Nifty hovers above 18,250; PSU bank stocks advance

The key equity barometers continued to trade with decent gains in the mid-morning trade. The Nifty hovered above the 18,250 level. PSU bank shares rose for the seventh straight day.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 84.61 points or 0.14% to 61,503.57. The Nifty 50 index added 28.40 points or 0.16% to 18,272.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.24% while the S&P BSE Small-Cap index added 0.56%.

The market breadth was positive. On the BSE, 1,947 shares rose, and 1,333 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.31% to 4,020.35, continuing its gaining streak to seventh day. The index jumped 7.54% in seven trading sessions.

Among the components of the Nifty PSU Bank index, Punjab National Bank (up 4.15%), Bank of Baroda (up 1.68%), Canara Bank (up 1.66%), State Bank of India (up 1.17%) and Indian Bank (up 1.09%) were the gainers.

On the other hand, UCO Bank (down 4.06%), Punjab & Sind Bank (down 2.31%) and Indian Overseas Bank (down 0.63%) edged lower.

Stocks in Spotlight:

Adani Enterprises declined 1.04%. The company said that its board will meet on Friday, 25 November 2022, to consider and approve the proposal of raising of funds by way of equity issue.

Siemens slipped 0.79%. The industrial manufacturing company's standalone net profit (from continuing operations) rose 22.87% to Rs 392.2 crore in the quarter ended 30 September 2022 from Rs 319.2 crore recorded in the quarter ended 30 September 2021. For the fourth quarter of financial year 2022 ended 30 September 2022, revenue from continuing operations stood at Rs 4,236.7 crore, registering a growth of 10.83% from Rs 3822.8 crore recorded in the corresponding quarter previous year.

MBL Infrastructure surged 6.97% after the company said it has received arbitration award for its residential project in Delhi. The Learned Arbitral Tribunal passed an award in favour of the company against Public Works Department, Delhi, for Rs 9.29 crore plus interest at the rate of 10% per year payable from 22 November 2022, if not paid within 90 days.

Global markets:

Asian stocks advanced across the board on Wednesday after US stocks rose overnight. Japanese markets are closed for a public holiday.

Meanwhile, New Zealand's central bank delivered a 75 basis point hike, matching expectations, and the biggest rate hike ever in the central bank's history.

US stocks rallied on Tuesday as Wall Street bet that interest rate hikes and inflation will ease heading into the end of the year. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

Powered by Capital Market - Live News