Sensex rises 327 pts; PSU bank rallies

The headline equity benchmarks traded with modest gains in early-afternoon trade. The Nifty traded above the 22,000 level. PSU bank shares extended gains for the fourth consecutive trading session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, gained 326.65 points or 0.45% to 72,377.03. The Nifty 50 index added 115.90 points or 0.53% to 22,026.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.63% and the S&P BSE Small-Cap index gained 0.67%.

The market breadth was positive. On the BSE, 2,232 shares rose and 1,511 shares fell. A total of 106 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.65% to 15.33. The Nifty 29 February 2024 futures were trading at 22,097.35, at a premium of 62.15 points as compared with the spot at 22,035.20.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 55 lakh contracts at the 23,000 strike price. Maximum Put OI of 33.9 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty PSU Bank index gained 1.58% to 7,274.10. The index jumped 9.59% in the past four trading sessions.

Bank of India (up 2.94%), Indian Bank (up 2.31%), Union Bank of India (up 2.26%), Punjab National Bank (up 1.98%), Bank of Maharashtra (up 1.12%), State Bank of India (up 1.1%) and Bank of Baroda (up 1%) rallied.

Stocks in Spotlight:

Indian Hume Pipe rose 1.34% after the company received letter of intent from Tapi Irrigation Development Corporation Jalgaon, Maharashtra for engineering, procurement and construction (EPC) project worth Rs 495.04 crore.

Mahindra & Mahindra (M&M) jumped 4.77% after the company and the Volkswagen Group announced the signing of the first supply agreement on components of Volkswagen�s MEB for M&M�s purpose-built electric platform INGLO. The deal covers the supply of certain electric components as well as unified cells.

TVS Motor Company rallied 3.30% after the company announced that it has acquired 28.57% stake in the Indian Foundation for Quality Management (IFQM) for Rs 2.5 crore.

Powered by Capital Market - Live News