Sensex, Nifty at the low point of the day; PSU bank stocks advance

The domestic equity barometers pared all early gains and hit the day`s low in mid-morning trade. The Nifty traded tad above the 19,250 level after hitting the day`s high at 19,347.30 in morning trade. PSU banks witnessed across the board buying after declining in the past two sessions.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 69.55 points or 0.11% to 64,502.33. The Nifty 50 index lost 23.25 points or 0.12% to 19,258.50.

In the broader market, the S&P BSE Mid-Cap index declined 0.04% while the S&P BSE Small-Cap index rose 0.17%.

The market breadth was positive. On the BSE, 1805 shares rose, and 1673 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank added 0.92% to 4,807.50. The index had fallen 5.28% in the past two sessions.

Indian Overseas Bank (up 3.9%), Central Bank of India (up 3.17%), UCO Bank (up 3.08%), Bank of Maharashtra (up 2.97%) and Bank of India (up 2.2%) were the top gainers.

Among the other gainers were Punjab & Sind Bank (up 1.97%), Union Bank of India (up 1.26%), State Bank of India (up 1.16%), Punjab National Bank (up 1.15%) and Bank of Baroda (up 0.44%).

Stocks in Spotlight:

Kewal Kiran Clothing jumped 8.56%. The company has reported 27% YoY jump in consolidated net profit to Rs 49.66 crore on a 16% YoY rise in revenue from operations to Rs 262.48 crore in Q2 FY24.

Alok Industries shed 0.86%. The company reported a consolidated net loss of Rs 174.83 crore in Q2 FY24 as against a net loss of Rs 191.5 crore in Q2 FY23. Revenue declined by 20% YoY to Rs 1,359.02 crore during the period under review.

Lloyds Metal and Energy rose 0.49%. The company`s consolidated net profit has risen by 62% to Rs 231.25 crore on a 62% jump in revenue to Rs 1,091.31 crore in Q2 FY24 over Q2 FY23.

Global markets:

Asian stocks were trading mixed on Wednesday as investors assess Australia`s third-quarter inflation figures, which will give clues to the Reserve Bank of Australia`s monetary policy decision when it meets on November 3. The country`s third quarter inflation rate came in at 5.4%, lower than the 6% seen in the second quarter.

Wall Street ended higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally.

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