Nifty trades below 23,900 level; private bank shares decline

The key equity barometers traded with modest cuts in early afternoon trade, as fading hopes of a sustained US?Iran ceasefire weighed on investor sentiment. Market participants are also closely watching the start of the fourth-quarter earnings season, with India?s largest IT services firm, TCS, set to announce its results after market hours today, along with companies such as Anand Rathi Wealth. Volatility remained elevated due to the weekly expiry of Sensex F&O contracts. The Nifty slipped below the 23,900 level. Private bank shares witnessed correction after advancing in the past five consecutive trading sessions.

At 12:30 ST, the barometer index, the S&P BSE Sensex, declined 605.97 points or 0.78% to 76,949.48. The Nifty 50 index fell 134.85 points or 0.56% to 23,862.50.

In the broader market, the BSE 150 MidCap Index rose 0.54% and the BSE 250 SmallCap Index rallied 0.78%.

The market breadth was strong. On the BSE, 2,508 shares rose and 1,544 shares fell. A total of 180 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.78% to 20.05. The Nifty 28 April 2026 futures were trading at 23,962, at a discount of 99.5 points as compared with the spot at 23,862.50.

The Nifty option chain for the 28 April 2026 expiry showed a maximum call OI of 46 lakh contracts at the 24,000 strike price. A maximum put OI of 46.6 lakh contracts was seen at the 23,000 strike price.

Buzzing Index:

The Nifty Private Bank index fell 1.10% to 26,432.90. The index surged 10.36% over the past five trading sessions.

HDFC Bank (down 1.74%), Kotak Mahindra Bank (down 1.33%), ICICI Bank (down 1.25%), IndusInd Bank (down 1.13%), RBL Bank (down 0.99%), Axis Bank (down 0.32%), IDFC First Bank (down 0.17%), and Federal Bank (down 0.07%) declined.

Stocks in Spotlight:

NTPC rose 2.34% after the company announced that it has signed a non-binding memorandum of understanding (MoU) with ?lectricit? de France (EDF) to explore cooperation in developing new nuclear power projects in India.

Innovision rose 0.13%. The company said that it has secured a domestic contract from the National Highways Authority of India (NHAI) for toll collection and facility maintenance at the Vanagaram Fee Plaza (Chennai Bypass Phase-I, km 0.000 to km 19.170).

HBL Engineering added 0.24%. The company said that it has received a domestic contract from Patiala Loco Works (PLW), Punjab, for the supply, testing, and commissioning of onboard KAVACH equipment (Ver. 4.0).