The headline equity indices traded in a narrow range with minor gains in early afternoon trade. The Nifty hovered above the 18,500 mark. PSU bank shares extended gains for the second consecutive trading session. At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 121.82 points or 0.20% to 62,550.36. The Nifty 50 index added 41.45 points or 0.22% to 18,529.20. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index advanced 0.69%. The market breadth was strong. On the BSE, 2,195 shares rose and 1,189 shares fell. A total of 160 shares were unchanged. Fending off a US default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline. The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the US and global economy until 2025 after the next presidential election. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.39% to 11.32. The Nifty 29 June 2023 futures were trading at 18,616.05, at a premium of 86.85 points as compared with the spot at 18,529.20. The Nifty option chain for the 29 June 2023 expiry showed maximum Call OI of 39.3 lakh contracts at the 19,000 strike price. Maximum Put OI of 52.4 lakh contracts were seen at 18,000 strike price. Buzzing Index: The Nifty PSU Bank index rose 1.06% to 4,096.45. The index added 1.66% in two sessions. Bank of Maharashtra (up 3.19%), Indian Bank (up 2.31%), Indian Overseas Bank (up 2%), Canara Bank (up 1.49%), Punjab National Bank (up 1.45%), Bank of Baroda (up 0.95%), Union Bank of India (up 0.83%), State Bank of India (up 0.81%), Bank of India (up 0.81%) and Central Bank of India (up 0.36%) edged higher. Central Bank of India added 0.36%. The PSU bank said that it has entered into a strategic co-lending partnership with India Shelter Finance Corporation (ISFCL) to offer micro, small and medium enterprises (MSME) loans at competitive rates. Stocks in Spotlight: Can Fin Homes fell 1.18%. The company announced that Amitabh Chatterjee, deputy managing director (MD) (key managerial personnel) of the company resigned on 1 June 2023. Chatterjee was deputed from Canara Bank and has resigned on account of his repatriation and transfer back to Canara Bank. Mphasis gained 1.57% after the Mphasis Consulting signed a definitive agreement to acquire 100% of the shares in UK based eBECS, a wholly owned subsidiary of DXC UK International Operations. Mphasis Consulting is a wholly wholly owned subsidiary of Mphasis. Powered by Capital Market - Live News |