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Market sell-off continues; PSU bank shares underpressure

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The key equity indices traded with major cuts in mid-afternoon trade. The Nifty dropped below the 24,100 level after hitting the days high of 24,440.25 in early trade. PSU bank shares declined after advancing in the past two consecutive trading sessions.

At 14:27 IST, the barometer index, the S&P BSE Sensex, tumbled 891.91 points or 1.11% to 79,173.25. The Nifty 50 index dropped 318.15 points or 1.30% to 24,081.25.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.12% and the S&P BSE Small-Cap index dropped 3.30%.

The market breadth was weak. On the BSE, 615 shares rose and 3,278 shares fell. A total of 86 shares were unchanged.

 

Buzzing Index:

The Nifty PSU Bank index dropped 2.75% to 6,253.35. The index gained 1.67% in past two consecutive trading sessions.

Central Bank of India (down 4.81%), Punjab & Sind Bank (down 4.47%), UCO Bank (down 4.2%), Canara Bank (down 4.12%), Indian Overseas Bank (down 3.74%), Bank of Maharashtra (down 3.5%), Punjab National Bank (down 3.04%), Bank of Baroda (down 2.77%), Bank of India (down 2.5%) and State Bank of India (down 1.67%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.25% to 6.952 as compared with previous close 6.935.

In the foreign exchange market, the rupee was flat against the dollar. The partially convertible rupee was hovering at 84.0750.

MCX Gold futures for 31 October 2024 settlement lost 0.53% to Rs 77,910.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 104.04.

The United States 10-year bond yield shed 0.14% to 4.195.

In the commodities market, Brent crude for December 2024 settlement lost 1 cent or 0.01% to $74.37 a barrel.

Stocks in spotlight:

VST Industries dropped 9.96% after the companys standalone net profit fell 37.38% to Rs 47.56 crore on 3.12% increase in revenue from operations (excluding excise duty) to Rs 358.95 crore in Q2 FY25 over Q2 FY24.

Suryoday Small Finance Bank tumbled 12.18% after the bank reported 9.76% decline in net profit to Rs 45.39 crore in Q2 FY25 as against Rs 50.30 crore posted in Q2 FY24. However, total income jumped 29.89% YoY to Rs 554.65 crore in the quarter ended 30 September 2024.

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First Published: Oct 25 2024 | 2:33 PM IST

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