Nifty near 19,750 mark, PSU banks advance

The benchmark indices pared losses and traded with small gains in morning trade. The Nifty traded around the 19,750 mark after hitting the day`s low of 19,701.40. PSU bank shares edged higher after declining in the past trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 17.48 points or 0.03% to 65,812.21. The Nifty 50 index added 19.20 points or 0.10% to 19,751.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index gained 0.65%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit record high of 33,526.65 and 39,863.26 respectively.

The market breadth was strong. On the BSE, 2080 shares rose and 1,419 shares fell. A total of 186 shares were unchanged.

Buzzing Index:

The Nifty IT index added 0.84% to 32,461.80. The index shed 0.25% in the past trading session.

HCL Technologies (up 1.21%), Mphasis (up 1.06%), L&T Technology Services (up 0.99%), LTIMindtree (up 0.98%), Tech Mahindra (up 0.85%), Wipro (up 0.56%), Tata Consultancy Services (up 0.38%), Infosys (up 0.34%), Coforge (up 0.33%) and Persistent Systems (up 0.17%) edged higher.

Stocks in Spotlight:

ESAF Small Finance Bank rose 1.34% after the bank reported standalone net profit of Rs 140.12 crore in Q2 FY24, steeply higher from Rs 57.58 crore recorded in Q2 FY23. The bank�s total income stood at Rs 1,022.28 crore in Q2 FY24, registering a growth of 35.72% YoY.

Zen Technologies advanced 2.69% after the company said that it has received an export order valued at approximately Rs 42 crore ($5.12 million). This order, comprising of simulators, is from a friendly nation and stands as a testament to the Indian government�s efforts to boost defense exports, aligning with the national objective of becoming a net defense exporter.

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