Nifty scales above 24,500; PSU bank shares advance

The domestic equity benchmarks traded with modest gains in morning trade. The Nifty traded above the 24,500 level. PSU bank shares extended gains for the second consecutive trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex rose 244.06 points or 0.30% to 81,089.81. The Nifty 50 index added 61.70 points or 0.25% to 24,518.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.33% and the S&P BSE Small-Cap index rallied 0.43%.

The market breadth was strong. On the BSE, 2,332 shares rose and 1,269 shares fell. A total of 165 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index gained 1.16% to 7,058.15. The index rallied 3.79% in two consecutive trading sessions.

UCO Bank (up 4.01%), Bank of India (up 3.32%), Central Bank of India (up 3.16%), Indian Overseas Bank (up 3.14%), Punjab & Sind Bank (up 2.90%), Indian Bank (up 2.34%), Canara Bank (up 1.41%), Union Bank of India (up 1.25%), Bank of Maharashtra (up 1.07%) and Bank of Baroda (up 0.65%) advanced.

Stocks in Spotlight:

L&T Technology Services added 0.30%. The company said that it has been selected by a leading global network solutions firm to provide product integration services in North America.

Kaynes Technology India shed 0.40%. The company's subsidiary, Keynes Singapore has acquired a 54% stake in Austria-based Sensonic, which is a provider of Distributed Acoustic Sensing (DAS) solutions to monitor railway infrastructure.

Epack Durable slipped 1.99%. The company incorporated wholly owned subsidiary EPACK Manufacturing Technologies. It has also informed that Senior Intelligence Officer and Inspectors of Special Intelligence and Investigation Branch ('SIIB'), Office of the Commissioner of Customs (Preventive), Jaipur, had initiated a search on 02 December 2024 at the Manufacturing facility situated at Bhiwadi, Rajasthan and concluded their visit without seizing any documents or items.

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