Sensex breaches 70K, Nifty above 21,000, PSU banks rally

Domestic equity barometers traded with decent gains in morning trade, attaining record high levels. The Sensex climbed above the 70,000 level while the Nifty traded above the 21,000 mark. PSU bank extended gains for the seventh consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 202.20 points or 0.29% to 70,027.80. The Nifty 50 index added 51.40 points or 0.25% to 21,020.80.

The Nifty and the Sensex hit all-time highs in mid-afternoon trade at 21,026.10 and 70,057.83, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index gained 0.66%.

The market breadth was strong. On the BSE, 2,373 shares rose and 1,172 shares fell. A total of 200 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.94% to 5,585.55. The index surged 10.8% in seven trading sessions.

Bank of Maharashtra (up 3.46%), Central Bank of India (up 3.19%), Punjab & Sind Bank (up 2.89%), Punjab National Bank (up 2.72%), Union Bank of India (up 2.3%), Bank of India (up 2.19%), Canara Bank (up 2.08%), Indian Overseas Bank (up 1.99%), Bank of Baroda (up 1.98%) and UCO Bank (up 1.88%) edged higher.

Stocks in Spotlight:

Tata Motors gained 1.24% after the car maker informed that it will increase the price of its commercial vehicles up to 3% effective from 1 January 2024.

PSP Projects added 0.99% after the company said that it has emerged as lowest (L1) bidder for a project in the state of Gujarat, worth Rs 296.85 crore.

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