Benchmarks trade with sharp losses; PSU bank shares decline for 3rd day

The domestic equity benchmarks traded with significant losses in the morning trade, as lingering geopolitical tensions in West Asia continued to spook investors. With the war involving the US, Israel and Iran entering its fifth day, both sides have intensified military actions, triggering a global risk-off sentiment.

The Nifty traded below the 24,400 level. PSU Bank shares extended losses for the third consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, slumped 1,366.84 points or 1.71% to 78,870.75. The Nifty 50 index tanked 474.30 points or 1.91% to 24,394.50.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index declined 2.19% and the BSE 250 SmallCap Index fell 2.09%.

 

The market breadth was positive. On the BSE, 2,118 shares rose and 2,047 shares fell. A total of 182 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 20.68% to 20.70.

Brent crude, the global oil benchmark, climbed 1.58% to USD 82.69 per barrel.

US-Israel-Iran war enters Day 5:

Equity markets tumbled on Wednesday as the war between the US-Israel alliance and Iran entered its fifth day on March 4, deepening concerns over regional stability and global energy supplies.

On Day 4, Israel carried out fresh airstrikes targeting Iranian missile launchers and a nuclear research facility. In retaliation, Iran reportedly targeted US embassies in the Gulf region and disrupted key energy supply routes, escalating fears of a broader conflict.

With both sides intensifying military operations and diplomacy taking a back seat, US President Donald Trump said the conflict could last four to five weeks, signaling prolonged uncertainty for global markets.

New Listing:

Shares of PNGS Reva Diamond Jewellery were currently trading at Rs 370.65 at 10:19 IST on the BSE, representing a discount of 3.98% as compared with the issue price of Rs 386.

The stock debuted at Rs 372, marking a discount of 3.63% to the issue price.

So far, the stock has hit a high of Rs 379.15 and a low of Rs 359.60. On the BSE, over 0.73 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index fell 3.16% to 9,335.10. The index declined 5.51% in three consecutive trading session.

Bank of India (down 5.36%), Bank of Maharashtra (down 5.02%), Bank of Baroda (down 4.51%), Indian Bank (down 4.43%), Canara Bank (down 4.08%), Central Bank of India (down 3.98%), Union Bank of India (down 3.97%), Punjab & Sind Bank (down 3.14%), Punjab National Bank (down 3.09%) and UCO Bank (down 3.04%) declined.

Stocks in Spotlight:

Natco Pharma rose 2.60% after the company, along with its partner Breckenridge Pharmaceutical Inc., launched Pomalidomide Capsules, a generic version of Celgenes Pomalyst, in the U.S. market.

Hindustan Aeronautics fell 1.38%. The company has signed contracts worth Rs 5,083 crore with the Ministry of Defence for the supply of Advanced Light Helicopters (ALH) to the Indian Coast Guard and Surface-to-Air Vertical Launch (Shtil) missiles for the Indian Navy.

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