Nifty Surpasses 24,450 as PSU Bank Shares Surge Amid Global Tensions
Nifty trades above 24,450 mark; PSU bank shares rally
Business Standard
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The Nifty 50 index rose by 108 points to 24,461.40, while the S&P BSE Sensex increased by 289 points to 78,782.54 amid cautious trading due to escalating tensions in the Middle East. PSU bank shares saw significant gains, with the Nifty PSU Bank index up 1.70%.
- 01Nifty 50 index increased by 108 points to 24,461.40.
- 02S&P BSE Sensex rose by 289 points to 78,782.54.
- 03PSU Bank shares rallied for the second consecutive session, with the Nifty PSU Bank index up 1.70%.
- 04Global markets remain cautious due to tensions in the Middle East, impacting investor sentiment.
- 05Indian Energy Exchange shares fell by 7.48% following regulatory news.
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In mid-morning trade, the Nifty 50 index climbed 108 points to reach 24,461.40, while the S&P BSE Sensex jumped 289 points to 78,782.54. The rise comes despite investor caution over renewed conflicts in the Middle East, particularly involving Iran and the U.S. The Nifty PSU Bank index experienced a notable increase of 1.70%, driven by strong performances from major banks such as State Bank of India, which rose by 3.68%. The broader market showed mixed results, with the BSE 150 MidCap Index gaining 0.31% and the BSE 250 SmallCap Index increasing by 0.27%. However, market breadth was negative, with 2,084 shares declining against 2,034 shares that advanced. The NSE's India VIX, a measure of market volatility, surged by 4.85% to 17.80. On the global front, Asian markets traded mostly higher, although tensions in the Middle East continue to weigh on investor sentiment, particularly after recent military engagements between the U.S. and Iranian vessels.
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The rise in PSU bank shares could lead to increased lending capacity, benefiting homebuyers and businesses seeking loans.
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