Sensex, Nifty turn green; PSU banks in demand

The domestic equity benchmarks managed to pare losses and trade above the flat line in mid-morning trade. The Nifty marched towards the 18,150 mark. PSU bank witnessed across the board buying.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 21.08 points or 0.03% to 60,948.51. The Nifty 50 index lost 5.20 points or 0.03% to 18,127.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index added 0.49%.

The market breadth was positive. On the BSE, 2076 shares rose and 1182 shares fell. A total of 157 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index added 1.93% to 4,307.30. The index has advanced 10.77% in three sessions.

Punjab & Sind Bank (up 4.89%), Central Bank of India (up 4.33%), Bank of Baroda (up 3.72%), Canara Bank (up 3.48%) and Punjab National Bank (up 2.31%) were the top gainers.

Among the other gainers were Indian Bank (up 1.58%), Bank of India (up 1.57%), UCO Bank (up 0.92%), Indian Overseas Bank (up 0.75%) and State Bank of India (up 0.58%).

Stocks in Spotlight:

Hindustan Petroleum Corporation (HPCL) was up 0.02%. HPCL on Tuesday announced that it has appointed Amit Garg as Director (Marketing) on the board of the company with effect from 27 December 2022.

Aditya Birla Capital rose 0.61%. The company said that its board has approved the appointment of Sanchita Mustauphy, as the chief risk officer (CRO) of the company for a period of five years.

Indostar Capital Finance hit an upper circuit of 5%. The company's board has approved the appointment of Vinod Kumar Panicker as the chief financial officer with effect from 26 December 2022.

Global Markets:

Asian stocks edged mostly lower on Wednesday, with investors looking for direction after China took further steps towards reopening its COVID-battered economy. A faster than anticipated peak of infection has stoked expectations that a quick economic recovery is on the cards.

Meanwhile, the U.S. government is considering imposing new Covid rules for travelers from China, as per reports. Separately, Japan announced on Tuesday it would require a negative Covid test for visitors from China starting December 30.

Wall Street ended lower at the beginning of a holiday-shortened week on Tuesday, as rising US Treasury yields pressured interest rate sensitive megacap shares.

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