Nifty trades below 23,400 level; PSU Bank shares decline for 2nd day

City gas distributor stocks rallied after the government approved an incentive scheme to accelerate domestic PNG connections from September 1. Mahanagar Gas, IGL, Adani Total Gas rose as the scheme aims to expand active piped gas connections and promote cleaner, safer and affordable cooking fuel.

Foreign investors bought Indian financials worth over fourteen thousand crore rupees. This marked their highest purchase in financials during the second half of June. Overseas investors became net buyers of Indian equities after significant earlier outflows. Global index rebalancing and value purchases boosted renewed investor appetite for financials. Financial services and infrastructure sectors are expected…

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