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Stock Market LIVE Updates: PSB Index Surges, Broader Markets Lead
The Indian stock market opened on a positive note today, with broader indices outperforming benchmark indices. The Public Sector Bank (PSB) Index hit a fresh 52-week high, signaling renewed investor interest in banking and financial stocks. Meanwhile, Mahindra & Mahindra (M&M) saw its shares rise over 2%, driving auto sector momentum.
Benchmark Highlights
BSE Sensex: Hovered near 85,700 levels, slightly up from previous close.
NSE Nifty 50: Managed to hold above the 25,800 mark.
Broader Markets: The Nifty Midcap 100 and Nifty Smallcap 100 indices outperformed, up between 0.5–1.2%.
Sectoral Performance
Public Sector Banks: Major gainers included State Bank of India (SBI), Bank of Baroda, and Canara Bank, lifting the PSB index to a 52-week high.
Auto Sector: Mahindra & Mahindra (M&M) rose 2% following strong sales data and positive management commentary.
IT and Pharma: Witnessed mild profit booking after recent rallies.
FMCG: Remained flat, reflecting cautious sentiment in the consumer segment.
Market Sentiment
Analysts note that domestic inflows continue to strengthen midcap and smallcap momentum. While global markets remain mixed, India’s strong GDP outlook and robust corporate earnings have kept investor confidence high.
Expert View
According to market experts, “Public sector banks are benefiting from improved credit growth and better asset quality. With steady retail participation, the broader market sentiment remains bullish for the short term.”
Top Gainers
M&M: +2.0%
SBI: +1.8%
Canara Bank: +1.6%
Tata Motors: +1.2%
Top Losers
Infosys: −0.7%
HUL: −0.5%
Sun Pharma: −0.4%
FAQs
1. Why did the PSB Index hit a 52-week high today?
The PSB Index surged due to strong quarterly earnings, reduced NPAs, and continued credit demand in retail and infrastructure sectors.
2. What triggered the 2% rise in Mahindra & Mahindra (M&M) shares?
M&M shares climbed following better-than-expected monthly auto sales and a positive demand outlook for SUVs and tractors.
3. Which sectors are performing well today?
Public sector banks, auto, and metals are leading, while IT and FMCG stocks witnessed mild profit booking.
4. Are midcaps and smallcaps still good to buy now?
Yes, but experts suggest a selective approach, focusing on fundamentally strong companies due to recent volatility.
Published on : 3rd November
Published by : RAHAMATH
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