Market reverses trend; PSU banks under pressure

The domestic equity barometers pared all the gains and traded with modest losses in morning trade. The Nifty traded below 21,700 level. PSU bank shares witnessed profit booking after gaining in the past three trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 373.52 points or 0.52% to 71,221.97. The Nifty 50 index lost 111.40 points or 0.51% to 21,671.10.

In the broader market, the S&P BSE Mid-Cap index declined 1.41% and the S&P BSE Small-Cap index slipped 1.96%.

The market breadth was weak. On the BSE, 1,045 shares rose and 2,632 shares fell. A total of 164 shares were unchanged.

New Listing:

Shares of Apeejay Surrendra Park Hotels were currently trading at Rs 173 at 10:28 IST on the BSE, representing a premium of 11.61% as compared with the issue price of Rs 155.

The scrip was listed at Rs 187, exhibiting a premium of 20.65% to the issue price. So far, the stock has hit a high of 188.90 and a low of 170.15. On the BSE, over 17.90 lakh shares of the company were traded in the counter so far.

Earnings Today:

Coal India (down 3.72%), Bharat Forge (down 0.10%), Allcargo Logistics (down 2.34%), Anupam Rasayan India (down 4.66%), BLS E-Services (down 4.09%), Cera Sanitaryware (down 0.90%), Dilip Buildcon (down 4.94%), GSK Pharmaceuticals (up 0.42%), Hindustan Aeronautics (down 1.55%), HEG (down 2.07%), Krsnaa Diagnostics (down 1.68%), Mazagon Dock Shipbuilders (down 2.99%), Samvardhana Motherson International (down 1.53%), NHPC (down 8.73%), Steel Authority of India (down 4.26%), and Skipper (down 4.74%) will announced their quarterly results later today.

Buzzing Index:

The Nifty PSU Bank index slipped 3.10% to 6,729.45. The index had advanced 5.93% in the past three trading sessions.

Indian Overseas Bank (down 6.61%), Punjab & Sind Bank (down 6.61%), Central Bank of India (down 6.32%), UCO Bank (down 5.78%) and Bank of Maharashtra (down 5.69%), Union Bank of India (down 4.3%), Bank of India (down 3.35%), Indian Bank (down 3.22%), Punjab National Bank (down 3.19%) and Canara Bank (down 1.58%) edged lower.

Stocks in Spotlight:

Divi's Laboratories rose 2.5%. The company consolidated net profit for Q3 FY24 was Rs 358 crores as against a PAT of Rs 306 crore for Q3 FY23, thereby recording a growth of 17% YoY. The companys total income in the third quarter rose by 7% to Rs 1950 crore from Rs 1821 crore posted in the same period last year.

Bandhan Bank slipped 5.92%. The Kolkata-based private lender reported a net profit of Rs 732.72 crore in Q3 FY24, steeply higher than Rs 290.57 crore recorded in Q3 FY23. Total income increased 7.6% to Rs 5,210.60 crore in the third quarter of FY24 from Rs 4,840.94 crore posted in Q3 FY23.

Honasa Conumer (Mamaearth) added 2.29%. Mamaearth reported consolidated net profit of Rs 25.90 crore in Q3 FY24, steeply higher than Rs 9.47 crore recorded in Q3 FY23. Revenue from operations jumped 27.8% to Rs 488.22 crore in Q3 FY24 as against Rs 382.16 crore recorded in corresponding quarter last year.

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