Nifty above 20,800; PSU Bank stocks surge

The domestic equity indices hit a fresh all-time high in morning trade. The Nifty traded above the 20,800 level. PSU Bank shares witnessed strong buying for the third consecutive trading session.

At 10:26 AM IST, the barometer index, the S&P BSE Sensex, was up 425.88 points or 0.62% to 69,299.65. The Nifty 50 index added 143.15 points or 0.69% to 20,829.95.

The Sensex clocked an all-time high of 69,336.44 while the Nifty hit record high of 20,834 in early trade. Further, the Nifty Bank index also registered its fresh record high of 47,218.20.

In the broader market, the S&P BSE Mid-Cap index gained 0.46% while the S&P BSE Small-Cap index advanced 0.61%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index has hit an all time high of 35,182.26 and 41,316.16.

The market breadth was strong. On the BSE, 2,058 shares rose, and 819 shares fell. A total of 106 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index advanced 2.8% to 5,459.35. The index jumped 8.3% in three trading sessions.

Indian Overseas Bank (up 3.53%), Punjab & Sind Bank (up 3.16%), Union Bank of India (up 2.93%), State Bank of India (up 2.41%) and Bank of Baroda (up 2.06%) were the top gainers.

Among the other gainers were Bank of India (up 2.01%), Bank of Maharashtra (up 1.96%), UCO Bank (up 1.89%), Punjab National Bank (up 1.61%) and Canara Bank (up 1.59%).

Stocks in Spotlight:

DCB Bank jumped 3.94% after the Company�s board of directors of the bank is scheduled on 08 December 2023 to consider and approve Aga Khan Fund for Economic Development (the Promoter) has expressed its interest to invest up to $10 million by subscribing to additional equity shares of the bank.

Brigade Enterprises added 2.99% after the company has entered into a joint development agreement with land owners to develop a luxury residential project, spread over 4 acres at Kurubarahalli, Mysore. The developable area of the project will be about 0.40 million square feet with a gross development value (GDV) of Rs 300 crore.

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