Nifty shares trades above 24,350, amid PSU stocks on trail

The Nifty PSU Bank index increased by 1.20% to reach 7,326. However, the index had decreased by 1.60% in the previous trading sessions.

Nifty shares trades above 24,350, amid PSU stocks on trail

The Sensex and Nifty, key equity benchmarks, continued to trade with minor gains in the morning session. The Nifty traded above the 24,350 mark, and as a result, PSU bank shares advanced after declining in the previous trading session. In the broader market, the S&P BSE Mid-Cap index rose 0.16% and the S&P BSE Small-Cap index added 0.07%. The S&P BSE Mid-Cap index hit an all-time high at 47,659.70.

Indian Overseas Bank (up 6.29%), Punjab & Sind Bank (up 5.04%), UCO Bank (up 4.51%), Central Bank of India (up 4.3%), Bank of Maharashtra (up 3.8%), Union Bank of India (up 3.64%), Indian Bank (up 2.54%), Bank of India (up 2.16%), Punjab National Bank (up 1.42%) and Canara Bank (up 0.79%) edged higher.

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The Nifty PSU Bank index added 1.20% to 7,326. The index declined 1.60% in the past trading sessions.

Utkarsh Small Finance Bank's stock rose by 1.16% after the bank received approval from the Reserve Bank of India (RBI) for the re-appointment of Govind Singh as the managing director (MD) and chief executive officer (CEO) for a three-year term beginning on 21st September 2024.

Container Corporation of India (CONCOR) declined 1.23%. The company reported a 6% increase in total throughput to 11,59,251 twenty-foot equivalent units (TEUs) in Q1 FY25 compared to 10,93,610 TEUs recorded in Q1 FY24.

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