Nifty trades near 22,000 Level; PSU Bank shares in demand

The domestic equity indices traded with limited gains in morning trade. The Nifty traded near 22,000 level. PSU Bank shares extended gains for second consecutive trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 188.90 points or 0.26% to 72,347.99. The Nifty 50 index added 69.60 points or 0.32% to 21,999.

In the broader market, the S&P BSE Mid-Cap index rose 0.58% and the S&P BSE Small-Cap index gained 0.82%.

The market breadth was strong. On the BSE, 2,363 shares rose and 1,246 shares fell. A total of 157shares were unchanged.

Result Today

Tata Consumer Products (down 0.20%), Power Grid Corporation of India (down 0.82%), Nestle India (up 0.20%), Lupin (up 0.38%), Manappuram Finance (up 0.56%), Apollo Tyres (0.83%), Ashoka Buildcon (up 1.93%), Borosil Renewables (up 0.54%), Cummins India (up 0.31%), General Insurance Corporation of India (down 1.27%), JK Paper (up 1.41%), Parag Milk Foods (up 5.52%), Protean eGov Technologies (up 0.88%), Sobha (up 3.45%), Trent (down 1.21%), and Zuari Agro Chemicals (down 0.81%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty PSU Bank index rallied 2.18% to 6,699.05. The index gained 1.77% in the two trading session.

Indian Overseas Bank (up 8.29%), Canara Bank (up 5.17%), UCO Bank (up 4.85%), Bank of Maharashtra (up 4.21%), Bank of India (up 3.81%), State Bank of India (up 2.56%), Central Bank of India (up 2.55%), Punjab National Bank (up 2.42%), Union Bank of India (up 2.38%) and Punjab & Sind Bank (up 1.66%) edged higher.

Canara Bank jumped 4.65% after the bank said that its board will meet on 26 February 2024, to consider and approve sub-division/ split of the equity shares of the bank.

Stocks in Spotlight:

Biocon slipped 3%. The company said that it has received tentative approval of its ANDA for Dasatinib tablets from the US FDA, for various strengths.

Berger Paints rose 0.70%. The company`s consolidated net profit jumped 49.2% to Rs 300.16 crore on 7% rise in revenue from operations to Rs 2881.83 crore in Q3 FY24 over Q3 FY23.

Powered by Capital Market - Live News