Benchmarks pare losses; Nifty climbs above 18,200

The key equity indices pared all the losses and traded with minor gains in the morning trade. The Nifty marched above the 18,200 mark. PSU banks gained for the fourth straight day.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 73.52 points or 0.12% to 61,241.31. The Nifty 50 index added 26.30 points or 0.14% to 18,223.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.32% while the S&P BSE Small-Cap index gained 0.28%.

The market breadth was strong. On the BSE, 2,077 shares rose and 1,127 shares fell. A total of 137 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 212.57 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 743.35 crore in the Indian equity market on 2 January 2023, provisional data showed.

Buzzing Index:

The Nifty PSU Bank index rose 1.20% to 4,400.95. The index has added 4.19% in four trading sessions.

UCO Bank (up 5.58%), Bank of Maharashtra (up 3.76%), Bank of India (up 3.11%), Indian Overseas Bank (up 2.99%), Central Bank of India (up 2.79%), Punjab & Sind Bank (up 2.02%), Bank of Baroda (up 1.72%), Punjab National Bank (up 1.66%), Union Bank of India (up 1.6%) and Canara Bank (up 1.34%) advanced.

Stocks in Spotlight:

RateGain Travel Technologies jumped 3.19% after the company has entered into a definitive agreement to acquire Adara Inc. through an asset purchase agreement. Adara Inc is one of the world's largest travel data exchange platforms, providing access to permissioned and ethically sourced intent data.

PSP Projects advanced 2.33% after the company informed that it has emerged as the lowest bidder (L1) for a government project worth Rs 1,364.47 crore. The contract is for "construction of state-of-the-art high rise office building at Surat, Gujarat, for Surat Municipal Corporation.

Oil and Natural Gas Corporation (ONGC) slipped 0.70%. The company said that the offshore drilling Rig of the company - 'Sagar Samrat' - has been commissioned as a mobile offshore production unit (MOPU) on 23 December 2022.

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