Nifty trades near 24,300 level; PSU Bank shares climbs

The key equity barometers traded with strong gains in mid-afternoon trade as investors remained optimistic over a potential US?Iran peace deal. Softer geopolitical tensions dragged Brent Crude prices below $110, while the rupee strengthened to hover near the 95-per-dollar mark. However, investors remain focused on Q4 earnings for near-term cues. The Nifty traded above the 24,300 level.

PSU Bank jumped after declining in the past five trading sessions.

At 14:25 IST, the barometer index, the S&P BSE Sensex rose 821.54 points or 1.13% to 77,886.74. The Nifty 50 index jumped 269.10 points or 1.11% to 24,292.70.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index advanced 1.60% and the BSE 250 SmallCap Index rose 1.64%.

The market breadth was strong. On the BSE, 2,689 shares rose and 1,459 shares fell. A total of 167 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.90% to 17.39.

In the commodities market, Brent crude for June 2026 settlement declined $3.62 or 3.29% to $106.25 a barrel.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.1700 compared with its close of 95.1800 during the previous trading session.

Economy:

HSBC India Services PMI Business Activity Index rose from 57.5 in March to 58.8 in April, showing the strongest rate of expansion since last November. Indian services companies welcomed a recovery in growth of both output and new order intakes during April. In addition to increased e-commerce and greater underlying demand, firms indicated that a shift from international to domestic suppliers amid the war in the Middle East particularly boosted transport activity.

The HSBC India Composite PMI Output Index was up from 57.0 March to 58.2 in April 2026, signalling a historically strong rate of expansion.

Buzzing Index:

The Nifty PSU Bank index jumped 0.95% to 8,519.15. The index fell 4.68% in the past five consecutive trading sessions.

Bank of Maharashtra (up 2.45%), Union Bank of India (up 1.64%), Punjab & Sind Bank (up 1.32%), UCO Bank (up 1.17%), Central Bank of India (up 1.08%), Canara Bank (up 1.06%), Punjab National Bank (up 0.92%), Indian Bank (up 0.83%), State Bank of India (up 0.75%) and Bank of Baroda (up 0.72%) surged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.58% to 6.975 compared with previous session close of 7.016.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.7000 compared with its close of 95.1800 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement rose 1.80% to Rs 151,453.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.49% to 97.96.

The United States 10-year bond yield declined 1.74% to 4.339.

In the commodities market, Brent crude for July 2026 settlement declined $3.62 or 3.29% to $106.25 a barrel.

Stock in Spotlight:

Raymond Realty surged 14.57% after the company reported a sharp rise in consolidated net profit to Rs 161.12 crore in Q4 FY26, up over 67 times from Rs 2.40 crore a year earlier. Revenue from operations surged 888.24% YoY to Rs 1,156.74 crore in Q4 FY26.

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