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Market Commentary - Mid-Session

Nifty scales above 23,600 level; PSU bank shares jump

27-Mar-2025, 10:30
The key equity indices traded with decent gains in morning trade. The Nifty climbed above 23,600 level. PSU bank shares saw bargain buying after declining in the past two trading sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex, added 422.32 points or 0.55% to 77,716.58. The Nifty 50 index jumped 129.55 points or 0.55% to 23,616.40.

In the broader market, the S&P BSE Mid-Cap index shed 0.03% and the S&P BSE Small-Cap index added 0.14%.

The market breadth was positive. On the BSE, 1,799 shares rose and 1,756 shares fell. A total of 181 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index advanced 1.62% to 6,242.35. The index declined 2.9% in the past two trading sessions.

Bank of Baroda (up 3.29%), Union Bank of India (up 2.86%), Punjab National Bank (up 2.3%), Bank of India (up 2.15%), Canara Bank (up 1.93%), Bank of Maharashtra (up 0.91%), Indian Bank (up 0.8%), State Bank of India (up 0.79%), UCO Bank (up 0.72%) and Central Bank of India (up 0.42%) advanced.

Stocks in Spotlight:

Welspun Enterprises rose 0.84%. The company's material subsidiary, Welspun Michigan Engineers (WMEL), bagged an order worth Rs 79.29 crore from the Vadodara Municipal Corporation (VMC).

Wipro rose 1.50% after the company announced that it has won a '500 million, 10-year strategic deal with Phoenix Group, the UK's largest long-term savings and retirement business.

Hindustan Unilever (HUL) shed 0.08%. The company said that its board has approved the appointment of Rajneet Kohli as executive director, Foods and General Manager, India ' Foods Business Unit with effect from 7th April 2025.