Sensex climbs 932 pts; PSU Bank shares rally for 3rd day

The domestic equity indices continued to trade with major gains in mid-morning trade. The Nifty traded near 21,650 mark. PSU Bank shares extended gains for the third consecutive trading session.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 932.37 points or 1.32% to 71,633.04. The Nifty 50 index added 293.30 points or 1.37% to 21,645.90.

In the broader market, The S&P BSE Mid-Cap index rose 1.16% and the S&P BSE Small-Cap index added 0.81%.

The market breadth was strong. On the BSE, 2,290 shares rose and 1,472 shares fell. A total of 188 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index advanced 2.49% to 6,077.15. The index rallied 4.65% in three trading sessions.

Punjab & Sind Bank (up 6.79%), Indian Overseas Bank (up 5.25%), Punjab National Bank (up 4.74%), Central Bank of India (up 4.05%) and UCO Bank (up 3.88%) were the top gainers.

Among the other gainers were Bank of Baroda (up 3.5%), Bank of India (up 3.27%), Bank of Maharashtra (up 3.09%), Canara Bank (up 2.63%) and Union Bank of India (up 2.46%) edge higher.

Stocks in Spotlight:

Yes Bank declined 1.09%. The private bank reported standalone net profit of Rs 231.46 crore in Q3 FY24, steeply higher than Rs 51.52 crore posted in Q3 FY23. The bank�s total income jumped 17.89% year on year to Rs 8,179.15 crore during the quarter.

SJVN surged 13.03% after the power generation company announced that it has secured full quoted capacity of 100 megawatt (MW) solar power project through e-Reverse Auction conducted by Gujarat Urja Vikas Nigam (GUVNL).

Syngene International fell 3.15%. The company reported 2% increase in consolidated net profit to Rs 112 crore in Q3 FY24 as compared with Rs 110 crore recorded in Q3 FY23. Revenue from operations stood at Rs 854 crore in Q3 FY24, registering a growth of 8.65% from Rs 786 crore reported in the same period a year ago.

Olectra Greentech rose 0.68%. The company�s net profit surged 77.18% to Rs 27.11 crore in Q3 FY24 as against Rs 15.30 crore reported in Q3 FY23. Revenue from operations grew by 33.42% year on year to Rs 342.14 crore in the quarter ended 31 December 2023.

Global Markets:

Asian markets were mixed on Monday as market participants looked forward to the rate decision by the Federal Reserve, scheduled for release on Wednesday.

US stocks saw a mixed finish on Friday as drops for technology stocks dragged on the market.

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