Market Commentary - Mid-Session
Broader mkt outperforms; PSU bank shares in demand As on : 25-Nov-24  10:32

The headline equity benchmarks continued to trade with major gains in morning trade after the outcomes of the Maharashtra elections. Additionally, macroeconomic indicators, including GDP and infrastructure output, will garner significant attention. The Nifty hovered above the 24,300 level. PSU bank shares extended gains for the second consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, soared 1,256.78 points or 1.59% to 80,394.32. The Nifty 50 index surged 408.10 points or 1.71% to 24,315.35.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 1.89% and the S&P BSE Small-Cap index gained 1.88%.

The market breadth was strong. On the BSE, 2,888 shares rose and 805 shares fell. A total of 200 shares were unchanged.

Economy:

India's foreign exchange reserves declined $17.761 billion, reaching $657.892 billion for the week ended November 15, as reported by the RBI on Friday. In the prior week ending November 8, the forex declined $6.477 billion to $675.653 billion.

The central bank also reported that gold reserves reduced by $2.068 billion to $65.746 billion during this period. It also indicated that Special Drawing Rights (SDRs) decreased by $94 million to $18.064 billion.

Additionally, India's reserve position with the IMF also declined by $51 million, reaching $4.247 billion in the reporting week.

Buzzing Index:

The Nifty PSU Bank index gained 4.62% to 6,808.75. The index advanced 7.75% in two consecutive trading sessions.

Indian Bank (up 8.82%), UCO Bank (up 7.67%), Central Bank of India (up 5.33%), Punjab & Sind Bank (up 5.24%) and Punjab National Bank (up 4.91%), Indian Overseas Bank (up 4.81%), Bank of Baroda (up 4.43%), Union Bank of India (up 4.26%), Canara Bank (up 3.79%) and Bank of Maharashtra (up 3.76%). edged higher.

Stocks in Spotlight:

Aurobindo Pharma added 1.41% after the company's wholly owned subsidiary, Aurobindo Pharma USA Inc entered into a collaboration and license agreement with a global pharma major.

Bliss GVS Pharma gained 2.24% after the company's Maharashtra-based facilities received a GMP compliance certificate from the National Agency for Medicines and Medical Devices of Romania post an EU GMP inspection.

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