Benchmarks turn rangebound; Bank shares drops for 3rd day

The key equity benchmarks traded in rangebound with substantial losses in mid-morning trade as investors remained cautious amid negative global sentiment and FII selling. The Nifty traded below the 22,600 level. Bank shares declined for third consecutive trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex, declined 739.65 points or 0.98% to 74,566.92. The Nifty 50 index dropped 216.10 points or 0.95% to 22,579.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.92% and the S&P BSE Small-Cap index slipped 0.90%.

The market breadth was weak. On the BSE, 1,106 shares rose and 2,644 shares fell. A total of 168 shares were unchanged.

New Listing:

Shares of Quality Power Electrical Equipments were currently trading at Rs 406.30 at 11:19 IST on the BSE, representing a discount of 4.4%, compared with the issue price of Rs 425.

The scrip was listed at Rs 432, exhibiting a premium of 1.65% to the issue price.

So far, the stock has hit a high of 432.05 and a low of 397. On the BSE, over 3.08 lakh shares of the company were traded in the counter so far.

The initial public offering (IPO) of Quality Power Electrical Equipments was subscribed 1.29 times. The issue opened for bidding on 14 February 2025, and it closed on 18 February 2025. The price band of the IPO was fixed between Rs 401 to 425 per share.

Buzzing Index:

The Nifty Bank index dropped 1.18% to 48,402.30. The index fell 2.36% in the three trading sessions.

HDFC Bank (down 1.75%), ICICI Bank (down 1.63%), IndusInd Bank (down 1.55%), IDFC First Bank (down 1.39%), Bank of Baroda (down 1.29%), Canara Bank (down 1.28%), State Bank of India (down 0.93%), Punjab National Bank (down 0.86%), AU Small Finance Bank (down 0.64%) and Axis Bank (down 0.63%) declined.

Stocks in Spotlight:

Bajaj Auto shed 0.94%. The company said its board has approved an investment of up to Euro 150 million (Rs 1,364) crore in its wholly-owned arm, Bajaj Auto International Holdings BV, Netherlands, to fund the needs of the latter towards investment opportunities.

NTPC fell 0.92%. The company and EDF India, a subsidiary of ectricitde France (EDF), have signed a non-binding term sheet to develop pumped storage, hydropower, and other renewable energy projects, as well as explore opportunities in the distribution business.

Easy Trip Planners declined 1.55%. The company has announced that its wholly owned subsidiaries, YoloBus and Easy Green Mobility, have successfully secured Madhya Pradesh Governments first inter-city electric buses tender, issued by Sagar City Transport Services (SCTSL).

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