Market near day's high; PSU bank stocks advance

The headline equity benchmarks traded with modest gains near the day's high in mid-morning trade. The Nifty hovered above the 18,150 mark. PSU bank shares rose for the third straight day.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 268.37 points or 0.44% to 61,109.11. The Nifty 50 index added 81.15 points or 0.45% to 18,186.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.47% while the S&P BSE Small-Cap index gained 0.72%.

The market breadth was strong. On the BSE, 2,297 shares rose and 1,135 shares fell. A total of 180 shares were unchanged.

New Listing:

Shares of Homesfy Realty were trading at Rs 263.10 at 11:23 IST on the NSE, a premium of 33.55% compared with the issue price of Rs 197.

The scrip was listed at Rs 275.05, representing a premium of 39.62% compared with the IPO price.

So far, the scrip hit a high of Rs 288.80 and a low of Rs 263.10. Over 3,61,800 shares of the company have changed hands in the counter till now.

Buzzing Index:

The Nifty PSU Bank index rose 0.72% to 4,349.80. The index has added 2.97% in three sessions.

Bank of India (up 3.12%), Union Bank of India (up 1.87%), Punjab National Bank (up 1.86%), Indian Bank (up 1.35%), Canara Bank (up 1.32%), Indian Overseas Bank (up 1.09%), Bank of Baroda (up 0.86%), Bank of Maharashtra (up 0.82%), Central Bank of India (up 0.78%) and UCO Bank (up 0.63%) were the gainers.

Stocks in Spotlight:

MOIL jumped 3.98% after the company said it registered a production of 141,321 tonnes in December 2022. Breaking a multi-year record, MOIL has registered best December production. It has increase 18% over November 2022.

Tata Motors rose 1.47% after the company's total domestic sales for December 2022 stood at 72,997 vehicles, up by 10% compared with 66,307 units sold during December 2021. While total commercial vehicle (CV) sales fell by 0.6% to 33,949 units, total passenger vehicles (includes EV) sales jumped 13.9% to 40,407 units in December 2022 over December 2021.

Indian Overseas Bank (IOB) advanced 1.09%. The public sector lender said that the centre has appointed Ajay Kumar Srivastava as the managing director (MD) and chief executive officer (CEO) of the bank with effect from the date of assumption of office on or after 1 January 2023.

Global markets:

Asian stocks were trading mixed on Monday. Markets in Australia, mainland China and Japan are closed on Monday for New Year holiday.

U.S. stocks ended slightly lower on Friday to book their worst annual losses since 2008 amid worries about the economic and corporate earnings outlook.

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