Benchmarks hit day's low; PSU banks decline for 5th day

The domestic equity barometers extended losses and hit fresh intraday low in mid morning trade. The Nifty slipped below the 18,050 mark. PSU banks witnessed selling pressure for fifth day in a row. Most Asian indices were trading higher.

At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 279.9 points or 0.46% to 60,438.81. The Nifty 50 index lost 74.05 points or 0.41% to 18,035.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index gained 0.51%.

The market breadth turned positive. On the BSE, 1736 shares rose and 1389 shares fell. A total of 152 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Tarsons Products received bids for over 1.58 crore shares as against 1.08 crore shares on offer, according to stock exchange data at 11:06 IST on Tuesday (16 November 2021). The issue was subscribed 1.46 times.

The issue opened for bidding on 15 November 2021 and it will close on 17 November 2021. The price band of the IPO is fixed at Rs 635-662.

Buzzing Index:

The Nifty PSU Bank index fell 0.99% to 2,841.85, extending losses for fifth day. The index has declined by 6.54% in five sessions.

Union Bank of India (down 2.36%), UCO Bank (down 1.43%), State Bank of India (down 1.39%), Canara Bank (down 1.32%), Jammu and Kashmir Bank (down 1.16%), Central Bank of India (down 0.69%) and Punjab National Bank (down 0.60%) declined.

Global markets:

Most Asian markets advanced across the board on Tuesday.

US equities ended flat on Monday, as U.S. Treasury yields reversed and climbed higher, and investors awaited quarterly reports from big retailers later in the week.

Meanwhile, U.S. President Joe Biden and Chinese President Xi Jinping kicked off a virtual meeting on Tuesday with a positive tone and cordial remarks. The video call is the closest communication between the countries' two leaders since Biden took office in January.

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