NIFTY TRADES ABOVE 25,800 LEVEL; PSU BANK SHARES ADVANCE FOR 3RD DAY

The domestic equity indices traded with minor gains in the mid- afternoon trade. The Nifty traded above the 25,800 level. PSU Bank shares extended gains for third consecutive trading session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, added 131.44 points or 0.15% to 83,869.86. The Nifty 50 index rose 80.75 points or 0.31% to 25,808.30.

The broader market outperformed the frontline indices. The S&P BSE 150 MidCap Index advanced 0.55% and the S&P BSE 250 SmallCap Index rose 0.50%.

The market breadth was strong. On the BSE, 2,639 shares rose and 1,493 shares fell. A total of 173 shares were unchanged.

RBI MPC:

The Reserve Bank`s rate-setting panel has started its three-day meeting for the next bi-monthly monetary policy, against the backdrop of the growth-focused Union Budget, low inflation, and the recently concluded India-US trade deal, which ended prolonged external uncertainty.

The decision of the RBI Governor Sanjay Malhotra-headed six-member Monetary Policy Committee (MPC) is scheduled to be announced on Friday.

Economy:

The seasonally adjusted HSBC India Services PMI rose to 58.5 in January from 58.0 in December. The flash score was 59.3. A score above 50.0 indicates expansion.

Both output and new orders grew at faster rates in January, and the upturn in the latter was driven by demand buoyancy, new business gains, and tech investment.

The growth in sales was attributed to greater client interest in their services and a stronger online presence. New export orders grew at the fastest pace in three months, linked to new business gains from clients in Indonesia, Kenya, Malaysia, Oman, Qatar, Sri Lanka, Thailand, and Vietnam.

In line with rising new orders, Indian service providers resumed hiring activity in January, though the pace of job creation was only marginal.

On the price front, input price inflation accelerated to a 4-month high in January, and selling price inflation was the strongest in three months.

Looking ahead, business confidence strengthened amid optimistic forecasts for efficiency gains, marketing efforts, and new client wins.

The composite output index rose to 58.4 in January from December`s 11-month low of 57.8, indicating that the latest sharp rate of expansion in the Indian private sector was boosted by stronger growth at goods producers as well as service providers.

Buzzing Index:

The Nifty PSU Bank index added 1.18% to 8,923.40. The index jumped 4.76% in the three consecutive trading session.

Bank of Maharashtra (up 2.06%), Bank of Baroda (up 2%), Indian Overseas Bank (up 1.61%), Central Bank of India (up 1.58%), Bank of India (up 1.51%), Union Bank of India (up 1.16%), UCO Bank (up 1.09%), Punjab & Sind Bank (up 0.96%), Indian Bank (up 0.87%) and State Bank of India (up 0.47%) added.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.30% to 6.701 compared with previous session close of 6.721.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.3100 compared with its close of 90.3200 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement jumped 3.72% to Rs 159,524.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.03% to 97.41.

The United States 10-year bond yield added 0.05% to 4.274.

In the commodities market, Brent crude for April 2026 settlement rose 24 cents or 0.36% to $67.57 a barrel.

Stocks in Spotlight:

Siyaram Recycling Industries rose 1.28% after the company announced securing two orders aggregating Rs 6.51 crore from The Supreme Industries and Dharma Metalex.

Timex Group India hit the lower circuit of 10% after the company�s consolidated net profit tumbled 89.41% to Rs 3.20 crore on 38.12% decline in revenue from operations to Rs 150.78 crore in Q3 FY26 over Q2 FY26.

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