Nifty above 16,300; Sensex adds 114 pts

The frontline indices traded with decent gains in the mid-morning trade. The Nifty scaled above the 16,300 mark. Banks and realty stocks advanced while FMCG, oil & gas and IT shares corrected.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 113.83 points or 0.21% to 54,634.98. The Nifty 50 index added 23.75 points or 0.15% to 16,302.25.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.45% while the S&P BSE Small-Cap index added 0.70%.

The market breadth was strong. On the BSE, 2,028 shares rose and 1,060 shares fell. A total of 155 shares were unchanged.

Buzzing Index:

The Nifty PSU bank index rose 1.45% to 2,698.85, extending its gaining run to the second trading session. The index gained 4.27% in two trading sessions.

Among the components of the Nifty PSU Bank index, Canara Bank (up 2.21%), Bank of Baroda (up 2.04%), Punjab & Sind Bank (up 1.7%), Bank of Maharashtra (up 1.5%) and Indian Bank (up 1.4%) were the top gainers.

Among the other gainers were Union Bank of India (up 1.35%), Indian Overseas Bank (up 0.87%), State Bank of India (up 0.74%), Bank of India (up 0.64%) and Punjab National Bank (up 0.64%).

Stocks in Spotlight:

Arvind rose 2.44% to Rs 88.10 after Shiprocket acquired the company`s omnichannel technology business `Omuni` for Rs 200 crore in stock and cash deal. Shiprocket announced acquisition of Arvind`s omnichannel technology business - Omuni. The transaction will be carried out as a combination of stock and cash for total consideration of Rs 200 crore. The combination of both entities will facilitate quick, efficient deliveries of shipments from the nearest store or warehouse, significantly reducing delivery timelines and enhancing customer experience.

Tube Investments of India rallied 5.34% to Rs 2,117.90 after its wholly owned subsidiary, TI Clean Mobility (TICMPL) said that it has entered into definitive agreements for acquisition of 65.2% in the equity share capital of IPL Tech Electric (IPLT). The acquisition would be through a combination of primary and secondary purchase of shares for a total cash consideration of about Rs 246 crore, the company stated.

Mahindra & Mahindra Financial Services fell 0.02% to Rs 203.90. The NBFC said that it has partnered with Credgenics, a leading provider of SaaS (software as a service) based collections and debt resolution technology platform. With this association, Mahindra Finance plans to digitally empower its retail loan collections. The Credgenics platform will enable Mahindra Finance in streamlining and digitizing borrower communications including litigation modules across the loan portfolio.

Global markets:

Most Asian stocks declined on Tuesday after a positive start to the wee. Investors digested Australia`s central bank`s meeting minutes. The Reserve Bank of Australia released its meeting minutes on Tuesday, which showed that the board saw current rates as being "well below" the neutral rate, suggesting that further increases will be needed to return inflation to the target over time. The RBA raised rates by 50 basis points earlier this month.

Wall Street ended lower on Monday after bank stocks erased earlier gains and Apple shares fell on a report saying the company plans to slow hiring and spending growth next year.

Powered by Capital Market - Live News