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Nifty holds 22,300 level, PSU banks edge lower

Published on Mar 12, 2024 14:40

The headline equity indices traded with limited gains in mid-afternoon trade. The Nifty traded above 22,300 level. PSU bank shares declined for the second day in a row.

At 14:29 IST, the barometer index, the S&P BSE Sensex was up 219.64 points or 0.30% to 73,722.28. The Nifty 50 index added 9.45 points or 0.04% to 22,342.10.

The broader market underperformed the headline indices. S&P BSE Mid-Cap index fell 1.33% and the S&P BSE Small-Cap index tumbled 2.06%.

The market breadth was weak. On the BSE, 622 shares rose and 3,236 shares fell. A total of 85 shares were unchanged.


Passenger vehicle wholesales in India rose 11% year-on-year in February, as sports utility vehicles continued to steer demand in the market, industry body SIAM said on Tuesday. The total passenger vehicle dispatches to dealers last month stood at 3,70,786 units, as compared to 3,34,790 units in the year-ago period.

"Passenger vehicles again reported its highest-ever sales of February posting sales of 3.7 lakh units with a growth of 10.8% as compared to February 2023," SIAM Director General Rajesh Menon said in a statement.

Buzzing Index:

The Nifty PSU Bank index declined 2.59% to 7,037.75. The index tumbled 4.13% in two trading sessions.

Indian Bank (down 5.84%), UCO Bank (down 4.18%), Bank of Maharashtra (down 3.83%), Union Bank of India (down 2.89%), Punjab & Sind Bank (down 2.86%), Indian Overseas Bank (down 2.51%), Bank of India (down 2.5%), Central Bank of India (down 2.41%), Canara Bank (down 2.4%) and Punjab National Bank (down 2.25%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.07% to 7.019 as compared with previous close 7.014.

In the foreign exchange market, the rupee was flat against the dollar. The partially convertible rupee was hovering at 82.7550, compared with its close of 82.7550 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.12% to Rs 65,957.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was rose 0.04% to 102.91.

The United States 10-year bond yield fell 0.49% to 4.088.

In the commodities market, Brent crude for May 2024 settlement rose 39 cents or 0.47% to $82.62 a barrel.

Stocks in Spotlight:

Tata Power Company slipped 3.76%. The company said that Tata Power Solar Systems has successfully commissioned the country�s largest solar and battery energy storage systems (BESS) project at Rajnandgaon in Chhattisgarh.

AstraZeneca Pharma India declined 1.96%. AstraZeneca Pharma India and Mankind Pharma has entered into an agreement for exclusive distribution of AstraZeneca�s budesonide and formoterol fumarate dihydrate brand Symbicort in India.

Manappuram Finance rose 0.95%. The company announced that its board will meet on Tuesday, 19 March 2024 to consider and approve the borrowing program and business plan for FY 2024-25.

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