Sensex, Nifty trades with modest losses; PSU bank shares decline

The key equity benchmarks traded with moderate losses the in morning trade with the Sensex and Nifty slipping into consolidation after October?s sharp rally, as financial stocks dragged the indices lower. Volatility remained elevated ahead of the Nifty 50?s weekly derivatives expiry.

The Nifty traded below the 25,500 level. PSU bank shares extended losses for the two consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, tanked 303.78 points or 0.37% to 83,225.54. The Nifty 50 index shed 83.15 points or 0.35% to 25,487.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.42% and the S&P BSE Small-Cap index fell 0.25%.

The market breadth was negative. On the BSE, 1,347 shares rose and 1,802 shares fell. A total of 188 shares were unchanged.

US-India Trade Deal:

Hints of a potential trade breakthrough with the US emerged from the White House on Monday as President Donald Trump reportedly said that Washington and New Delhi are moving closer to finalising a new trade agreement, adding that the US would eventually bring down tariffs on India. Trump's remarks came during the swearing-in ceremony of Sergio Gor, the new US Ambassador to India, at the Oval Office.

We?re making a deal with India. Much different than we had. Right now they don?t love me but they will love us again. We?re getting a fair deal. They?re very good negotiators, so Sergio, you will have to take a look at that. I think we?re pretty close to doing a deal that is good for everybody, the President reportedly said during the ceremony.

Speaking to reporters later, Trump reportedly responded to questions on whether the US would consider lowering tariffs on Indian imports. ?Well, right now, the tariffs are very high on India because of the Russian oil, and they?ve stopped doing the Russian oil. It?s been reduced very substantially. Yeah, we?re going to be bringing the tariffs down. At some point, we?re going to be bringing them down,? he reportedly stated.

Q2 Result Today:

Bajaj Finserv (down 6.57%), Bajaj Holdings & Investment (down 3.23%), The Tata Power Company (down 0.71%), Bosch (down 0.47%), BSE (down 0.62%), Fortis Healthcare (down 0.60%), Torrent Power (down 0.84%), Rail Vikas Nigam (up 0.25%), Bharat Forge (0.75%), PI Industries (down 0.93%), Max Financial Services (down 0.93%), Biocon (up 1.19%), Container Corporation of India (down 0.55%), Gujarat Fluorochemicals (down 1.29%), Thermax (0.24%), Godrej Industries (down 0.75%), Hindustan Copper (up 2.06%), JB Chemicals and Pharmaceuticals (1.03%), Emcure Pharmaceuticals (shed 0.95%), EID Parry (India) (down 1.53%), Bikaji Foods International (down 0.52%), Kirloskar Oil Engines (0.72%), Jupiter Wagons (up 0.39%), RITES (0.55%), Borosil Renewables (up 0.29%) and Atul Auto (down 0.85%) will announce their quarterly results today.

Buzzing Index:

The Nifty PSU bank index fell 1.49% to 8,216.80. The index shed 1.62% in past two consecutive trading session.

Bank of Maharashtra (down 2.33%), Canara Bank (down 2.14%), Union Bank of India (down 2.04%), Central Bank of India (down 1.98%), Indian Overseas Bank (down 1.96%), Bank of India (down 1.86%), Punjab & Sind Bank (down 1.81%), Bank of Baroda (down 1.77%), Indian Bank (down 1.73%) and Punjab National Bank (down 1.64%) declined.

Stocks in Spotlight:

Oil and Natural Gas Corporation (ONGC) fell 1.15%. The company has reported 5.4% rise in consolidated net profit to Rs 10,785 crore despite 0.9% fall in gross revenue to Rs 1,57,911 crore in Q2 FY26 as compared with Q2 FY25.

Rail Vikas Nigam rose 0.24%. The company announced that it has received a letter of award (LoA) worth Rs 144.44 crore from Secunderabad division under South Central Railway for upgrading the existing overhead equipment (OHE) system.

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