Market at day's high; PSU bank shares rally for 7th day

The key equity barometers continued to trade with major gains in mid-morning trade. The Nifty scaled above 22,000 level. PSU Bank shares witnessed buying demand for the seventh consecutive trading sessions.

At 11:29 IST, the barometer index, the S&P BSE Sensex, jumped 1,133.39 points or 1.58% to 72,778.69. The Nifty 50 index surged 346.80 points or 1.60% to 22,044.25.

In the broader market, the S&P BSE Mid-Cap index rose 1.26% and the S&P BSE Small-Cap index added 1.17%.

The market breadth was strong. On the BSE, 2,399 shares rose and 1,287 shares fell. A total of 128 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index advanced 2.58% to 6,633.20. The index surged 14.23% in the seven trading sessions.

Punjab & Sind Bank (up 8.57%), Bank of India (up 4.5%), Punjab National Bank (up 4.46%), Indian Bank (up 4.25%) and Indian Overseas Bank (up 3.84%) were the top gainers.

Among the other gainers were Union Bank of India (up 3.73%), Central Bank of India (up 3.27%), Canara Bank (up 3.09%), Bank of Maharashtra (up 1.95%) and State Bank of India (up 0.73%).

Stocks in Spotlight:

TVS Motor Company gained 1.81% after the 2-wheeler maker reported monthly sales of 339,513 units in January 2024, registering a growth of 23% as against 275,115 units sold in January 2023.

Hero MotoCorp added 3.60% after the company announced that it had sold 433,598 two-wheeler units in January 2024, which is higher by 22% as compared with the same period last year.

Sonata Software rose 0.18% after the company reported consolidated net loss of Rs 46.2 crore in Q3 FY24 as compared with net profit of Rs 124.2 crore in Q2 FY23. Revenue from operations jumped 30% QoQ to Rs 2493.4 crore in Q3 FY24.

Global Markets:

Most of the Asian stocks were trading mixed on Friday, mirroring Wall Streets rebound from the sell-off earlier this week after US Fed Chairman Jerome Powell indicated the U.S. Federal Reserve was unlikely to cut rates in March.

US stocks rebounded on Thursday as investors looked to a spate of high-profile earnings and the Friday's employment report.

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