Sensex, Nifty trade with decent gains; PSU bank shares rally

The domestic equity indices traded with limited gains in the early afternoon trade. The Nifty hovered above the 22,950 mark. PSU Bank shares advanced after declining in the past trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, advanced 158.79 points or 0.21% to 76,142.68. The Nifty 50 index rose 31.75 points or 0.14% to 22,977.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 1.23% and the S&P BSE Small-Cap index gained 2.35%.

The market breadth was strong. On the BSE, 2,805 shares rose and 1,005 shares fell. A total of 131 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 0.81% to 15.38. The Nifty 27 February 2025 futures were trading at 23,017.45, at a premium of 40.4 points as compared with the spot at 22,977.05.

The Nifty option chain for the 27 February 2025 expiry showed a maximum call OI of 70.3 lakh contracts at the 24,000 strike price. Maximum put OI of 64.7 lakh contracts was seen at 23,000 strike price.

Buzzing Index:

The Nifty PSU Bank index added 1.49% to 5,960.25. The index declined 0.54% in the past trading session.

Union Bank of India (up 4.21%), Bank of India (up 3.29%), UCO Bank (up 2.62%), Indian Overseas Bank (up 2.15%) and Punjab & Sind Bank (up 2.01%), Bank of Baroda (up 1.57%), Punjab National Bank (up 1.5%), Bank of Maharashtra (up 1.35%), Central Bank of India (up 1.22%) and Indian Bank (up 1.1%) advanced.

Stocks in Spotlight:

Container Corporation of India (CONCOR) added 2.37% after the company announced that it has awarded an Rs 689.76 crore contract to Braithwaite & Co. for the manufacture and supply of 30 BLSS (spine car) rakes on a turnkey basis.

RBM Infracon declined 7.04% after the company announced that it has received a multiple orders worth Rs 11.46 crore form different entities.

Transformers and Rectifiers (India) hit a upper circuit of 5% after the company announced that it has bagged an order worth Rs 166.45 crore from Hyosung T&D India.

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