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Barometers turn rangebound, PSU bank shares rises

Published on Feb 29, 2024 14:41

The equity barometers continued to trade near the flat line in mid-afternoon trade. The Nifty traded below 21,950 mark after hitting day�s high of 22,022.40 in early trade. PSU bank shares advance after declining in the past four trading sessions. Trading could be volatile due to February F&O series expiry today.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 111.34 points or 0.15% to 72,416.22. The Nifty 50 index shed 6 points or 0.03% to 21,945.15.

In the broader market, S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index lost 0.15%.

The market breadth was negative. On the BSE, 1,599 shares rose and 2,155 shares fell. A total of 124 shares were unchanged.


The National Statistical Office (NSO) is scheduled to release the official third quarter GDP data today. India�s economic growth is likely to moderate in the range of 6 to 6.8% in the third quarter of the current financial year, sharply lower than 7.6% expansion recorded in the previous quarter, as per reports.

Buzzing Index:

The Nifty PSU Bank index rose 0.51% to 6,875.80. The index dropped 3.95% in past four trading sessions.

Bank of Maharashtra (up 2.42%), Central Bank of India (up 1.97%), Union Bank of India (up 1.53%), Indian Overseas Bank (up 1.42%), UCO Bank (up 1.36%), Canara Bank (up 1.27%), Punjab & Sind Bank (up 0.96%), State Bank of India (up 0.65%) and Punjab National Bank (up 0.41%) advanced.

On the other hand, Bank of India (down 2.11%), Indian Bank (down 1.6%) and Bank of Baroda (down 0.04%) edged lower.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.01% to 7.066 as compared with previous close 7.065.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9275, compared with its close of 82.9125 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement advanced 0.13% to Rs 62,328.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was shed 0.17% to 103.80.

The United States 10-year bond yield added 0.16% to 4.283.

In the commodities market, Brent crude for April 2024 settlement shed 38 cents or 0.49% to $81.75 a barrel.

Stocks in Spotlight:

Punjab & Sind Bank declined 2.14%. The bank announced that its board has approved fundraising of upto Rs 2,000 crore in one or more tranches.

Alembic rose 0.61%. The company stated that the credit rating agency ICRA has reaffirmed the long-term rating on the credit facilities of the company at `[ICRA] AA-� with `stable� outlook.

Sansera Engineering fell 0.59%. The company said that the credit rating agency ICRA has reaffirmed the long-term rating on the debt instruments of the company at `[ICRA] AA-� with `stable� outlook.

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