Market hits new record high, PSU banks rally

The frontline indices hit a fresh all-time high in mid-afternoon trade. The Nifty traded around the 21,350 mark. PSU bank stocks extended gains for the eleventh consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 574.31 points or 0.81% to 71,088.51. The Nifty 50 index advanced 169.10 points or 0.80% to 21,351.80.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,365.75 and 71171.07 respectively, in mid-afternoon trade today.

In the broader market, the S&P BSE Mid-Cap index added 0.02% and the S&P BSE Small-Cap index gained 0.63%.

The market breadth was positive. On the BSE, 2,009 shares rose and 1,716 shares fell. A total of 133 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index advanced 1.46% to 5,721. The index surged 13.49% in eleven trading sessions.

State Bank of India (up 2.61%), Indian Overseas Bank (up 2.32%), Bank of Baroda (up 1.84%), Punjab National Bank (up 1.67%), UCO Bank (up 1.49%), Central Bank of India (up 1.35%), Bank of Maharashtra (up 1.28%), Punjab & Sind Bank (up 0.89%), Union Bank of India (up 0.85%) and Canara Bank (up 0.69%) jumped.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.54% to 7.155 as compared with previous close 7.194.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0825, compared with its close of 83.3050 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement added 0.07% to Rs 62,498.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.21% to 102.17.

The United States 10-year bond yield fell 0.31% to 3.917.

In the commodities market, Brent crude for February 2024 settlement added 26 cents or 0.34% to $76.87 a barrel.

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