The key equity benchmarks traded with strong gains in morning trade. The Nifty traded above the 17,900 level. Bank stocks witnessed steep value buying after declining in the past four sessions.
At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 452.85 points or 0.76% to 60,298.14. The Nifty 50 index rose 127 points or 0.71% to 17,933.80.
The key equity indices witnessed strong bargain buying after a four-day sell off, during which the Sensex had declined 3.17% while the Nifty had lost 3.33%.
In the broader market, the S&P BSE Mid-Cap index advanced 1.34% while the S&P BSE Small-Cap index gained 2.03%.
The market breadth was strong. On the BSE, 2562 shares rose and 751 shares fell. A total of 145 shares were unchanged.
Buzzing Index:
The Nifty Bank index rose 1.03% to 42,096. The index had lost 4.02% in the past four sessions.
Punjab National Bank (up 4.43%), Federal Bank (up 3.18%), Bandhan Bank (up 2.8%), IDFC First Bank (up 2.64%) and Bank of Baroda (up 2.28%) were the top gainers.
Among the other gainers were IndusInd Bank (up 1.79%), State Bank of India (up 1.7%), AU Small Finance Bank (up 1.47%), HDFC Bank (up 1.2%) and Axis Bank (up 0.85%).
Union Bank of India (UBI) surged 7.32%. The bank said that it has allotted Basel III compliant additional tier -1 (AT-1) bonds on 23 December aggregating to Rs 663 crore.
Punjab National Bank (PNB) rallied 4.43%. The public sector lender said it has raised Rs 582 crore by issuing bonds at a coupon of 8.40% per annum on a private placement basis.
Stocks in Spotlight:
SJVN zoomed 6.08%. The company has won the full quoted capacity of 100 MW Wind Power Project at Rs 2.90 per unit on Build Own and Operate basis through e- Reverse Auction. The project is expected to generate 262 MU in the first year of commissioning and cumulative energy generation over a period of 25 years will be about 6,574 MU.
Deep Industries advanced 4.84%. The company has received letter of award (LoA) from Oil and Natural Gas Corporation for hiring of gas dehydration services for ADB GCS and Konaban GCS for period of two years at ONGC Tripura Asset and the total estimated value of the award is approximately Rs 43.13 crore.
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