Broader mrkt outperforms; PSU bank shares in demand

The headline equity benchmarks traded with minor gains in morning trade. The Nifty traded above the 24,400 level. PSU Bank shares extended gains for the second consecutive trading session. Trading could be volatile due to weekly F&O series expiry today.

At 10:30 IST, the barometer index, the S&P BSE Sensex, added 21.40 points or 0.03% to 80,103.38. The Nifty 50 index rose 3.05 points or 0.01% to 24,438.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.40% and the S&P BSE Small-Cap index added 0.27%.

The market breadth was positive. On the BSE, 1,836 shares rose and 1,677 shares fell. A total of 159 shares were unchanged.

Result today:

ITC (down 0.97%), NTPC (up 0.67%), IndusInd Bank (down 0.26%), Radico khaitan (up 1.75%), United Breweries (down 1.37%), Aarti Drugs (down 0.38%), JSW Energy (down 0.66%), ACC (up 1.13%), Apcotex Industries (up 1.68%), Adani Total Gas (up 1.83%), Adani Wilmar (up 0.34%), Bikaji Foods International (up 0.53%), Castrol India (down 1.37%), Chalet Hotels (up 2.74%), CIE Automotive India (up 0.45%), Colgate-Palmolive (INDIA) (down 1.05%), CSB Bank (up 0.69%), Cyient (up 2.87%), DCB Bank (down 0.85%), Dixon Technologies (India) (up 0.74%), Finolex Industries (down 0.10%), Glenmark Life Sciences (down 1.01%), GMR Airports Infrastructure (up 1.40%), Go Digit General Insurance (down 0.37%), Godrej Consumer Products (down 1.10%), Home First Finance Company (down 0.35%) and Strides Pharma Science (up 1.05%) will declare their result later today.

Buzzing Index:

The Nifty PSU Bank index gained 1.08% to 6,421. The index rallied 1.53% in two consecutive trading sessions.

UCO Bank (up 1.36%), Punjab National Bank (up 0.59%), Central Bank of India (up 0.42%), Canara Bank (up 0.41%), State Bank of India (up 0.38%), Bank of Baroda (up 0.35%), Indian Bank (up 0.29%), Punjab & Sind Bank (up 0.06%) advanced.

On the other hand, Indian Overseas Bank (down 0.84%), Union Bank of India (down 0.58%) and Bank of Maharashtra (down 0.54%) edged lower.

Stocks in Spotlight:

Piramal Pharma surged 10.24% after the company's consolidated net profit surged 360% to Rs 23 crore during the quarter as compared with Rs 5 crore posted in corresponding quarter last year. Revenue increased 17% YoY to Rs 2,242 crore in Q2 FY25.

Birlasoft slipped 3.71% after the company's consolidated net profit declined 14.66% to Rs 128 crore during the quarter as compared with Rs 150 crore in Q1 FY25. Revenue increased 3.08% QoQ to Rs 1,368 crore during the quarter.

United Spirits shed 0.11%. The company's consolidated net profit fell 1.76% to Rs 335 crore during the quarter as compared with Rs 341 crore in Q2 FY24. Revenue (excluding excise duty) fell 0.77% to Rs 2,843 in Q2 FY25 as compared with Rs 2,865 crore in Q2 FY24.