The key equity barometers traded with modest gains in mid-morning trade. Trading sentiment stayed positive amid thin year-end volumes and absence of strong domestic triggers. The Nifty scaled above the 26,050 mark.
PSU Bank shares rallied in the three consecutive trading sessions.
At 11:26 ST, the barometer index, the S&P BSE Sensex advanced 274.61 points or 0.32% to 84,946.70. The Nifty 50 index jumped 116.20 points or 0.45% to 26,055.05.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.75%, while the S&P BSE Small-Cap index added 0.82%.
The market breadth was strong. On the BSE, 2,634 shares rose and 1,200 shares fell. A total of 219 shares were unchanged.
Buzzing Index:
The Nifty PSU bank index rallied 1.57% to 8,563.65. The index jumped 3.33% in the three consecutive trading sessions.
Punjab & Sind Bank (up 3.37%), Indian Bank (up 2.67%), Bank of Maharashtra (up 2.63%), Canara Bank (up 2.09%), UCO Bank (up 1.94%), Union Bank of India (up 1.94%), Punjab National Bank (up 1.93%), Bank of India (up 1.53%), Bank of Baroda (up 1.28%) and Indian Overseas Bank (up 1.17%) advanced.
Stocks in Spotlight:
ZF Steering Gear India surged 5.34% after the company announced that its wholly owned subsidiary, Drivesys Systems, has secured a significant order worth Rs 151 crore for its renewable energy business.
Power Grid Corporation of India rose 1.54% after the company said that it has declared a successful bidder for the 2,000 MWh battery energy storage project.
Global Markets:
Asia market traded mixed on the holiday-shortened and final trading day of the year.
Markets in Hong Kong and Australia will close early for the holidays, while Japan and South Korea are shut for the day.
China’s economy ended the year on a slightly less gloomy note, as factory activity expanded in December for the first time since March, beating expectations, according to official data released Wednesday.
The official manufacturing purchasing managers index rose to 50.1 in December, higher than 49.2 reading that was recorded in November. A reading above 50 indicates expansion.
Overnight in the U.S., the S&P 500 fell modestly, notching a third consecutive losing session. The broad market index lost 0.14% and closed at 6,896.24, while the Nasdaq Composite slipped 0.24% and settled at 23,419.08. The Dow Jones Industrial Average shed 0.20% and ended at 48,367.06.
The three major averages have slumped to start the week, dragged down by losses in tech. Nvidia posted back-to-back losing sessions, as did another AI stock Palantir Technologies.