The Nifty Pharma index was trading 0.31 per cent down at 12619.9.

The Nifty Bank index was trading 0.09 per cent up at 42204.8.

The Nifty Realty index was trading 0.06 per cent up at 426.05.

The Nifty Auto index was trading 0.33 per cent up at 12791.35.

The Nifty IT index was trading 0.59 per cent up at 29436.45.

“The Reliance stock will be in a range until there is no clarity on how things move going forward. But this is an incredibly interesting business for us. It is one of the most innovative companies in the Nifty50 in terms of technology. I like the business but it is going to take time until the demerger. The sum of the parts is greater than the whole.”

"It will be done in piecemeal manner and we are looking at QIP between Rs 500 and Rs 1,000 crore in the current quarter," he said, adding, going forward other means would be explored for dilution of the government's stake.

Total income for the bank rose 23% at Rs 4770 crore against Rs 3893 crore in the year-ago quarter while net interest income rose nearly 30% at Rs 1,980 crore against Rs 1,527 crore. Provisions other than taxes fell 30% at Rs 582 crore against Rs 836 crore.

The Nifty Auto index closed 0.65 per cent down at 12748.8.

The Nifty Bank index closed 0.48 per cent down at 42167.55.

The Nifty Realty index closed 0.14 per cent down at 425.8.

The Nifty IT index closed 1.14 per cent up at 29264.65.

The Pune-based bank's asset quality improved substantially as the gross non-performing assets declined to 2.94% as of December 2022 as against 4.73% as on December 2021. Meanwhile, net NPAs were down to 0.47% during the period under review

Bank of Maharashtra Q3: The public sector lender's net profit came in at Rs 775 crore, up from Rs 324.6 crore in the year-ago period

The Nifty Pharma index was trading 0.33 per cent down at 12627.45.

The Nifty IT index was trading 1.21 per cent up at 29283.3.

The Nifty Realty index was trading 0.09 per cent down at 426.0.

The Nifty Auto index was trading 0.68 per cent down at 12745.7.

The Nifty Bank index was trading 0.5 per cent up at 42583.35.

This multibagger stock from the garments and apparels segment is scheduled to meet for its board meeting for considering bonus share issue and stock split. The companys stock in a 1-year period has generated a return of 578

The Nifty Bank index was trading 0.74 per cent down at 41919.15.

The Nifty IT index was trading 0.16 per cent up at 28642.75.

The Nifty Pharma index was trading 0.5 per cent down at 12618.8.

The Nifty Realty index was trading 0.13 per cent down at 424.4.

The Nifty Auto index was trading 0.04 per cent up at 12757.95.

Shares of Indian Overseas Bank (IOB) were the top gainers in todays trade as the stock surged 13% to Rs 29.75 apiece. Meanwhile, shares of Union Bank of India, Bank of India and Bank of Maharashtra rose over 8%. PNB, Indian Bank, UCO Bank, and Central Bank of India advanced over 5% each.

Indian Overseas Bank was the top loser as the stock fell 10% to Rs 27.5 per share. Among other PSU bank stocks, UCO Bank fell 9.9%, Central Bank of India 9% and Bank of Maharashtra 8%. The Bank of India, Union Bank of India, Indian Bank, PNB and Punjab & Sind Bank also plunged over 5%.

The fund raised through the AT1 bonds will support the business growth of the bank, it added.

The chances of a recession in the US post the fed outcome added fuel to the fire. The markets are likely to remain under pressure in the near term.

In light of the fact that the market seems to be showing strong support near 18000 until this level is breached, we are able to conclude that this is should be a normal profit booking process.

However, money managers are not very confident in betting on the smaller and mid-sized state-owned banks eventhough many of them have undertaken a major clean-up of their balance sheets and have seen a sharp expansion in their price-to-book values.

Money managers do expect the banking pack to remain on the top of the betting list in 2023 as a recovery in the domestic economy will see the sector leading earnings growth for India Inc.

​I think that banks are in for a good time for the next two, three years or so. We heard what Mr Uday Kotak said that this is the Cinderella time for them and I completely agree with that. Rather since the pandemic I have not seen these kind of positive factors coming through all together for the banking industry ever.

“Among smallcaps, we like EMI Ltd. It is another stock based in Hyderabad and Telangana area and they also have a good presence in Delhi. We believe that that stock should perform well and our target on that stock is Rs 180-200 in the next two to three years. You are looking at a more than 100% run from the current levels.”

PNB Housing: Buy | Target Rs 507 | Stop Loss Rs 455 | The stock has an ascending triangle breakout.

Stocks that were in focus include names like UCO Bank which was up over 14%, Bank of Maharashtra which gained over 4%, and IOB which was up more than 5% on Wednesday.

The Nifty Pharma index closed 0.67 per cent up at 12883.6.

The Nifty Auto index closed 0.57 per cent up at 13004.1.

The Nifty Realty index closed 1.45 per cent up at 452.45.

The Nifty Bank index closed 0.23 per cent up at 44049.1.

“We expect this outperformance for banks and the tailwind for the sector to continue for 2023. In the short term, after yesterday's inflation print in the US, there is an expectation in some quarters that the US Fed might turn less hawkish in the upcoming policy, which will support the markets,” he added.

The Nifty Auto index was trading 0.46 per cent up at 12990.1.

The Nifty Pharma index was trading 0.55 per cent up at 12867.8.

The Nifty Bank index was trading 0.12 per cent up at 43999.5.

The Nifty Realty index was trading 0.82 per cent up at 449.65.

The Nifty Bank index closed 0.54 per cent up at 43946.55.

The Nifty Pharma index closed 0.31 per cent up at 12797.75.