Nifty scales above 24,350; broader market outperforms

The headline equity benchmarks traded with modest gains in morning trade. The Nifty traded above the 24,350 mark. PSU bank shares advanced after declining in the past two consecutive trading sessions.

At 10:27 IST, the barometer index, the S&P BSE Sensex rose 361.68 points or 0.44% to 80,599.10. The Nifty 50 index gained 103.75 points or 0.43% to 24,379.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.73% and the S&P BSE Small-Cap index rallied 0.94%.

The market breadth was strong. On the BSE, 2,669 shares rose and 930 shares fell. A total of 184 shares were unchanged.

 

Buzzing Index:

The Nifty PSU Bank index jumped 2.10% to 6,943.45. The index shed 0.68% in past two consecutive trading sessions.

Union Bank of India (up 3.06%), Canara Bank (up 2.93%), Bank of Baroda (up 2.51%), Punjab National Bank (up 2.07%), UCO Bank (up 2.06%), Indian Overseas Bank (up 2%), Punjab & Sind Bank (up 2%), Bank of India (up 1.96%), Central Bank of India (up 1.93%) and State Bank of India (up 1.80%) advanced.

Stocks in Spotlight:

Indoco Remedies jumped 5.28% after the company announced strategic collaboration with Clarity Pharma, UK to launch around 20 products over the next 18 months through Clarity Pharma, its distributor in the UK.

Torrent Power rallied 4.24% after the companys board approved to raise funds though qualified insituitional placement (QIP) to pare debt. The floor price for QIP has been set at Rs 1,555.75 per share. The company may, at its discretion, offer a discount of not more than 5% on the floor price calculated for the issue.

E2E Networks advanced 1.51% after the company has entered into arrangement with Larsen & Toubro for capacity expansion for its data center facilities. The additional capacity will help the Company to cater the demand of fast-growing demand of Companys GPU and other services.

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