Nifty above 19,750; broader mkt outperform; PSU bank shares tumble

The domestic equity benchmarks were traded near the flat line in the morning trade. The Nifty traded above the 19,750 mark. PSU Bank witnessed selling pressure for the second consecutive trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 27.19 points or 0.04% to 65,955.29. The Nifty 50 index rose 15.40 points or 0.08% to 19,780.60.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 0.28% while the S&P BSE Small-Cap index rose 0.47%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit record high of 33,423.26 and 39,659.28 in intraday today.

The market breadth was strong. On the BSE, 2,101 shares rose and 1,288 shares fell. A total of 179 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index declined 2.66% to 5,050.95. The index fell 2.89% in the past two sessions.

Union Bank of India (down 3.54%), Punjab National Bank (down 3.33%), State Bank of India (down 2.69%), Bank of India (down 2.67%) and Bank of Maharashtra (down 2.5%) were the top losers.

Among the other losers were Central Bank of India (down 2.35%), UCO Bank (down 2.29%), Canara Bank (down 2.13%), Punjab & Sind Bank (down 1.91%) and Indian Overseas Bank (down 1.82%).

Stocks in Spotlight:

SJVN gained 1.92% after the company announced that it has signed a power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) for a 200 MW grid-connected wind power project at a tentative cost of Rs 1,400 crore.

Brigade Enterprises rallied 4.78%. The Brigade Group has signed a Joint Development Agreement (JDA) with Krishna Priya Estates and Micro Labs to develop around 2 million square feet of residential housing in Bengaluru with a Gross Development Value (GDV) of Rs 2,100 crore. 

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