Nifty below 17,450 mark; PSU bank stocks decline

The key equity benchmarks traded with modest losses in mid-afternoon trade. The Nifty traded below the 17,450 mark after hitting day's high of 17,599.75 in early trade. Oil & gas, consumer durables and realty stocks edged higher while metal, PSU bank and auto stocks witnessed a bit of a selling pressure.

At 14:22 IST, the barometer index, the S&P BSE Sensex, was down 225.79 points or 0.38% to 59,380.01. The Nifty 50 index declined 74.95 points or 0.43% to 17,436.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.23% while the S&P BSE Small-Cap index shed 0.15%.

The market breadth was negative. On the BSE, 1,426 shares rose and 1,979 shares fell. A total of 160 shares were unchanged.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced to 7.406 from 7.391 previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7825, compared with its close of 82.6450 during the previous trading session

MCX Gold futures for 5 April 2023 settlement advanced 0.29% to Rs 55,750.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 104.65

The United States 10-year bond yield added 0.05 % to 3.883.

In the commodities market, Brent crude for April 2023 settlement rose $1.02 or 1.24% to $83.23 a barrel.

Buzzing Index:

The Nifty PSU bank index fell 0.83% to 3,619.50. The index rose 0.53% in the past trading session.

Punjab & Sind Bank (down 3.75%), Indian Bank (down 1.62%), Bank of India (down 1.41%), Indian Overseas Bank (down 1.21%), UCO Bank (down 0.98%), Central Bank of India (down 0.97%), Canara Bank (down 0.93%), Bank of Maharashtra (down 0.78%), Union Bank of India (down 0.74%) and Punjab National Bank (down 0.21%) declined.

Stocks in Spotlight:

Mahindra Lifespace Developers slipped 5.28% after the company announced the resignation of its managing director (MD) and chief executive officer (CEO), Arvind Subramanian, with effect from 22 May 2023.

DLF rose 0.61%. The realty major said that it has exercised the option to prepay the non-convertible debentures (NCDs) one year ahead of the schedule on annual interest reset date of 25 March 2023.

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