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Market Commentary - Mid-Session

Nifty scale above 22,500; PSU bank shares rally

13-Mar-2025, 10:35
The key equity indices traded with modest gains in the morning trade, supported by softer-than-expected inflation data from both the U.S. and India, which eased investor concerns. The Nifty traded above the 22,500 level. PSU bank shares rallied after declining in the past trading session. Trading could be volatile due to the weekly Nifty50 F&O series expiry today.

At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 257.99 points or 0.35% to 74,295.93. The Nifty 50 index added 74.50 points or 0.33% to 22,545.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.42% and the S&P BSE Small-Cap index rose 0.40%.

The market breadth was negative. On the BSE, 2,195 shares rose and 1,269 shares fell. A total of 167 shares were unchanged.

Economy:

India's retail inflation eased to a seven-month low of 3.61% in February 2025, down from 4.31% in January, as food price pressures softened, according to government data released on Wednesday. This brings inflation below the Reserve Bank of India's (RBI) medium-term target of 4% for the first time since August 2024.

Meanwhile, India's industrial output growth picked up to 5% year-on-year in January 2025, compared to 3.2% in December 2024.

Buzzing Index:

The Nifty PSU Bank index jumped 1.10% to 5,822.65. The index dropped 1.08% in the past trading session.

Bank of Baroda (up 2.49%), Union Bank of India (up 1.40%), Bank of India (up 1.21%), State Bank of India (up 1.15%), Punjab National Bank (up 0.87%), Punjab & Sind Bank (up 0.84%), Canara Bank (up 0.84%), UCO Bank (up 0.67%), Central Bank of India (up 0.60%) and Indian Overseas Bank (up 0.45%) advanced.

Stocks in Spotlight:

Jubilant Pharmova rose 0.35%. The company received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) with voluntary action indicated (VAI) for its subsidiary's oral formulations facility in Maryland.

Yatra Online rallied 3.11% after the company informed that Rohan Purshottamdas Mittal, chief financial officer (CFO) and key managerial personnel (KMP) of the company, has resigned to pursue new opportunities.

Firstsource Solutions shed 0.70%. The company announced that its subsidiary, Firstsource Group, USA Inc. has incorporated a new wholly owned subsidiary (WOS), Firstsource Solutions Limited Colombia S.A.S.