Nifty trades above 24,350; PSU bank shares in demand

The key equity benchmarks continued to trade with minor gains in the morning trade. The Nifty traded above 24,350 mark. PSU bank shares advanced after declining in the previous trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was up 167.22 points or 0.22% to 80,135.33. The Nifty 50 index rose 36.60 points or 0.15% to 24,357.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.16% and the S&P BSE Small-Cap index added 0.07%. The S&P BSE Mid-Cap index hit an all-time high at 47,659.70.

The market breadth was positive. On the BSE, 1,897 shares rose and 1,712 shares fell. A total of 147 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index added 1.20% to 7,326. The index declined 1.60% in the past trading sessions.

Indian Overseas Bank (up 6.29%), Punjab & Sind Bank (up 5.04%), UCO Bank (up 4.51%), Central Bank of India (up 4.3%), Bank of Maharashtra (up 3.8%), Union Bank of India (up 3.64%), Indian Bank (up 2.54%), Bank of India (up 2.16%), Punjab National Bank (up 1.42%) and Canara Bank (up 0.79%) edged higher.

Stocks in Spotlight:

H.G.Infra Engineering rallied 3.43% after the company entered into an Memorandum of Understanding (MoU) with Ultra Vibrant Solar Energy for the execution of a solar power plant project.

Utkarsh Small Finance Bank added 1.16% after the bank received a Reserve Bank of India (RBI) nod for the re-appointment of Govind Singh as managing director (MD) and chief executive officer (CEO) for three years effective from 21 September 2024.

Container Corporation of India (CONCOR) declined 1.23%. The company reported 6% increase in total throughput to 11,59,251 twenty-foot equivalent units (TEUs) in Q1 FY25 as compared with 10,93,610 TEUs recorded in Q1 FY24.

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