Indices trade with modest losses; PSU bank shares decline for 2nd day

The domestic equity barometers traded with moderate losses in early afternoon trade, following a subdued market sentiment ahead of Tata Consultancy Services' quarterly results, with expectations of fewer rate cuts in the U.S. in 2025 adding to market caution. The Nifty traded below the 23,600 level. PSU Bank shares extended losses for the two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 332.78 points or 0.43% to 77,815.71. The Nifty 50 index fell 130.85 points or 0.55% to 23,558.10.

In the broader market, the S&P BSE Mid-Cap index shed 0.48% and the S&P BSE Small-Cap index fell 0.58%.

The market breadth was weak. On the BSE, 1,488 shares rose and 2,270 shares fell. A total of 148 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.88% to 14.53. The Nifty 30 January 2025 futures were trading at 23,704.60, at a premium of 146.5 points as compared with the spot at 23,558.10.

The Nifty option chain for the 30 January 2025 expiry showed maximum Call OI of 47 lakh contracts at the 24,000 strike price. Maximum Put OI of 47.4 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index fell 1.31% to 6,252.45. The index declined 2.08% in two trading session.

Union Bank of India (down 1.73%), Central Bank of India (down 1.48%), State Bank of India (down 1.22%), Indian Bank (down 1.21%) and Canara Bank (down 1.17%), Bank of Maharashtra (down 1.08%), Bank of Baroda (down 0.95%), Bank of India (down 0.9%), Indian Overseas Bank (down 0.89%) and Punjab National Bank (down 0.85%) edged lower.

Stocks in Spotlight:

GMR Airports shed 0.21%. The company has announced that it has entered into a share purchase agreement with Bird Delhi General Aviation Services (BDGASPL) to acquire 50% of the companys paid-up share capital, with a total consideration of approximately Rs 15.02 crore.

PNG Jewellers declined 1.94%. The company announced that it has witnessed a consolidated YoY growth of around 24% in Q3 FY25, driven by a strong increase in same store sales growth, festive demand in Dussehra, Diwali, and the wedding season.

Orient Technologies tumbled 3.58%. The company said that the board has approved the appointment of Shrihari Bhat as the chief executive officer (CEO) of the company with effect from 1st January, 2025.

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