Market at day`s high; Sensex jumps 525 pts; PSU banks edge higher

The key equity indices extended gains and traded near the day�s high in early afternoon trade. The Nifty marched above the 21,650 mark. PSU bank stocks advanced for second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 525.43 points or 0.74% to 71,882.03. The Nifty 50 index added 147.80 points or 0.69% to 21,665.15.

In the broader market, the S&P BSE Mid-Cap index added 1.22% and the S&P BSE Small-Cap index rose 1.02%.

The market breadth was strong. On the BSE, 2,634 shares rose and 1,112 shares fell. A total of 122 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 3.67% to 13.58. The Nifty 25 January 2024 futures were trading at 21,770.35, at a premium of 105.2 points as compared with the spot at 21,665.15.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 28.1 lakh contracts at the 22,000 strike price. Maximum Put OI of 37.8 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty PSU Bank index added 1.19% to 5,870.15. The index advanced 2.36% in two trading sessions.

UCO Bank (up 2.68%), Bank of Baroda (up 2.47%), Bank of India (up 1.51%), Central Bank of India (up 1.44%), Canara Bank (up 1.29%), Indian Bank (up 1.21%), Union Bank of India (up 1.14%), Punjab & Sind Bank (up 1.13%), Punjab National Bank (up 1.09%) and Indian Overseas Bank (up 0.91%) edged higher.

Stocks in Spotlight:

Bajaj Finance gained 3.97% after the NBFC�s new loans booked during Q2 FY24 grew by 26% to 8.53 million as compared to 6.76 million in Q2 FY23. Customer franchise as of 31 December 2023 stood at 80.41 million as compared to 66.05 million as of 31 December 2022. In Q3 FY24, the customer franchise increased by 3.85 million.

Surya Roshni declined 1.07%. The firm informed that it has obtained an order amounted to Rs 72 crore from Odisha Urban Infrastructure Development Fund (OUIDF), Housing & Urban Development Department, Government of Odisha.

Indian Energy Exchange (IEX) rose 1.56% after the company informed that it has achieved 9,707 million units (MU) overall volume in December 2023, registering an increase of 14.9% increase on YoY basis.

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