Broader market outperforms; PSU bank shares decline

The key equity indices traded with minor cuts in early afternoon trade. The Nifty traded below the 17,950 mark after hitting the day's high of 18,004.35 in morning trade. PSU Bank stocks extended losses for third straight session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was down 35.23 points or 0.06% to 60,967.34. The Nifty 50 index shed 21.05 points or 0.12 % to 17,923.15.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.14% while the S&P BSE Small-Cap index rose 0.14%

The market breadth was remained negative. On the BSE, 1,507 shares rose and 1,880 shares fell. A total of 191 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 2.10% to 13.36. The Nifty 23 February 2023 futures were trading at 17,924.80, at a premium of 1.65 points as compared with the spot at 17,923.15.

The Nifty option chain for the 23 February 2023 expiry showed maximum Call OI of 144 lakh contracts at the 18,000 strike price. Maximum Put OI of 83.1 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 0.75% to 3,782.30, extending losses for the third session. The index declined 2.49% in three trading sessions.

Punjab & Sind Bank (down 3.67%), UCO Bank (down 1.91%), Bank of Maharashtra (down 1.67%), Indian Overseas Bank (down 1.56%), Central Bank of India (down 1.48%), Union Bank of India (down 0.99%), Canara Bank (down 0.95%), Indian Bank (down 0.87%), State Bank of India (down 0.78%) and Bank of Baroda (down 0.78%) slipped.

Stocks in Spotlight:

Samvardhana Motherson International advanced 3.58% after the company announced the signing of an agreement by its subsidiary to acquire SAS Autosystemtechnik for 4.4 billion euros.

Kalpataru Power Transmission (KPTL) declined 1.24%. The civil construction company along with its international subsidiaries has secured new orders worth Rs 3,185 crore across its various businesses.

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