Market trades sideways; PSU bank shares rally

The domestic equity benchmarks traded in sideways in mid-morning trade. The Nifty tad above the 22,500 level. PSU bank shares witnessed buying demand for the third consecutive trading sessions.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 55.99 points or 0.07% to 73,950.91. The Nifty 50 index added 7.15 points or 0.03% to 22,509.15.

In the broader market, the S&P BSE Mid-Cap index added 0.21% and the S&P BSE Small-Cap index fell 0.10%.

The market breadth was negative. On the BSE, 1,626 shares rose and 2,082 shares fell. A total of 201 shares were unchanged.

Buzzing Index:

The Nifty PSU bank index gained 1.05% to 7,232.10. The index rallied 1.89% in three consecutive trading sessions.

Bank of Maharashtra (up 3.41%), Central Bank of India (up 2.82%), Indian Overseas Bank (up 2.24%), UCO Bank (up 2.14%), State Bank of India (up 1.21%), Union Bank of India (up 1.06%), Punjab National Bank (up 0.95%), Bank of Baroda (up 0.78%), Punjab & Sind Bank (up 0.49%) and Canara Bank (up 0.31%) advanced.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) rallied 7.93% after the company reported 33.16% increase in consolidated net profit to Rs 478.40 crore in Q4 FY24 as compared with Rs 359.25 crore in Q4 FY23. Revenue from operations jumped 17.38% year on year (YoY) to Rs 6,714.01 crore in the fourth quarter of FY24.

JSW Steel advanced 2.62% after the company reported 64.66% decline in consolidated net profit to Rs 1,332 crore in Q4 FY24 as compared with Rs 3,741 crore in Q4 FY23. Revenue from operations fell 1.48% YoY to Rs 46,269 crore in Q4 FY24.

Bharat Electronics (BEL) jumped 6.78% after the company reported 30.04% growth in consolidated net profit to Rs 1,797.11 crore in Q4 FY24 as against Rs 1,382.02 crore in Q4 FY23.Revenue from operations jumped 32.18% year on year (YoY) to Rs 8,564.08 crore in the quarter ended 31 March 2024.

Global Markets:

Asian stocks declined on Tuesday, snapping a seven-day winning streak, as investors weighed US central bank policy and the health of the global economy. Additionally, developments in the Middle East add a layer of uncertainty, potentially triggering a flight to safer assets.

Meanwhile, US stocks edged higher on Monday, with the Nasdaq Composite (^IXIC) reaching a record close, driven by Nvidia (NVDA) shares ahead of their earnings report this week. The S&P 500 rose slightly by 0.1%, while the Dow Jones Industrial Average dipped below 40,000, down 0.5% after Friday's record high.

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