Nifty tad above 25,700 level; PSU bank shares in demand

The headline equity benchmarks traded with modest gains in the morning trade after the US Supreme Court on Friday struck down President Donald Trump?s sweeping global tariffs. The Nifty traded above the 25,700 level. PSU bank shares advanced after declining in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, jumped 419.22 points or 0.52% to 83,233.83. The Nifty 50 index surged 130.21 points or 0.51% to 25,701.40.

In the broader market, the BSE 150 MidCap Index shed 0.11% and the BSE 250 SmallCap Index gained 0.51%.

The market breadth was positive. On the BSE, 2,116 shares rose and 1,635 shares fell. A total of 250 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index jumped 1.73% to 9,833. The index declined 1.38% in the past trading session.

SBI Life Insurance Company (up 2.19%), Axis Bank (up 2.13%), Cholamandalam Investment & Finance Company (up 2.08%), HDFC Life Insurance Company (up 2%), Muthoot Finance (up 1.93%), ICICI Prudential Life Insurance Company (up 1.76%), Kotak Mahindra Bank (up 1.46%), Shriram Finance (up 1.35%), ICICI Lombard General Insurance Company (up 1.29%) and HDFC Bank (up 1.18%) advanced.

Stocks in Spotlight:

Adani Ports and Special Economic Zone advanced 2.72% after the company?s subsidiary Adani Gangavaram Port signed a memorandum of understanding with NMDC, a Government of India enterprise, and Vale S.A., Brazil.

RailTel Corporation of India rose 0.97%. The company secured a contract worth Rs 1,136.18 crore.

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