Indices turn red; PSU banks in demand

The domestic equity barometers failed to hold on to gains and turned red in morning trade. The Nifty slipped below the 18,600 mark. PSU bank stocks extended gains for seventh consecutive session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 75.2 points or 0.12% to 62,495.48. The Nifty 50 index lost 20.20 points or 0.11% to 18,589.15.

In the broader market, the S&P BSE Mid-Cap index gained 0.31% while the S&P BSE Small-Cap index advanced 0.15%.

The market breadth was strong. On the BSE, 1734 shares rose and 1449 shares fell. A total of 159 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.51% to 4,442. The index has added 11.03% in seven sessions.

Punjab & Sind Bank (up 9%), Central Bank of India (up 8.56%), Indian Overseas Bank (up 8.01%), UCO Bank (up 6.17%) and Bank of Baroda (up 4.65%) were the top gainers.

Among the other gainers were Bank of Maharashtra (up 3.99%), Punjab National Bank (up 2.77%), Union Bank of India (up 2.6%), Canara Bank (up 1.74%) and Indian Bank (up 1.46%).

Stocks in Spotlight:

Max Financial Services shed 0.29%. The company completed the transaction for the acquisition of the balance 5.17% stake held by Mitsui Sumitomo Insurance Company, Japan ('MSI'), in Max Life Insurance Company ('Max Life'), a material subsidiary of the Company. After the transaction, the shareholding held by the company in Max Life stands increased to 87%.

RateGain Travel Technologies: rose 1.23%. RateGain Technologies Limited, UK has incorporated a subsidiary namely - 'RateGain Technologies LLC' in Sharjah Media City, Sharjah, UAE. RateGain Technologies LLC will carry on the business of Data processing, hosting and related activities.

National Peroxide gained 1.12%. The company said that operations at its plant located at Kalyan, Maharashtra, are resumed from 7 December 2022 after completion of annual maintenance activities.

Powered by Capital Market - Live News