Market at day's low; PSU banks under pressure

The frontline indices pared all gains and traded with modest losses in mid-afternoon trade. The Nifty traded below the 24,950 mark after hitting the days high of 25,113.70 in early afternoon trade. PSU bank shares extended losses for the fourth consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, slipped 312.01 points or 0.38% to 81,613.22. The Nifty 50 index lost 94.80 points or 0.38% to 24,946.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.21% and the S&P BSE Small-Cap index declined 0.34%.

The market breadth was negative. On the BSE, 1,660 shares rose and 2,259 shares fell. A total of 112 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index slipped 1.33% to 6,550.15. The index fell 5.08% in four consecutive trading sessions.

Indian Bank (down 1.75%), Union Bank of India (down 1.49%), Punjab National Bank (down 1.48%), Canara Bank (down 1.39%), Bank of Maharashtra (down 1.12%), Punjab & Sind Bank (down 1.01%), UCO Bank (down 0.92%), State Bank of India (down 0.91%), Indian Overseas Bank (down 0.87%) and Bank of Baroda (down 0.76%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper lost 0.24% to 6.948 as compared with previous close 6.965.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9525, compared with its close of 83.9800 during the previous trading session.

MCX Gold futures for 4 October 2024 settlement rose 0.37% to Rs 72,180.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.21% to 101.42.

The United States 10-year bond yield fell 0.72% to 3.618.

In the commodities market, Brent crude for November 2024 settlement gained $1.05 or 1.52% to $70.24 a barrel.

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