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

Published on Feb 07, 2024 10:31

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.

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