Broader mrkt outperforms; PSU bank shares in demand

The headline equity benchmarks traded with minor gains in morning trade. The Nifty traded above the 23,550 mark. PSU Bank shares advanced after declining in the past two trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was up 84.16 points or 0.11% to 77,797. The Nifty 50 index rose 28.30 points or 0.12% to 23,587.65

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index gained 1.06% and the S&P BSE Small-Cap index advanced 1.57%.

The market breadth was strong. On the BSE, 2,421 shares rose and 1,154 shares fell. A total of 120 shares were unchanged.

New Listing

Shares of Niva Bupa Health Insurance company were currently trading at Rs 76.09 at 10:18 IST on the BSE, representing a premium of 2.82% as compared with the issue price of Rs 74.

The scrip was listed at Rs 78.50, exhibiting a premium of 6.08% to the issue price.

So far, the stock has hit a high of 80.94 and a low of 75.08. On the BSE, over 14.86 lakh shares of the company were traded in the counter so far.

Result Today:

Hero Motocorp (down 0.58%), Grasim Industries (down 0.07%), Hindustan Aeronautics (down 2.88%), Avanti Feeds (up 0.74%), Bharat Forge (down 0.19%), Crompton Greaves Consumer Electricals (down 1.30%), E.I.D. Parry (India) (up 0.14%), Glenmark Pharmaceuticals (up 0.93%), Honasa Consumer (up 1.87%), Honda India Power Products (down 0.37%), Igarashi Motors India (up 0.79%), IPCA Laboratories (up 0.24%), JTEKT India (down 3.62%), Lemon Tree Hotels (down 0.14%), Mahanagar Telephone Nigam (down 1.07%), Nava (down 0.38%), Ratnamani Metals & Tubes (up 0.24%), Sanghvi Movers (down 2.05%), Sarda Energy & Minerals (up 1.55%), Techno Electric and Engineering Company (up 2.11%), Tega Industries (up 0.75%) and West Coast (up 1.31%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty PSU Bank index rose 2.27% to 1,924.65. The index declined 2.05% in past two consecutive trading sessions.

Punjab & Sind Bank (up 2.46%), Central Bank of India (up 2.08%), Indian Overseas Bank (up 2.05%), Bank of Maharashtra (up 1.91%), Punjab National Bank (up 1.45%), Bank of India (up 1.25%), Canara Bank (up 1.21%), UCO Bank (up 1.18%), Union Bank of India (up 1.04%) and Indian Bank (up 0.92%) edged higher.

Stocks in Spotlight:

National Aluminium Company (NALCO) added 2.60% after the company reported 414.97% surge in standalone net profit to Rs 1,062.18 on 31.46% jumped in revenue from operations to Rs 4,001.48 crore in Q2 FY25 over Q2 FY24.

Deepak Nitrite rallied 3.61%. The companys consolidated net profit declined 5.3% to Rs 194.19 crore during the quarter as compared with Rs 205.08 crore recorded in same quarter last year. Revenue from operations increased 14.3% YoY to Rs 2,032 crore in Q2 FY25.

Meanwhile, the companys arm, Deepak Chem Tech has signed an agreement with affiliates of Trinseo PLC to manufacture polycarbonate resins with an investment of Rs 5,000 crore.

Garden Reach Shipbuilders & Engineers (GRSE) gained 3.26% after the company's net profit climbed 21.09% to Rs 97.77 crore on 28.4% rise in revenue from operations to Rs 1,152.92 crore in Q2 FY25 over Q2 FY24.

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