Domestic equity benchmarks extended gains in morning trade. The Nifty traded above the 18,350 mark. PSU bank stocks snapped its two-day declining streak. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 245.72 points or 0.40% to 62,118.34. The Nifty 50 index added 69.80 points or 0.38% to 18,390.95. In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index gained 0.34%. The market breadth was strong. On the BSE, 1,962 shares rose and 1,197 shares fell. A total of 118 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 589.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 338.44 crore in the Indian equity market on 25 May, provisional data showed.

Results Today:

Oil and Natural Gas Corporation (ONGC) (down 1.98%), Mahindra & Mahindra (up 0.82%), Sun Pharmaceutical Industries (up 0.17%), Grasim Industries (down 1.18%), Engineers India (down 3.33%), Astra Microwave Products (down 0.87%), Avalon Technologies (down 1.40%), BEML (down 0.05%), BHEL (down 3.86%), BL Kashyap and Sons (down 0.79%), Chambal Fertilisers & Chemicals (down 0.18%), City Union Bank (up 0.62%), Easy Trip Planners (up 0.09%), Edelweiss Financial Services (down 0.33%), Finolex Cables (up 2.08%), HUDCO (down 0.67%), Indigo Paints (up 0.27%), Inox Wind (down 1.12%), Karnataka Bank (up 0.40%), MOIL (up 0.09%), Samvardhana Motherson International (up 0.48%0, Info Edge (India) (up 0.21%), NCC (down 3.40%), PNC Infratech (up 1.09%), Shree Renuka Sugars (up 1.15%), Sunteck Realty (up 0.79%) and Wockhardt (up 0.26%) will announced their quarterly earnings later in the day.

Buzzing Index:

The Nifty PSU Bank index rose 1.02% to 4,009.55. The index declined 0.96% in past two trading sessions.

Canara Bank (up 2.15%), Punjab & Sind Bank (up 1.94%), Bank of India (up 1.52%), Bank of Baroda (up 1.16%), Indian Overseas Bank (up 1.05%), Union Bank of India (up 1.01%), Punjab National Bank (up 1.01%), Indian Bank (up 0.92%), Bank of Maharashtra (up 0.87%) and Central Bank of India (up 0.76%) advanced.

Stocks in Spotlight:

HDFC fell 0.34% and Siti Networks slipped 2.35%. Housing Development Finance Corporation (HDFC) said it has further sold 1,86,38,101 shares, representing 2.14% of the paid-up share capital, of Siti Networks. The latest transaction includes sale of 30,00,000 shares, representing 0.34% of the paid-up share capital, of Siti done on 24 May 2023.

ZEE Entertainment Enterprises (ZEEL) rose 1.96%. The company reported a consolidated net loss (from continuing operations) of Rs 72.89 crore in Q4 FY23 as against a net profit of Rs 244.35 crore posted in Q4 FY22. Revenue from operations declined 9% year on year to Rs 2,112.11 crore in the quarter ended 31 March 2023.

Vodafone Idea added 0.72% after the company reported net loss of Rs 6,418.90 crore in Q4 FY23 as compared with Rs 6,563.10 crore posted in Q4 FY22. Revenue from operations rose 2.7% to Rs 10,509.50 crore in Q4 FY23 as against Rs 10,234.60 crore in Q4 FY22.