Sensex slides 585 pts; PSU bank shares underpressure

The headline equity benchmarks traded with significant cuts in mid-afternoon trade, despite positive cues from global markets, including the US-EU trade agreement. Market participants remained cautious, closely tracking the ongoing earnings season and FII activity. The Nifty slipped below the 24,700 level.

PSU bank shares declined for the second day in a row.

At 13:30 IST, the barometer index, the S&P BSE Sensex, declined 585.27 points or 0.70% to 80,876.09. The Nifty 50 index declined 159.10 points or 0.64% to 24,674.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.76% and the S&P BSE Small-Cap index slumped 1.33%.

The overall market breadth was weak, with more stocks declining than advancing. On the BSE, 1,158 stocks advanced, 2,896 declined, and 177 remained unchanged.

Buzzing Index:

The Nifty PSU bank index fell 1.07% to 6,928.65. The index dropped 2.75% in the two consecutive trading sessions.

Indian Overseas Bank (down 2.03%), Indian Bank (down 1.53%), Union Bank of India (down 1.52%), Punjab & Sind Bank (down 1.5%), UCO Bank (down 1.22%), Bank of Baroda (down 1.11%), Punjab National Bank (down 0.95%), State Bank of India (down 0.92%), Bank of India (down 0.81%) and Central Bank of India (down 0.62%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.16% to 6.363 from the previous close of 6.353.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.5600 compared with its close of 86.5200 during the previous trading session.

MCX Gold futures for 5 August 2025 settlement rose 0.06% to Rs 97,878.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.49% to 97.87.

The United States 10-year bond yield declined 0.25% to 4.375.

In the commodities market, Brent crude for September 2025 settlement rose 31 cent or 0.45% to $68.75 a barrel.

Stocks in Spotlight:

NIBE jumped 5.36% after the company announced a strategic technology collaboration agreement with Elbit Systems, a globally renowned technology company from Israel.

Cartrade Tech surged 8.97% after the company reported a 105.59% jump in consolidated net profit to Rs 47.06 crore in Q1 FY26 as compared with Rs 22.89 crore in Q1 FY25. Revenue from operations increased 22.27% year-on-year to Rs 173.03 crore in Q1 FY26.

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