Benchmarks trade with losses; PSU banks outperform

The key equity benchmarks tumbled and traded with limited losses in morning trade. The Nifty traded below the 18,300 level. PSU Banks, however, extended their bull run for fourth consecutive session.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 160.67 points or 0.26% to 61,589.93. The Nifty 50 index lost 53.15 points or 0.29% to 18,290.75.

In the broader market, the S&P BSE Mid-Cap index declined 0.40% while the S&P BSE Small-Cap index slipped 0.14%.

Nazara Technologies (up 8.03%), IFB Industries (up 7.97%), IIFL Finance (up 5.31%), PB Fintech (up 4.94%) and AIA Engineering (up 4.46%) were the top broader market gainers.

Mazagon Dock Shipbuilders (down 5.14%), Manappuram Finance (down 4.56%), HUDCO (down 4.19%), Shoppers Stop (down 4.03%) and Campus Activewear (down 3.02%) were the top losers in the broader market segment.

The market breadth was positive. On the BSE, 1,529 shares rose and 1,571 shares fell. A total of 153 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.60% to 3,852. The index has added 3.04% in four sessions.

Bank of Maharashtra (up 8.23%), Punjab National Bank (up 4.29%), Indian Overseas Bank (up 4.2%), Central Bank of India (up 4.16%) and Punjab & Sind Bank (up 3.84%) were the top gainers.

Among the other gainers were Bank of India (up 3.7%), UCO Bank (up 3.65%), Union Bank of India (up 3.63%), Canara Bank (up 0.83%) and State Bank of India (up 0.63%).

Stocks in Spotlight:

Blue Dart rose 1.40%. The company announced the opening of 25 retail outlets in Tier I and II towns as part of its expansion plans. These stores are located in Uttarakhand, Haryana, Uttar Pradesh, Rajasthan, Punjab, West Bengal, Odisha, Telangana, Andhra Pradesh, Kerala, Karnataka, Maharashtra, Goa and Gujarat.

Aurobindo Pharma shed 0.41%. The company's wholly owned subsidiary company, Eugia Pharma Specialities has received a final approval from the US Food & Drug Administration (US FDA) for Amphotericin B Liposome for injection. The product is expected to be launched by Q4 FY23. The approved product has an estimated market size of around US$ 145 million for the twelve months ending September 2022, according to IQVIA.

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