Nifty climbs above 19,050; PSU Bank shares rally

The key equity barometers hit a an intraday high with major gains in mid-afternoon trade. The Nifty traded above the 19,050 level. PSU bank shares witnessed buying demand after declining for the past trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 695.67 points or 1.10% to 63,843.82. The Nifty 50 index added 201.40 points or 1.07% to 19,058.65.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 1.80% while the S&P BSE Small-Cap index gained 1.99%.

The market breadth was strong. On the BSE, 2,837 shares rose and 766 shares fell. A total of 154 shares were unchanged.

Buzzing Index:

The Nifty PSU bank index advanced 3.95% to 14,775.55. The index fell 0.96% in the past trading sessions.

Canara Bank (up 6.47%), Bank of India (up 5.93%), Union Bank of India (up 5.22%), Punjab National Bank (up 4.44%) and Indian Overseas Bank (up 4.43%) were the top gainers.

Among the other gainers were Bank of Baroda (up 3.49%), UCO Bank (up 3.29%), Indian Bank (up 3.11%), Bank of Maharashtra (up 2.66%) and Punjab & Sind Bank (up 2.49%).

Numbers to track:

The yield on India`s 10-year benchmark federal paper declined 0.31% to 7.343 from its previous close of 7.366.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2275, compared with its close of 83.2550 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement shed 0.05% to Rs 60,919.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 106.61.

The United States 10-year bond yield advanced 0.52% to 4.873.

In the commodities market, Brent crude for December 2023 settlement gained $1.81or 2.06% to $89.74 a barrel.

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