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Benchmarks reverse losses; PSU bank shares advance

Published on May 23, 2024 10:39

The domestic equity benchmarks pared early losses and traded with modest gains in the morning trade. The Nifty traded near the 22,700 level. PSU Bank shares advanced after declining in the past trading session. Trading could be a volatile due to the expiry of weekly index options on the NSE

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 348.53 points or 0.43% to 74,569.59. The Nifty 50 index added 97.65 points or 0.43% to 22,695.45.

In the broader market, the S&P BSE Mid-Cap index added 0.25% and the S&P BSE Small-Cap index rose 0.26%.

The market breadth was positive. On the BSE, 1,873shares rose and 1,587 shares fell. A total of 160 shares were unchanged.


The Reserve Bank of India (RBI) announced a transfer of Rs 2.11 lakh crore to the government for the financial year 2023-24. This represents the highest surplus transfer on record by the central bank. This surplus will be reflected in the government`s accounts for the financial year 2024-25, providing a significant boost to their fiscal position.

Results Today :

ITC (down 0.16%), Interglobe Aviation (up 1.07%), Page Industries (down 1.83%), Fortis Healthcare (down 0.77%), Bayer Crop science (down 0.77%), CESC (down 0.71%), Finolex Cables (up 0.77%), Bikaji Foods International (up 0.25%), Saregama India (down 1.03%), Orchid Pharma (up 0.44%), Gabriel India (up 1.01%), Steel Strips Wheels (up 1.14%), Subros (down 0.75%), Johnson Controls Hitachi Air (up 0.06%), Sandhar Technologies (down 1.35%), Barbeque Nation Hospitality (down 1.09%), Tata Investment Corp (down 0.28%) and Schneider Electric Infrastructure (up 2.49%) will announce their quarterly earnings later in the day.

New Listing:

Shares of Go Digit General Insurance were currently trading at Rs 299.30 at 10:27 IST on the BSE, representing a premium of 10.04 % as compared with the issue price of Rs 272.

The scrip was listed at Rs 281.10, exhibiting a 5.78% premium to the issue price.

So far, the stock has hit a high of 303 and a low of 281.10. On the BSE, over 10.24 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index gained 1.97% to 7,383.15. The index shed 0.29% in the past trading session.

Indian Bank (up 3.27%), Bank of Maharashtra (up 3.03%), Indian Overseas Bank (up 2.62%), Bank of Baroda (up 2.37%) and Central Bank of India (up 2.15%) were the top gainers. Among the other gainers were Bank of India (up 2.13%), Union Bank of India (up 2.02%), UCO Bank (up 1.94%), Canara Bank (up 1.85%) and Punjab & Sind Bank (up 1.79%) advanced.

Stocks in Spotlight:

Mahindra & Mahindra Financial Services rose 0.19%. The company said that it has obtained a Certificate of Registration from IRDAI (Corporate Agency License) to act as a `corporate agent (composite)` under the Insurance Act, 1938.

Allcargo Logistics advanced 1.16% after the company said that its wholly owned subsidiary, ECU Worldwide N.V. (Formerly known as Allcargo Beligum N.V.) has acquired 25% stake in Fair Trade for a consideration of EUR 2.9 million.

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