Benchmarks trade with minor gains; PSU banks rise

The domestic barometers traded with minor gains in morning trade. The Nifty traded near the 17,150 level. PSU bank shares gained for the second straight day.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 86.30 points or 0.15% to 58,160.98. The Nifty 50 index added 42.25 points or 0.25% to 17,149.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index gained 0.69%.

The market breadth was strong. On the BSE, 2,102 shares rose and 980 shares fell. A total of 139 shares were unchanged.

Investors look ahead to the outcome of US Federal Reserve's meeting scheduled to release later today. Market expects Fed to raise rates by 25-basis points amid the risk of financial contagion after the failures of Silicon Valley Bank and Signature Bank and concerns about the potential for a regional banking crisis.

Buzzing Index:

The Nifty PSU Bank index added 1.26% to 3,724. The index advanced 2.93% in two trading sessions.

Indian Overseas Bank (up 2.81%), Bank of India (up 2.45%), Union Bank of India (up 2.23%), Bank of Maharashtra (up 2.21%), Punjab & Sind Bank (up 2.13%), Bank of Baroda (up 2.12%), Central Bank of India (up 2.09%), UCO Bank (up 2.01%), Indian Bank (up 1.72%) and Canara Bank (up 1.29%) gained.

Stocks in Spotlight:

Tata Motors rose 0.79% after the auto major announced that it will be implementing a price increase of up to 5% on its commercial vehicles (CV) starting from 1 April 2023. The decision to increase prices is a result of the company's efforts to comply with the more stringent BS6 phase II emission norms, the auto maker said.

H.G. Infra Engineering gained 1.50% after the company announced that it has been declared as lowest bidder (L-1) by DYCE-C-CNB-Engineering/North Central Railway for the redevelopment of Kanpur Central Railway Station.

Cholamandalam Investment and Finance Company added 0.78% after the company said that its board has appointed Ajay Bhatia as the chief risk officer for a period of 3 years with effect from 1 April 2023.

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