Nifty above 22,400 level; bank shares in demand

The key equity benchmarks traded with modest gains in morning trade. The Nifty traded above 22,400 level. Bank shares advanced after declining in the past two trading sessions.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was jumped 462.03 points or 0.63% to 73,964.67. The Nifty 50 index gained 103.50 points or 0.46% to 22,436.15.

The broader market underperformed the headline indices, The S&P BSE Mid-Cap index shed 0.32% and the S&P BSE Small-Cap index fell 1.02%.

The market breadth was weak. On the BSE, 959 shares rose and 2,616 shares fell. A total of 114 shares were unchanged.

New Listing:

Shares of R K Swamy were currently trading at Rs 278.80 at 10:20 IST on the BSE, representing a discount of 3.19 % as compared with the issue price of Rs 288.

The scrip was listed at Rs 252, exhibiting a discount of 1.14% to the issue price.

On the BSE, over 3.33 lakh shares of the company were traded in the counter so far.

Shares of Bharat Highways Infrastructure Investment Trust InvIT were currently trading at Rs 103.23 at 10:20 IST on the BSE, representing a premium of 1.03% as compared with the issue price of Rs 100.

The scrip was listed at Rs 101.10, exhibiting a premium of 1.01% to the issue price.

On the NSE, over 57.20 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Bank index rose 0.85% to 47,728.25. The index slipped 1.33% in the past two trading sessions.

HDFC Bank (up 2.14%), IndusInd Bank (up 0.85%), AU Small Finance Bank (up 0.74%), ICICI Bank (up 0.73%) and Axis Bank (up 0.7%) (up 0.56%), Bank of Baroda (up 0.5%), Punjab National Bank (up 0.39%), Kotak Mahindra Bank (up 0.27%) and Federal Bank (up 0.19%) edged higher.

Stocks in Spotlight:

Rail Vikas Nigam rose 0.16%. The company has secured signalling and telecommunication work for Nagpur Division`s Khapri Sewagram section and a construction order from Maharashtra Metro Rail Corp.

H.G. Infra Engineering shed 0.16%. The company said that it has received the letter of award from the National Highways Authority of India (NHAI) for an Andhra Pradesh-based project worth Rs 862.11 crore.

ESAF Small Finance Bank (SFB) declined 1.50%. The bank said that its board has approved to raise bonds worth Rs 135 crore on private placement basis.

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