Nifty above 25,800 level; PSU bank shares tumble for 5th day

The key equity benchmarks continued to trade with small gains in morning trade, extending their positive momentum, despite rising geopolitical tensions between Israel and Iran. Investors will closely monitor crude oil prices, movements in money market and the outcome of the upcoming U.S. Federal Reserve meeting later this week. The Nifty traded above the 25,800 level.

PSU Bank shares dropped for the fifth consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex added 243.22 points or 0.30% to 81,361.82. The Nifty 50 index rose 83.70 points or 0.34% to 25,802.10.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index fell 0.26% and the S&P BSE Small-Cap index dropped 0.81%.

The market breadth was positive. On the BSE, 1,141 shares rose and 2,442 shares fell. A total of 263 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index fell 0.95% to 6,868.85. The index tumbled 4.71% in five consecutive trading sessions.

Punjab & Sind Bank (down 2.86%), Indian Overseas Bank (down 2.8%), Central Bank of India (down 2.07%), Bank of India (down 1.87%), UCO Bank (down 1.72%), Bank of Maharashtra (down 1.71%), Union Bank of India (down 1.65%), Punjab National Bank (down 1.4%), Canara Bank (down 1.35%) and Bank of Baroda (down 1.05%) tumlbled.

Stocks in Spotlight:

Sterlite Technologies (STL) surged 10.95% after the company announced the launch of new generation data centre solutions, ranging from cabling to end-to-end connectivity offerings designed to meet the demands of AI-driven data centre.

Godrej Properties (GPL) shed 0.01%. The company has announced the acquisition of a strategically located 14-acre land parcel in Hoskote, East Bengaluru, with an estimated revenue potential of Rs 1,500 crore from the proposed development.

Kellton Tech Solutions declined 2.10%. The company said that its board has approved a proposal to split each equity share of the company having a face value of Rs 5 into five equity shares with a face value of Re 1 each. At the same meeting, the board of the company has also approved a proposal to raise funds through issue and allotment of up to 55 lakhs warrants, convertible into one equity share of face value of Rs 5 each, to certain promoter and non-promoter investors, on preferential basis

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