Benchmarks extend gains; PSU banks in demand

The key equity indices extended gains in the morning trade. The Nifty marched above the 22,250 level. PSU bank shares advanced after declining in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, jumped 557.65 points or 0.76% to 73,552.14. The Nifty 50 index added 163.05 points or 0.74% to 22,286.70.

In the broader market, the S&P BSE Mid-Cap rose 0.08% and the S&P BSE Small-Cap index added 0.63%.

The market breadth was strong. On the BSE, 2,267 shares rose and 1,179 shares fell. A total of 135 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index advanced 1.47% to 6,929.15. The index fell 0.97% in the previous trading session.

Punjab & Sind Bank (up 3.55%), Indian Overseas Bank (up 3.51%), Bank of Maharashtra (up 3.38%), Central Bank of India (up 3.32%), Indian Bank (up 2.87%), UCO Bank (up 2.83%), Bank of India (up 1.93%), Canara Bank (up 1.57%), State Bank of India (up 1.28%) and Bank of Baroda (up 0.95%) advanced.

Stocks in Spotlight:

Biocon added 1.44% after the company announced that it has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide.

Mahindra Lifespace Developers advanced 2.52% after the company said that it has purchased approximately 2.0 acres of land in Whitefield, East Bengaluru.

Cyient rose 2.88% after the company announced a strategic partnership with Deutsche Aircraft, a German original equipment manufacturer (OEM) located in Weing, Munich to design 40-seater turboprop aircraft.

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