Nifty climbs above 18,350; PSU bank stocks advance

The benchmark indices traded with modest gains in the morning trade amid positive global cues. The Nifty marched above the 18,350 level. PSU bank stocks gained for the eighth straight day.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 307.47 points or 0.50% to 61,818.05. The Nifty 50 index added 95.20 points or 0.52% to 18,362.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index added 0.50%.

The market breadth was strong. On the BSE, 2,061 shares rose, and 1,088 shares fell. A total of 155 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 789.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 413.75 crore in the Indian equity market on 23 November, provisional data showed.

New Listing:

Shares of Keystone Realtors were currently trading at Rs 559.80 at 10:30 IST on the BSE, representing a premium of 3.48% compared with the issue price of Rs 541.

The scrip was listed at a price of Rs 555, at a premium of 2.59% as compared to the issue price.

So far, the stock has hit a high of 568.25 and a low of 555. On the BSE, over 3.07 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index rose 1.35% to 4,062.90, continuing its gaining streak to the eighth day. The index advanced 8.68% in two trading sessions.

Bank of India (up 4.1%), UCO Bank (up 2.99%), Punjab & Sind Bank (up 2.13%), Union Bank of India (up 1.98%), Bank of Maharashtra (up 1.65%), Central Bank of India (up 1.17%), Indian Overseas Bank (up 1.08%), Indian Bank (up 1.05%), Bank of Baroda (up 0.98%) and Canara Bank (up 0.75%).

Stocks in Spotlight:

Biocon rose 0.32%. The agreement is for the manufacturing and supply of Liraglutide, a drug-device combination for the treatment and management of Type 2 diabetes and obesity. Biocon announced the signing of a semi-exclusive partnership agreement with Zentiva, a leading pharmaceutical company in Europe, for the commercialization of its vertically integrated, complex formulation, Liraglutide.

H.G. Infra Engineering advanced 3.10% after the EPC company announced that it has received the appointed date letter from Adani Road Transport for a road project in Uttar Pradesh. The company has received a letter from Adani Road Transport regarding declaration of appointed date as 3 November 2022, by Authority for the project in Uttar Pradesh.

SBI Cards and Payment Services declined 0.34%. The NBFC said that Aparna Kuppuswamy, chief risk officer of the company has tendered her resignation from the services of the company. "Her last working day with the company will be 10 February 2023, the company said in a statement.

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