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Barometers trade with tiny gains; PSU banks in demand

Published on May 31, 2024 14:33

The benchmark indices continued trade with minor gains in mid-afternoon trade. The Nifty traded above the 22,550 level. PSU Bank shares advanced after declining in the previous three consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 128.27 points or 0.17% to 73,968.13. The Nifty 50 index rose 34.35 points or 0.15% to 22,523.

In the broader market, the S&P BSE Mid-Cap index declined 0.04% and the S&P BSE Small-Cap index rose 0.58%.

The market breadth was negative. On the BSE, 1,775 shares rose and 2,004 shares fell. A total of 101 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index added 1.22% to 7,381.05. The index fell 2.20% in the past three consecutive trading sessions.

Canara Bank (up 3.52%), Union Bank of India (up 3.47%), Central Bank of India (up 2.84%), Bank of Maharashtra (up 2.83%), Indian Overseas Bank (up 2.81%), UCO Bank (up 2.23%), Punjab & Sind Bank (up 1.91%), Punjab National Bank (up 1.61%), Bank of Baroda (up 1.14%) and Bank of India (up 1.13%) advanced.

On the other hand, Indian Bank (down 0.83%) slipped.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.20% to 6.989 remains same with previous close 6.989.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.3775, compared with its close of 83.2950 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement gained 0.18% to Rs 72,022.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.05% to 104.77.

The United States 10-year bond yield added 0.15% to 4.559.

In the commodities market, Brent crude for July 2024 settlement lost 0.06 cents or 0.07% to $81.80 a barrel.

Stocks in Spotlight:

Suzlon Energy gained 3.06% after the company announced that it has received a new order for the development of 81.9 MW wind power project for Oyster Green Hybrid One.

Godrej Agrovet shed 1.00%. The company said that the credit rating agency ICRA has reaffirmed the company�s long-term rating at "[ICRA] AA� with `stable� outlook.

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