Broader mkt underperforms; PSU banks under pressure

The benchmark indices pared some losses but traded with minor cuts in mid-morning trade. The Nifty climbed above the 21,900 level. PSU Bank shares witnessed selling pressure for the fifth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 322.47 points or 0.44% to 72,166.52. The Nifty 50 index dropped 93.85 points or 0.43% to 21,902.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 1.23% while the S&P BSE Small-Cap index fell 0.81%.

The market breadth was weak. On the BSE, 1,122 shares rose and 2,420 shares fell. A total of 128 shares were unchanged.

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 slipped 1.53% to 6,846.90. The index tumbled 6.08% in five trading sessions.

Canara Bank (down 2.7%), Punjab & Sind Bank (down 2.1%), Punjab National Bank (down 1.89%), Union Bank of India (down 1.82%), Bank of Baroda (down 1.81%), Bank of India (down 1.6%), UCO Bank (down 1.59%), Bank of Maharashtra (down 1.47%), Indian Bank (down 1.4%) and Central Bank of India (down 1.29%) edged lower.

Stocks in Spotlight:

ITC rose 1.28%. The company announced that its wholly owned subsidiary, ITC Infotech India has entered into Share Purchase Agreement to acquire 100% stake in Blazeclan Technologies for total consideration of Rs 485 crore.

Mahindra Lifespace Developers declined 1.17%. The realtor said that it has sold homes worth Rs 350 crore in two days at Mahindra Zen, which is Bengalurus first net zero waste + energy residential project.

Global Markets:

Asian stocks are trading lower on Friday as reports of Israeli strikes on Iran further ramped up concerns over worsening geopolitical conditions in the Middle East. Israel, early Friday morning local time, launched missiles in a retaliatory strike against Iran, as per reports. The missile launches follow Iran's attack last Saturday.

U.S. stocks closed mixed on Thursday in another jittery day of trade, as investors focused on rising bond yields and uncertain oil prices.

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