Sensex gains 200 pts; PSU banks in demand

The domestic equity barometers traded with decent gains in mid-morning trade. The Nifty traded above the 24,550 mark. PSU bank shares advanced after declining in the past trading session.

At 11:27IST, the barometer index, the S&P BSE Sensex, was up 200.49 points or 0.25% to 80,719.83. The Nifty 50 index rose 82.7 points or 0.34% to 24,584.85.

The Nifty 50 index index hit a fresh all-time high of Rs 24,598 in early trade.

In the broader market, the S&P BSE Mid-Cap index gained 0.56% and the S&P BSE Small-Cap index added 0.20%.

The market breadth was positive. On the BSE, 1,955 shares rose and 1,874 shares fell. A total of 160 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.25% to 7,292.70. The index declined 0.53% in the past trading session.

Indian Overseas Bank (up 2.09%), Bank of Baroda (up 1.72%), Central Bank of India (up 1.67%), State Bank of India (up 1.56%), Punjab National Bank (up 1.49%), Canara Bank (up 1.31%), Union Bank of India (up 1.17%), Punjab & Sind Bank (up 0.84%), Bank of Maharashtra (up 0.78%) and UCO Bank (up 0.77%) edged higher.

Stocks in Spotlight:

Plastiblends India added 2.71% after the company reported 41.83% jump in net profit to Rs 10.85 crore on a 8.31% increase in revenue from operations to Rs 211.58 crore in Q1 FY25 as compared with Q1 FY24.

Alembic Pharmaceuticals added 0.03%. The drug major on Friday announced that it has received a tentative approval from the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Selexipag for injection, 1,800 mcg/vial.

GE T&D India added 2.92% after the company has secured orders from Power Grid Corporation of India (PGCIL) to maintain SCADA/EMS control centers.

Global Markets:

Asian stocks traded mixed on Monday, influenced by contrasting factors.

China's economic growth fell short of expectations in the second quarter, dampening sentiment. The country's GDP expanded by 4.7% year-on-year, slowing from the previous quarter's 5.3%. Additionally, uncertainty surrounding U.S. politics, following an assassination attempt on former President Donald Trump, added to market volatility.

However, losses were tempered by a positive close on Wall Street on Friday, where major indexes approached record highs amid growing expectations of interest rate cuts. Wall Street futures remained modestly positive in Asian trading hours, although the impact of the attempted assassination on the 2024 presidential race remains unclear. Trump is scheduled to be officially nominated as the Republican presidential candidate at this week's party convention

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