Nifty reclaims 18,000; PSU banks in demand

The domestic equity benchmarks reversed early losses and traded almost flat in morning trade. The Nifty was trading above the 18,000 mark. PSU banks stocks bounced after a five-day fall.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 29.64 points or 0.05% to 60,352.01. The Nifty 50 index lost 2.35 points or 0.01% to 18,001.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.30% while the S&P BSE Small-Cap index gained 0.56%.

The market breadth was positive. On the BSE, 1748 shares rose and 1233 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.31% to 2,845.75, amid value buying. The index declined by 7.62% in the past five sessions.

Union Bank of India (up 2.24%), Jammu and Kashmir Bank (up 2.17%), SBI (up 1.82%), Bank Of Baroda (up 1.71%), Bank of India (up 1.42%), Indian Bank (up 1.40%), Canara Bank (up 1.22%%) Indian Overseas Bank (up 1.19%) and UCO Bank (up 1.10%) advanced.

Stocks in Spotlight:

Tourism Finance Corporation of India rose 2.85% to Rs 68.65. The company said that a meeting of the resource committee of the directors of the company will be held on 22 November 2021, to consider the issuance of non-convertible debentures to be issued on private placement basis.

Grindwell Norton shed 0.43% to Rs 1826.25. The company has made an investment of Rs.15 lakh in Cleanwin Energy Three LLP towards power purchase.

TV Today Network rose 2.36% to Rs 412. As per the bulk deal data on the BSE, Abakkus Asset Manager bought 8 lakh shares (1.34% equity) at Rs 345 per share on Tuesday, 16 November 2021. On the same day, Steinberg India Emerging Opportunities Fund sold 8 lakh shares (1.34% equity) at Rs 345 per share.

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