Indices extend gains; Nifty climbs above 17,500; PSU banks advance

The domestic equity barometers extended gains in morning trade amid positive global cues. The Nifty marched above the 17,500 level. All the sectoral indices on the NSE were in the green, with banking and media shares gaining the most.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 661.95 points or 1.12% to 59,571.30. The Nifty 50 index added 194.60 points or 1.12% to 17,516.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.59% while the S&P BSE Small-Cap index advanced 0.67%.

Buyers outnumbered sellers. On the BSE, 2,192 shares rose and 917 shares fell. A total of 123 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 12,770.81 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,128.80 crore in the Indian equity market on 1 March 2023, provisional data showed.

Buzzing Index:

The Nifty PSU Bank index jumped 3.56% to 3,900.70. The index declined 0.01% in the past trading session.

Punjab & Sind Bank (up 5.67%), UCO Bank (up 5.39%), Bank of India (up 4.96%), Bank of Maharashtra (up 4.42%), Union Bank of India (up 4.41%), Indian Overseas Bank (up 3.89%), State Bank of India (up 3.79%), Bank of Baroda (up 3.74%), Central Bank of India (up 3.64%) and Indian Bank (up 2.59%) advanced.

Stocks in Spotlight:

Foseco India advanced 1.64%. The company on Thursday (2 March 2023) informed about a cyber security incident involving unauthorized access to its IT systems. The company said that based on the preliminary assessment, there was no assessed material impact on its operations.

Natco Pharma added 2.93% after the company announced that its board will meet on Wednesday, 8 March 2023, to consider a proposal for buyback of fully paid up equity shares of the company.

MOIL rose 2.82% after the company recorded manganese (Mn) ore production of 1.31 lakh tonnes in February, 2023, thereby registering a growth of 10% over the same period last year. Sales at 1.32 lakh tonnes of manganese ore during February 2023, was higher by 19% vis-vis February 2022.

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