Market at day's high; PSU bank shares advance

The key equity benchmarks extended gains and hit a fresh days high in mid-morning trade, supported by upbeat global cues. The Nifty marched above the 26,100 level. PSU bank shares extended gains for the second consecutive trading session.

At 11:30 ST, the barometer index, the S&P BSE Sensex, surged 781.65 points or 0.92% to 85,368.66. The Nifty 50 index jumped 252 points or 0.97% to 26,136.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 1.06% and the S&P BSE Small-Cap index rose 1.05%.

The market breadth was strong. On the BSE, 2,687 shares rose and 1,149 shares fell. A total of 196 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index added 1.29% to 8,596.05. The index jumped 2.75% in two consecutive trading sessions.

UCO Bank (up 2.35%), Indian Overseas Bank (up 2.21%), Bank of India (up 2.1%), Punjab & Sind Bank (up 2.07%), Canara Bank (up 1.94%), Union Bank of India (up 1.92%), Central Bank of India (up 1.83%), Punjab National Bank (up 1.71%), Bank of Baroda (up 1.2%) and Indian Bank (up 1.19%) advanced.

Stocks in Spotlight:

Airfloa Rail Technology rose 2.26% after it secured an order worth Rs 86.65 lakh from Modern Coach Factory (MCF), Lalganj, Raebareli, for the supply of side-wall assemblies & door cut-out assemblies for trainset trailer car coaches.

NCC rose 1.33% after the company announced that it has received a letter of acceptance worth Rs 2,062.71 crore from the Public Works (Health & Education) Department of Assam for the expansion and modernization of Gauhati Medical College & Hospital in Guwahati.

Global Markets:

Asian markets traded higher on Wednesday, tracking Wall Street gains on hopes that the U.S. Federal Reserve could cut benchmark interest rates in December.

In Australia, the consumer price index rose 3.8% year-on-year in October, the fastest pace since adopting a new headline inflation measure in April, according to the official release. The largest contributor to the elevated inflation was the housing sector, which saw prices rise 5.9%.

Data for September retail sales and wholesale inflation landed Tuesday, several weeks delayed by the recent US government shutdown.

In the US, the September wholesale inflation rose by 0.3%, keeping the annual level at 2.7%, according to the Bureau of Labor Statistics. Retail sales rose 0.2% in September, but after factoring in the 0.3% increase in prices that month, spending was actually down 0.1%.

The core producer price index (PPI) rose just 0.1% in September, which brought the annual rate to 2.6%, the lowest since July 2024. The consumer confidence declined sharply in November to a reading of 88.7, the lowest level since April.

Overnight in the U.S., the Dow Jones Industrial Average index advanced 664.18 points, or 1.43%, to close at 47,112.45. The S&P 500 gained 0.91% to settle at 6,765.88, while the Nasdaq Composite climbed 0.67% to finish at 23,025.59.

Powered by Capital Market - Live News