Nifty trades above 23,250; PSU bank share advance

The domestic equity benchmarks traded with major gains in the mid-afternoon trade as traders booked profits at higher levels. However, the underlying sentiment remained firm. Falling crude oil prices, strong Q2 earnings from Reliance Industries and Jio Platforms, and renewed foreign investor buying supported the rally. Expectations of long-term capital gains tax relief, a stronger rupee and easing bond yields also lifted sentiment. Weakness in global AI-linked stocks further supported Indian equities. The Nifty traded above the 23,250 mark. PSU bank shares advanced after declining in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex jumped 742.74 points or 1% to 75,209.59. The Nifty 50 index rose 229.25 points or 0.99% to 23,282.35.

In the broader market, the Nifty MidCap 150 Index gained 0.95% and the Nifty SmallCap 250 Index added 1.46%.

The market breadth was strong. On the BSE, 2,772 shares rose and 1,497 shares fell. A total of 260 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 1.07% to 8,323.25. The index shed 0.93% in the past trading session.

Bank of Baroda (up 2.55%), Punjab & Sind Bank (up 2.2%), Central Bank of India (up 2.19%), Indian Overseas Bank (up 1.95%), UCO Bank (up 1.72%), State Bank of India (up 1.28%), Canara Bank (up 1.11%), Bank of India (up 0.62%), Punjab National Bank (up 0.37%) and Union Bank of India (up 0.02%) jumped.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.66% to 7.363 compared with the previous session close of 7.412.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 94.9950 compared with its close of 94.7650 during the previous trading session.

MCX Gold futures for the 4 December 2026 settlement rose 0.11% to Rs 1,38,638.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.28% to 101.59.

The United States 10-year bond yield shed 0.28% to 4.907.

In the commodities market, Brent crude for the December 2026 settlement declined $3.63 or 3.20% to $109.80 a barrel.

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