.93%), RBL Bank (up 1.82%), Federal Bank (up 1.60%) advanced.

    Further, IndusInd Bank (up 1.59%), SBI (up 1.40%), AU Small Finance Bank (up 1.39%), ICICI Bank (up 1.14%) and HDFC Bank (up 1.10%) advanced.

    Stocks in Spotlight:

    Biocon added 0.46% to Rs 360.90. The company signed a deal with Tabuk Pharmaceuticals, a wholly-owned arm of Astra Industrial Group in the Middle East and North Africa (MENA) region, to commercialise select speciality products in the Middle East.

    Tanla Platforms was locked in an upper circuit of 5% at Rs 1,675.90 after the company announced a partnership with Vodafone Idea for providing solutions for entire international messaging traffic on the Vi network.

    Rain Industries rose 3.37% to Rs 218. Pabrai Investment Funds bought 2.05% stake in the company via open market transaction on 2 December 2021. Post-transaction, Pabrai Investment Funds has increased its shareholding in Rain Industries to 8% from 5.95% earlier.

    Mohnish Pabrai is the founder and managing partner of the Pabrai Investments Funds.

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