Nifty above 23,300; PSU Bank shares in demand

The key domestic indices traded with minor gains in morning trade. The Nifty traded above the 23,300 level. PSU Bank shares extended gains for the fourth consecutive trading sessions.

At 10:29 ST, the barometer index, the S&P BSE Sensex, was up 93.98 points or 0.12% to 76,787.34. The Nifty 50 index added 55.05 points or 0.24% to 23,345.20.

The Sensex and Nifty clocked an all-time high of 77,079.04 and 23,411.90 in early trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.68% and the S&P BSE Small-Cap index gained 1.03%.

The market breadth was strong. On the BSE, 2,600 shares rose and 1,076 shares fell. A total of 169 shares were unchanged.

Economy:

Indias forex reserves jumped $4.837 billion to a new all-time high of $651.51 billion for the week ended May 31, according to the latest RBI data.

For the week ended May 31, foreign currency assets, a major component of the reserves, increased by $5.065.51 billion to $572.564 billion.

Gold reserves fell by $212 million to $56.501 billion during the week ended May 31. The special drawing rights (SDRs) were down $17 million to $18.118 billion.

Indias reserve position with the IMF was up $1 million to $4.326 billion in the reporting week, the apex bank data showed.

New Listing:

Shares of Kronox Lab Sciences were currently trading at Rs 164 at 10:17 IST on the BSE, representing a premium of 20.59% as compared with the issue price of Rs 136.

The scrip was listed at Rs 165, exhibiting a premium of 21.32% to the issue price.

So far, the stock has hit a high of 165 and a low of 156.80. On the BSE, over 1.63 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index gained 1.74% to 7,408.40. The index rallied 9.03% in the four consecutive trading sessions.

Bank of India (up 3.15%), Union Bank of India (up 2.64%), Canara Bank (up 2.46%), Bank of Baroda (up 2.27%), Punjab National Bank (up 1.7%), Punjab & Sind Bank (up 1.06%), State Bank of India (up 0.97%), Central Bank of India (up 0.69%), Indian Overseas Bank (up 0.55%) and UCO Bank (up 0.4%) edged higher.

Stocks in Spotlight:

KEC International rallied 6.56% after the company announced that it has secured new orders worth Rs 1,061 crore across its various businesses.

Wardwizard Innovations & Mobility (WIML) was locked in 20% upper circuit after the company announced that it has secured a significant order worth $1.29 billion from Beulah International Development Corporation.

Borosil Renewables rose 0.66%. The company announced that the company will be issuing fully paid-up equity shares aggregating up to Rs 450 crore via rights issue.

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