Sensex, Nifty pare gains; PSU bank shares in demand

The key equity indices reversed all gains and traded with minor losses in the morning trade. The Nifty traded below the 23,350 mark. PSU bank shares extended gains for the third consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, declined 98.13 points or 0.13% to 76,636.76. The Nifty 50 index fell 21.50 points or 0.09% to 23,304.90.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 0.34% and the S&P BSE Small-Cap index rallied 0.39%.

The market breadth was strong. On the BSE, 2,262 shares rose and 1,224 shares fell. A total of 210 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index advanced 1.65% to 6,372.05. The index rallied 4.59% in the past three consecutive trading sessions.

Bank of Maharashtra (up 3.26%), Central Bank of India (up 2.84%), UCO Bank (up 2.78%), Bank of India (up 2.47%), Indian Bank (up 2.47%), Union Bank of India (up 2.09%), Indian Overseas Bank (up 1.75%), Punjab & Sind Bank (up 1.59%), Bank of Baroda (up 1.57%) and Canara Bank (up 1.55%) advanced.

Result Today

Wipro (up 0.14%), Angel One (down 0.58%), Waaree Renewable Technologies (up 4.65%), Reliance Industrial Infrastructure (up 1.23%), Swaraj Engines (up 0.64%) and GTPL Hathway (up 1.61%) will announced their quarterly earnings later today.

Stocks in Spotlight:

PB Fintech rose 0.14%. The company said that the Reserve Bank of India (RBI) has granted an in-principle authorisation to PB Pay to operate as an online payment aggregator.

Lemon Tree Hotels rose 0.07%. The company said that it has signed a license agreement viz Keys Select by Lemon Tree Hotels, Mori Bera, Rajasthan.

Ganesha Ecoshpere declined 2.08%. The company said that it has announced an additional investment of Rs 2.45 crore in its associate company, Ganesha Recycling Chain (GRCPL), through a rights issue.

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