Sensex, Nifty near day's high; PSU banks in demand

Indices were trading near day's high in morning trade. The Nifty continued to trade tad above 11,900 mark. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 226.17 points or 0.56% at 40,278.04. The Nifty 50 index was up 62.45 points or 0.53% at 11,906.55.

A dash of volatility was witnessed on bourses on account of monthly expiry of F&O contracts.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.64% and S&P BSE Small-Cap index was up 0.87%.

The market breadth was strong. On the BSE, 1259 shares rose and 606 shares fell. A total of 85 shares were unchanged. In Nifty 50 index, 34 stocks advanced and 16 stocks declined.

 

Indian Oil Corporation was up 0.44% ahead of its Q2 September 2019 results today.

Blue Dart Express (down 0.63%), Spandana Sphoorty Financial (up 1.03%), Foseco India (up 1.65%), JBM Auto (up 1.4%), Manappuram Finance (up 1.62%) and Jindal Saw (up 2.21%) will announce its Q2 earnings today.

The Nifty Bank index was up 0.63% at 30,177.35, extending its winning streak for fifth session. The index is up 1069.40 points, or 3.67% from its recent low of 29,107.95 on 24 October 2019.

PSU banks were in demand. Allahabad Bank (up 5.19%), State Bank of India (up 3.24%), Punjab National Bank (up 2.98%), Oriental Bank of Commerce (up 2.56%), Bank of Baroda (up 1.15%), Union Bank of India (up 0.44%) and Bank of India (up 0.42%) advanced.

Syndicate Bank was up 6.54% ahead of its Q2 earnings disclosure today.

United Bank of India continued its winning streak for second day as the stock surged 13.48% today. The bank announced its Q2 earnings during market hours yesterday. The bank reported a net profit of Rs 123.88 crore in Q2 September 2019 compared with a net loss of Rs 883.17 crore in Q2 September 2018. The stock has surged 36.25% in just two trading sessions from its previous closing low of Rs 7.42 on 29 October 2019.

Among private sector banks, Yes Bank (up 1.67%), HDFC Bank (up 0.74%), ICICI Bank (up 0.52%) and AU Small Finance Bank (up 0.39%) edged higher.

Adani Transmission said that it has received the letter of intent (LOI) from REC Transmission Projects Company (RECTPCL) to build, own, operate and maintain a transmission project in the state of Gujarat for a period of 35 years. Shares of Adani Transmission were trading 2.87% higher at Rs 272.40.

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