Nifty below 24,850; PSU bank shares slide for the 5th day

The domestic equity benchmarks traded with significant cuts in the early afternoon trade, weighed down by concerns over potential U.S. trade actions. Sentiment turned cautious after the United States issued a draft notice proposing tariffs of up to 50% on Indian goods, set to take effect from Wednesday.

The Nifty traded below the 24,850 mark. PSU Bank shares witnessed selling pressure for the fifth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 554.45 points or 0.68% to 81,081.46. The Nifty 50 index dropped 165.65 points or 0.66% to 24,802.80.

In the broader market, the S&P BSE Mid-Cap index slipped 0.81% and the S&P BSE Small-Cap index fell 1.08%.

The market breadth was weak. On the BSE, 1,258 shares rose and 2,658 shares fell. A total of 166 shares were unchanged.

The domestic equity market will remain closed tomorrow on account of Ganesh Chaturthi.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.55% to 12.06. The Nifty 28 August 2025 futures were trading at 24,802.90, at a premium of 0.1 points as compared with the spot at 24,802.80.

The Nifty option chain for the 28 August 2025 expiry showed a maximum call OI of 205.1 lakh contracts at the 25,000 strike price. Maximum put OI of 135.5 lakh contracts was seen at 24,800 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 1.20% to 6,896.70. The index dropped 3.17% in five consecutive trading sessions.

Union Bank of India (down 2.49%), Canara Bank (down 1.81%), Bank of Baroda (down 1.54%), Bank of India (down 1.51%), Punjab National Bank (down 1.42%), Central Bank of India (down 1.12%), Punjab & Sind Bank (down 1.07%), Bank of Maharashtra (down 0.99%), Indian Bank (down 0.96%) and UCO Bank (down 0.94%) declined.

On the other hand, Indian Overseas Bank (up 0.08%) edged higher.

Stocks in Spotlight:

Protean eGov Technologies jumped 8.49% after the company secured an order worth Rs 1,160 crore from the Unique Identification Authority of India (UIDAI) to set up Aadhaar Kendras across the country.

Vodafone Idea tumbled 9.46% after media reports said the Telecom Ministry clarified that no additional relief is being considered on the company?s massive adjusted gross revenue (AGR) dues.

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