Nifty above 24,400 level; PSU Bank shares jump

The key equity benchmarks traded with modest gains in the morning trade. The Nifty traded hovered above the 24,400 level. Investors awaited for economic data releases, including WPI, CPI and trade balance, scheduled for later this week.

PSU Bank shares advanced after declining the past trading session.

At 10:25IST, the barometer index, the S&P BSE Sensex advanced 242.14 points or 0.31% to 80,098.88. The Nifty 50 index added 73.95 points or 0.31% to 24,439.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.34%, while the S&P BSE Small-Cap index remained unchanged 0.00%.

The market breadth was negative. On the BSE, 1,602 shares rose and 1,756 shares fell. A total of 136 shares were unchanged.

Earnings Today:

Ashoka Buildcon (down 4.42%), Astral(up 0.33%), Awfis Space Solutions(up 0.92%), Bajaj Consumer Care(down 0.98%), Bata India(up 0.06%), Belrise Industries (down 1%), BEML(up 2.17%), Capacite Infraprojects(down 0.36%), Cello World(down 2.05%), Dollar Industries(down 0.46%), Esab India(down 0.66%), Eureka Forbes(down 0.10%), Goldiam International(up 1.30%), Goodyear India(down 0.04%), HLE Glascoat(down 1.25%), Ipca Laboratories(down 1.52%), JM Financial (down 0.45%), KNR Constructions(down 0.93%), Krsnaa Diagnostics(down 1.23%), Man Industries (India)(down 1.48%), Muthoot Microfin (down 1.82%), Som Distilleries & Breweries(up 0.71%) will announce their result later today.

Buzzing Index:

The Nifty PSU Bank index advanced 1.64% to 6,994.15. The index dropped 0.41% in the past trading session.

Indian Bank (up 2.37%), State Bank of India (up 2.03%), Bank of Baroda (up 1.62%), Bank of India (up 1.43%), Union Bank of India (up 1.36%), Punjab National Bank (up 1.28%), Canara Bank (up 1.12%), Punjab & Sind Bank (up 0.36%), Indian Overseas Bank (up 0.11%) and Central Bank of India (up 0.03%) surged.

Stocks in Spotlight:

Jupiter Wagons (JWL) rose 0.71%. The company said that it has bagged an order worth Rs 242.41 crore from GATX India for the manufacturing and supply of 583 specialised wagons.

Jyoti Structures climbed 2.99% after the company secured a Rs 639 crore order for 765 kV and 400 kV transmission line projects in India on a turnkey engineering, procurement, and construction (EPC) basis.

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