Indices pare all gains, PSU banks shares rally for 3rd day

The domestic equity indices pared all gains and traded with minor losses in mid-afternoon trade. The Nifty traded below the 21,650 level after hitting day`s high of 21,720.30. PSU Bank shares extended gains for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 81.89 points or 0.11% to 71,601.34. The Nifty 50 index shed 7.60 points or 0.04% to 21,614.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.70% and the S&P BSE Small-Cap index added 0.68%.

The market breadth was positive. On the BSE, 2,141 shares rose and 1,652 shares fell. A total of 97 shares were unchanged.

Stock exchanges NSE and BSE on Friday said there will be normal trading session on Saturday, 20 January 2024 from the primary site in equity and equity derivatives segments as per regular market timings. Besides, it will be a trading holiday on Monday, 22 January 2024, with the Maharashtra government announcing a holiday in connection with the consecration of the Ram Temple in Ayodhya.

Buzzing Index:

The Nifty PSU Bank advanced 2.02% to 6,065.40. The index rallied 4.04% in three trading sessions.

Union Bank of India (up 4.27%), Punjab & Sind Bank (up 2.84%), Central Bank of India (up 2.66%), Bank of Maharashtra (up 2.23%) and UCO Bank (up 2.17%), Indian Overseas Bank (up 2.04%), Punjab National Bank (up 1.71%), Bank of India (up 1.41%), Canara Bank (up 0.48%) and Indian Bank (up 0.11%) advanced.

Stocks in Spotlight:

Kotak Mahindra bank advanced 2.51% after the private sector lender`s net profit rose 7.63% to Rs 3,005.01 crore on 28.77% increase in net total income to Rs 14,096.04 crore in Q3 FY24 over Q3 FY23

Astrazeneca Pharma India rallied 3.56% after the company announced the receipt of permission to import pharmaceutical formulations Andexanet alfa (Andexxa) for sale or for distribution from Central Drugs Standard Control Organisation (CDSCO

CreditAccess Grameen shed 0.20%. The micro finance lender�s standalone net profit surged 63.8% to Rs 353.42 crore on 42.38% jump in total income to Rs 1,295.23 crore in Q3 FY24 over Q3 FY23.

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