Indices trade lower; PSU bank shares slide for 4th day

The key equity benchmarks traded with modest losses in early afternoon trade as metal stocks faced pressure following US President Donald Trumps announcement of 25% tariffs on steel and aluminum imports. The Nifty hovered below the 23,250 level.

PSU Bank shares witnessed selling pressure for the fourth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, slipped 401.12 points or 0.52% to 76,910.68. The Nifty 50 index lost 135.10 points or 0.59% to 23,244.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.64%, and the S&P BSE Small-Cap index dropped 3.14%.

The market breadth was weak. On the BSE, 589 shares rose and 3,248 shares fell. A total of 118 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.15% to 14.47. The Nifty 27 February 2025 futures were trading at 23,317.55, at a premium of 73.3 points as compared with the spot at 23,244.25.

The Nifty option chain for the 27 February 2025 expiry showed a maximum call OI of 64.8 lakh contracts at the 24,000 strike price. Maximum put OI of 59.8 lakh contracts was seen at 23,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 1.53% to 6,040.05. The index dropped 4.57% in the previous four consecutive trading sessions.

Punjab & Sind Bank (down 2.54%), Indian Overseas Bank (down 2.42%), Central Bank of India (down 2.42%), Canara Bank (down 2.38%), Union Bank of India (down 2.34%), Bank of India (down 2.34%), Bank of Maharashtra (down 2.32%), UCO Bank (down 2.28%), Punjab National Bank (down 2.26%) and Bank of Baroda (down 1.87%) declined.

Stocks in Spotlight:

Grasim Industries added 1.38% after the companys consolidated net profit zoomed 130.56% to Rs 898.96 crore on a 3.66% rise in revenue from operations to Rs 34,792.85 in Q3 FY25 over Q2 FY25.

Orissa Minerals Development Company (OMDC) dropped 4.69% after the company reported consolidated net loss of Rs 7.49 crore in Q3 FY25 as against net profit of Rs 2.32 crore posted in corresponding quarter last year. Total income slipped 25.78% year on year (YoY) to Rs 21.16 crore in the third quarter of FY25.

Escorts Kubota declined 5.07%. The company reported a 7.67% increase in standalone net profit from continuing operations to Rs 290.47 crore on an 8.46% increase in revenue from operations to Rs 2,935.43 crore in Q3 FY25 as compared with Q3 FY24.

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