Benchmarks trade higher; PSU Bank shares rally

The domestic equity indices traded with significant gains in morning trade. The Nifty hovered above the 22,000 level. PSU Bank shares extended gains for the second consecutive trading sessions.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 705.81 points or 0.98% to 72,807.50. The Nifty 50 index gained 219.50 points or 1.01% to 22,058.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1.74% and the S&P BSE Small-Cap index added 1.87%.

The market breadth was strong. On the BSE, 2,756 shares rose and 657 shares fell. A total of 150 shares were unchanged.

New listing:

Shares of Krystal Integrated Services were currently trading at Rs 762.05 at 10:23 IST on the BSE, representing a premium of 6.58% as compared with the issue price of Rs 715.

The scrip was listed at Rs 795, exhibiting a premium of 11.19% to the issue price.

So far, the stock has hit a high of 795 and a low of 760.10. On the BSE, over 1.46 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index gained 2.61% to 6,853.75. The index jumped 2.72% in the two trading session.

Central Bank of India (up 3.52%), Punjab & Sind Bank (up 3.51%), Bank of India (up 3.04%), Indian Overseas Bank (up 2.79%), Union Bank of India (up 2.77%), Punjab National Bank (up 2.66%), UCO Bank (up 2.28%), Bank of Maharashtra (up 2.13%), Bank of Baroda (up 1.98%) and Canara Bank (up 1.92%) advanced.

Stocks in Spotlight:

GE Power India advanced 3.88% after the company announced that it has received a purchase order from Bharat Aluminium Company (BALCO) and Nuclear Power Corporation of India (NPCIL), Tarapur, Maharashtra.

Jupiter Wagons gained 3.70% after the company announced acquisition of Bonatrans India Private (BIPL) for a sum of Rs 271 crore. BIPL, situated in Chhatrapati Sambhajinagar (Aurangabad), Maharashtra, stands as a distinguished manufacturer of rolling stock wheelsets.

Kansai Nerolac Paints rose 0.88%. The company has now opened a sales depot at Kannur, Kerala. This will be the company`s 110th sales depot across the country.

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