Benchmarks trade with minor cuts; PSU banks rally

The key equity indices traded with small losses in the morning trade. The Nifty traded below the 18,500 level. PSU bank shares gained for the ninth straight day.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 84.95 points or 0.14% to 62,187.73. The Nifty 50 index lost 13.45 points or 0.07% to 18,470.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index added 0.62%.

The market breadth was strong. On the BSE, 2,035 shares rose, and 1,143 shares fell. A total of 127 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,231.98 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 235.66 crore in the Indian equity market on 24 November, provisional data showed.

Buzzing Index:

The Nifty PSU Bank index rose 2.17% to 4,134.55, continuing its gaining streak to the ninth day. The index advanced 10.6% in nine trading sessions.

Punjab National Bank (up 7.28%), Indian Overseas Bank (up 3.4%), Punjab & Sind Bank (up 3.08%), Central Bank of India (up 2.6%), UCO Bank (up 2.44%), Union Bank of India (up 2.04%), Bank of India (up 2.03%), Bank of Maharashtra (up 1.83%), Canara Bank (up 1.19%) and Indian Bank (up 0.98%) advanced.

Stocks in Spotlight:

PVR rose 2.50%. The cinema chain operator announced the opening of 12 screen superlex in city of Kerala at Lulu Mall, Thiruvananthapuram.

Laurus Labs was up 1.66% after the company said it will purchase 26% stake in Ethan Energy India at Rs 52.70 per share. Laurus Labs entered into share subscription agreement and shareholders' agreement on 23 November 2022, to purchase 7.40 lakh equity shares of face value of Rs 10 each at a premium of Rs 42.70, equivalent to 26% of the paid up capital of Ethan Energy India.

State Bank of India rose 0.43%. The state-run lender on Thursday said that its board will meet on Tuesday, 29 November 2022 to seek approval for raising of infrastructure bonds up to an amount of Rs 10,000 crore through a public issue or private placement, during FY23.

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