Nifty below 21,750 mark, PSU banks advance

The benchmark indices traded with limited losses in the morning trade. The Nifty traded below the 21,750 mark. PSU bank shares advanced after declining in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 111.70 points or 0.15% to 72,128.56. The Nifty 50 index lost 16.05 points or 0.07% to 21,715.35.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.68% and the S&P BSE Small-Cap index gained 0.60%.

The market breadth was strong. On the BSE, 2,477 shares rose and 1,093 shares fell. A total of 210 shares were unchanged.

Buzzing Index:

The Nifty PSU bank index rose 1.09% to 5,776.00. The index declined 0.64% in the past trading session.

Bank of Baroda (up 1.64%), Punjab National Bank (up 1.41%), Union Bank of India (up 1.26%), Central Bank of India (up 1.2%) and Indian Overseas Bank (up 1.15%) ,Canara Bank (up 1.14%), Bank of Maharashtra (up 1.11%), Punjab & Sind Bank (up 1.04%), UCO Bank (up 0.88%) and Bank of India (up 0.62%).

Stocks in Spotlight:

Bajaj Auto shed 0.49%. The company said that it has sold 3,26,806 units in the month of December 2023, which is higher by 16.08% as compared with 2,81,514 units sold in the same period last year.

KPI Green Energy declined 2.43%. The board of KPI Green Energy recommended issuing one bonus equity shares for every two shares held (1:2).

Alkem Laboratories shed 0.35%. The company informed that it has sold St. Louis manufacturing facility situated in USA to New Mill Capital Holdings for USD 7,960,000.00.

Edelweiss Financial Services rose 0.32%. The company said that its debenture fund raising committee of the board has approved to raise Rs 250 crore through public issue of non-convertible debentures (NCDs).

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