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Nifty hovers above 23,050; PSU banks in demand

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The benchmark indices continued to trade with substantial gains in mid-afternoon trade. The Nifty hovered above the 23,050 mark after hitting the day's low of 22,932 in morning trade. PSU Bank shares gained after declining in the previous trading session.
At 14:28 IST, the barometer index, the S&P BSE Sensex added 409.25 points or 0.54% to 75,811.78. The Nifty 50 index gained 102.50 points or 0.45% to 23,059.85.
The Sensex and Nifty clocked an all-time high of 76,009.68 and 23,110.80 respectively in early afternoon trade.
In the broader market, the S&P BSE Mid-Cap index added 1.02% and the S&P BSE Small-Cap index rose 0.25%.
The market breadth was negative. On the BSE, 1,794 shares rose and 2,113 shares fell. A total of 156 shares were unchanged.
Economy:
Indias forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.
Gold reserves increased $1.244 billion to $57.195 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, the apex bank said.
Indias reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the apex bank data showed.
Buzzing Index:
The Nifty PSU Bank index added 1.53% to 7,471.85. The index shed 0.08% in the past consecutive trading session.
Indian Overseas Bank (up 9.82%), UCO Bank (up 6.76%), Punjab & Sind Bank (up 5.03%), Central Bank of India (up 4.33%), Bank of Maharashtra (up 4.18%), Punjab National Bank (up 2.53%), Union Bank of India (up 2.3%), Bank of India (up 1.69%), Indian Bank (up 1.66%) and State Bank of India (up 0.98%) edged higher.
Numbers to Track:
The yield on India's 10-year benchmark federal fell 0.34% to 6.974 as compared with previous close 6.973.
In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.0825, compared with its close of 83.1000 during the previous trading session.
MCX Gold futures for 5 June 2024 settlement rose 0.42% to Rs 72,245.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 104.70.
The United States 10-year bond yield declined 0.11% to 4.468.
In the commodities market, Brent crude for July 2024 settlement shed 0.03 cents or 0.04% to $82.09 a barrel.
Stocks in Spotlight:
Aurobindo Pharma declined 2.44%. The company reported 79.5% jump in consolidated net profit to Rs 908.75 crore on a 17.1% rise in revenue from operations to Rs 7,580.15 crore in Q4 FY24 over Q4 FY23.
Astra Microwave Products rallied 9.87% after the company reported a consolidated net profit of Rs 54.40 crore in Q4 FY24, steeply higher than Rs 13.52 crore posted in Q4 FY23. Revenue from operations jumped 36.96% year on year to Rs 353.96 crore in Q4 FY24 as compared to Rs 258.44 crore recorded in Q4 FY23.
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First Published: May 27 2024 | 2:30 PM IST

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