Indian benchmarks trade higher; state-run cos jump

UNO Minda

06/06/2024 08:45

** Indian benchmarks NSE Nifty 50 Index  .NSEI  and S&P BSE
Sensex  .BSESN  up 0.4% each after posting their best session in
over three years on Wednesday
    ** More domestically focussed small-cap  .NIFSMCP100  and
mid-cap  .NIFMDCP100  gain ~2% each, outperforming benchmarks
    ** State-run companies  .NIFTYPSE  and state-run banks
 .NIFTYPSU  advance ~3% each, top sectoral gainers on
expectations of continued capex spending from new govt 
    ** Nifty realty index  .NIFTYREAL  adds 3.9%, driven by ~11%
and ~6% gains in Brigade Enterprises  BRIG.NS  and Mactrotech
Developers  MACE.NS , respectively
    ** Volatility eases further on the day with Nifty volatility
index  .NIFVIX  at 17.59, lowest since early May
    ** Indian home financiers like Aavas Financiers  AVAS.NS ,
PNB Housing Finance  PNBH.NS  and LIC Housing Finance  LICH.NS 
rise 3-5%
    ** Jefferies expects Modi-led coalition govt to announce
affordable housing scheme in upcoming budget
    ** In the near term, we have stability but political
developments will continue to weigh on markets - V K
Vijayakumar, chief investment strategist, Geojit Financial
Services  
    ** Auto parts maker Uno Minda  UNOI.NS  up 14% on deal to
make EV parts


 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))