Market trade higher; PSU Bank shares jump

The key equity benchmarks continued to trade with substantial gains in the early afternoon trade, supported by a sharp decline in crude oil prices following the US midterm election results. The Nifty traded above the 24,400 level.

PSU Bank stocks extended their rally for the second consecutive trading session

At 12:25 IST, the barometer index, the S&P BSE Sensex jumped 1,637.58 points or 2.12% to 78,938.88. The Nifty 50 index surged 473.95 points or 1.97% to 24,433.85.

In the broader market, the BSE 150 MidCap Index gained 1.82% and the BSE 250 SmallCap Index added 1.15%.

The market breadth was strong. On the BSE, 2,668 shares rose and 810 shares fell. A total of 98 shares were unchanged.

In the commodities market, Brent crude for December 2026 settlement declined 49 cents or 0.52% to $94.13 a barrel.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.19% to 15.22. The Nifty November 2026 futures were trading at 24,482.80 at a premium of 48.95 points as compared with the spot at 24,433.85.

The Nifty option chain for the 23 November 2026 expiry showed a maximum call OI of 53.1 lakh contracts at the 23,500 strike price. A maximum put OI of 73.9 lakh contracts was seen at the 23,000 strike price.

Buzzing Index:

The Nifty PSU Bank index jumped 2.72% to 8,527.90. The index surged 3.48% in the two consecutive trading sessions.

Bank of Maharashtra (up 5.33%), UCO Bank (up 3.79%), Canara Bank (up 3.45%), Indian Bank (up 3.37%), Punjab & Sind Bank (up 3.21%), Bank of India (up 2.99%), Punjab National Bank (up 2.58%), Union Bank of India (up 2.32%), Central Bank of India (up 2.14%) and Indian Overseas Bank (up 2.07%) surged.

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