Indices trade with major gains; PSU Banks rally

The key benchmark indices traded with substantial gains in morning trade. The Nifty traded above the 20,550 level. PSU Bank shares witnessed strong buying demand for three consecutive trading sessions.

At 10:26 AM IST, the barometer index, the S&P BSE Sensex, was up 909 points or 1.35% to 68,390.19. The Nifty 50 index added 276.15 points or 1.36% to 20,544.05.

The benchmark, Nifty50 and Sensex index hit a fresh all-time high of 20,602.50 and 68,587.82 in early trade respectively.

In the broader market, the S&P BSE Mid-Cap index gained 92% while the S&P BSE Small-Cap index advanced 0.97%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,124.23 and 41,221.91.

The market breadth was strong. On the BSE, 2,497 shares rose, and 1031 shares fell. A total of 206 shares were unchanged.

Buzzing Index:

The PSU Bank index jumped 3.61% to 5,319.90. The index rallied 5.53% in two consecutive trading sessions.

Central Bank of India (up 5.64%), Union Bank of India (up 4.5%), Punjab National Bank (up 4.46%), Punjab & Sind Bank (up 3.91%) and Canara Bank (up 3.86%) were the top gainers.

Among the other gainers were Bank of Baroda (up 3.67%), Bank of Maharashtra (up 3.38%), UCO Bank (up 3.29%), Indian Overseas Bank (up 3.16%) and State Bank of India (up 2.96%).

Politics:

The BJP is set to form the government in Chhattisgarh, Rajasthan and Madhya Pradesh. The counting of votes in Rajasthan concluded with the BJP securing a landslide victory with 115 seats. Meanwhile, the ruling Congress won 69 seats out of the 199 which had gone to the polls on November 25. In Chhattisgarh, the BJP won 54 seats, the ruling Congress won 35 and the Gondvana Gantantra Party managed to win one seat.

In Telangana, Congress won 64 seats, the ruling Bharat Rashtra Samithi won 39, the BJP got eight seats, and AIMIM won seven. The Communist Party of India won one seat. The BJP has won 163 of the total 230 seats in the Madhya Pradesh Assembly. On the other hand, the Congress has won 66 seats.

Stocks in Spotlight:

Eicher Motors rallied 2.30% after the company�s total motorcycles (Royal Enfield) sales grew 13% to 80,251 units in November 2023 as against 70,766 units sold in November 2022.

Maruti Suzuki India declined 1.23% after the car major on Friday announced that its total production grew 3.29% to 1,47,763 units in November 2023 compared with 152,786 units recorded in November 2022.

Ask Automotive fell 1.71% after the company reported 15.32% decline in consolidated net profit to Rs 41.24 crore in Q2 FY24 as compared with Rs 48.70 crore in Q2 FY23. Revenue from operations increased 6.45% YoY to Rs 793.86 crore in Q2 FY24.

Powered by Capital Market - Live News