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Nifty trades above 21,200, PSU banks advance

Published on Feb 21, 2024 12:41

The domestic equity indices traded with tiny gains in early afternoon trade. The Nifty traded above the 22,200 level. PSU bank shares gained after declining in the past three trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 61 points or 0.08% to 73,118.40. The Nifty 50 index added 20.05 points or 0.09% to 22,217.

In the broader market, the S&P BSE Mid-Cap index declined 0.26% and the S&P BSE Small-Cap index rose 0.12%.

The market breadth was positive. On the BSE, 1,906 shares rose and 1,836 shares fell. A total of 119 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 1.05% to 15.90. The Nifty 29 February 2024 futures were trading at 22,252.95, at a premium of 35.95 points as compared with the spot at 22,217.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 64 lakh contracts at the 23,000 strike price. Maximum Put OI of 48.2 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty PSU Bank index advanced 1.87% to 7,234.20. The index shed 0.83% in the previous three trading sessions.

Union Bank of India (up 4.96%), Punjab & Sind Bank (up 2.5%), Bank of India (up 2.47%), Indian Bank (up 2.46%), Central Bank of India (up 1.9%), Canara Bank (up 1.9%), State Bank of India (up 1.88%), Bank of Baroda (up 1.76%), Bank of Maharashtra (up 1.31%) and UCO Bank (up 0.92%).

Stocks in Spotlight:

Thermax rose 0.60%. The company has entered into license and technical assistance agreement with Flowtech Co, South Korea (Licensor) to manufacture poly carboxylate ether products.

BEML rose 0.67%. The credit rating agency CARE Rating assigned `CARE A+� rating to the long-term debt facilities of the company with `stable� outlook. The agency has rated the company�s short-term debt facilities at �CARE A1+�.

ABB India surged 7.78% after the company�s net profit (from continuing operations) grew by 12.8% to Rs 345.20 crore in Q4 CY23 as compared with Rs 305.91 crore recorded in Q4 CY22. The company�s total revenue from operation increased 13.62% to Rs 2,757 crore for the fourth quarter of CY23 as compared to Rs 2,426.91 recorded in corresponding quarter last year.

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