Indices erase early gains, Nifty below 18,150 mark, PSU Bank shares rallies

The key equity indices pared gains and traded near the flat line in the morning trade. The Nifty traded below the 18,150 mark after hitting the day's high of 18,255.50 in the early trade. PSU bank shares extended gains for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 5.88 points or 0.01% to 60,956.24. The Nifty 50 index gained 23.90 points or 0.13% to 18,141.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index gained 0.55%.

The market breadth was strong. On the BSE, 2,044 shares rose and 1,240 shares fell. A total of 183 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,436.25 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 548.59 crore in the Indian equity market on 4 November, provisional data showed.

Earnings Today:

Coal India (up 1.40%), Divis Laboratories (down 0.09%), One 97 Communications (Paytm) (up 1.08%), PB Fintech (Policybazaar) (up 4.70%), Bharat Petroleum Corporation (up 0.99%), Aditya Birla Capital (up 2.58%), Affle India (up 0.99%), Ceat (up 0.60%), Cera Sanitaryware (up 0.15%), Endurance Technologies (up 0.46%), India Cements (up 0.16%), KEC International (up 1.13%), RateGain Travel Technologies (up 2.33%), Sun Pharma Advanced Research Company (down 0.84%), Sundaram-Clayton (up 0.22%), Tata Teleservices (Maharashtra) (down0.19%), Ujjivan Small Finance Bank (up 2.88%), and Vascon Engineers (up 0.83%) will announce their quarterly results later today.

Buzzing Index:

The Nifty PSU Bank index rallied 4.88% to 3,705, extending gains for the third straight day. The index jumped 8.64% in three trading sessions.

Bank of Baroda (up 9.41%), Indian Bank (up 6.49%), Union Bank of India (up 5.52%), Bank of India (up 4.56%), Canara Bank (up 4.22%), Bank of Maharashtra (up 4.18%), State Bank of India (up 4.01%), Punjab & Sind Bank (up 3.49%), UCO Bank (up 2.01%) and Punjab National Bank (up 1.79%) advanced.

State Bank of India (SBI) rallied 4.22% after the PSU bank reported 73.93% jump in standalone net profit to Rs 13,264.52 crore on a 14.22% rise in total income to Rs 88,733.86 crore in Q2 FY23 over Q2 FY22. The scrip hit an all time high at Rs 622.90 in intraday today.

Bank of Baroda jumped 9.41% after the bank's net profit surged 58.7% to Rs 3,313.42 crore on 13.86% rise in total income to Rs 23080.03 crore in Q2 FY23 over Q2 FY22. The counter hit a 52-week high of Rs 161.75 in intraday today.

Stocks in Spotlight:

Britannia Industries jumped 9.04% after the FMCG major's consolidated net profit rose 28.48% to Rs 490.58 crore on 21.41% increase in net sales to Rs 4,379.61 crore in Q2 September 2022 over Q2 September 2021. Shares of Britannia Industries hit an record high of Rs 4,181.40 in intraday today.

Triveni Engineering gained 1.57% after the company's consolidated net profit zoomed to Rs 1,387.76 crore in Q2 FY23 from Rs 92.47 crore recorded in Q2 FY22. Net revenue from operations increased by 27% YoY to Rs 1,345.89 crore during the quarter. Meanwhile, the company's board approved a proposal to buy back up to 2.28 lakh shares of the company at a price of Rs 350 per share. The maximum consideration payable in cash for the proposed buyback shall not exceed Rs 800 crore, the company said.

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