Barometers trade lower; PSU bank shares under pressure

The key equity benchmarks traded in negative terrain with substantial losses in mid-afternoon trade. The Nifty traded below 22,150 mark. PSU Bank shares witnessed selling pressure for third consecutive trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was slipped 562.10 points or 0.77% to 72,837.68. The Nifty 50 index declined 145.10 points or 0.65% to 22,127.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.73%.

The market breadth was positive. On the BSE, 2,223 shares rose and 1,556 shares fell. A total of 112 shares were unchanged.

Domestic stock markets will remain closed on Wednesday, 17 April 2024 on account of Ram Navami.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Buzzing Index:

The Nifty PSU Bank index dropped 1.03% to 6,983.35. The index fell 4.21% in three consecutive trading sessions.

Punjab National Bank (down 2.45%), Bank of Baroda (down 1.7%), Union Bank of India (down 1.24%), Canara Bank (down 1.07%), State Bank of India (down 1%) and Bank of India (down 0.25%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.26% to 7.194 from previous close of 7.175.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5250, compared with its close of 83.4450 during the previous trading session.

MCX Gold futures for 5 July 2024 settlement rose 0.36% to Rs 72,604.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 106.31.

The United States 10-year bond yield rose 0.11% to 4.634.

In the commodities market, Brent crude for June 2024 settlement rose 4 cents or 0.04% to $90.06 a barrel.

Stocks in Spotlight:

Veranda Learning Solutions rose 0.03% after the company announced a strategic agreement with Pearson to synergize their expertise in content creation and delivery of resources for test preparation and higher education in India.

Ugro Capital rallied 3.15% after the companys asset under management (AUM) jumped 48% to Rs 9,000 crore in Q4 FY24 as compared with Rs 6,081 crore in Q4 FY23.

Steel Strips Wheels (SSWL) advanced 2.70% after the company signed alloy wheel supply agreement with one of the top passenger car manufacturers in India.

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