Sensex slides 348 pts; PSU bank shares decline

The key equity barometers traded with minor cuts in mid-morning trade as investor sentiment remained cautious following the escalation of tensions between Iran and the US over the weekend. Nifty traded below the 24,000 level. PSU bank shares declined after advancing in the past two trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex declined 347.56 points or 0.45% to 76,752.91. The Nifty 50 index fell 80.90 points or 0.34% to 23,975.10.

The broader market underperformed the headline indices. The BSE 150 MidCap Index tumbled 0.75% and the BSE 250 SmallCap Index lost 0.83%.

The market breadth was positive. On the BSE, 1,609 shares rose and 2,536 shares fell. A total of 215 shares were unchanged.

Economy

India?s forex reserves increased by $963 million to $672.587 billion during the week ended June 19, the RBI said on Friday.

Foreign currency assets decreased by $3.072 billion to $541.217 billion, according to the RBI.

However, the value of gold reserves increased by $4.110 billion to $107.930 billion during the week. The Special Drawing Rights (SDRs) were down $52 million to $18.647 billion, the apex bank said.

India?s reserve position with the IMF slipped $22 million to $4.793 billion in the reporting week, according to the apex bank?s data.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 5.93% to 13.83. The Nifty 30 June 2026 futures were trading at 23,961, at a discount of 14 points as compared with the spot at 23,975.10.

The Nifty option chain for the 30 June 2026 expiry showed a maximum call OI of 258.6 lakh contracts at the 24,100 strike price. A maximum put OI of 218.9 lakh contracts was seen at the 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index fell 1.35% to 8,519.50. The index rose 0.52% in the past two trading sessions.

Canara Bank (down 2.07%), Indian Bank (down 1.98%), Bank of Baroda (down 1.61%), Bank of India (down 1.61%), UCO Bank (down 1.47%), Punjab & Sind Bank (down 1.02%), Punjab National Bank (down 0.87%), State Bank of India (down 0.87%), Indian Overseas Bank (down 0.84%) and Central Bank of India fell.

Stocks in Spotlight:

Om Power Transmission shed 0.33%. The company has secured a Letter of Award from SAEL Industries for the supply, erection, stringing, testing, and commissioning of a single-circuit 220 kV transmission line, valued at Rs 18.50 crore.

Strides Pharma Science added 1.83% after the company announced a strategic investment by a consortium led by Ascent Capital, along with co-investor Vintage Classic, in its wholly owned subsidiary, Pivot Path.

Astral tumbled 8.83% after the company?s board approved the demerger of its chemicals business into a separate entity, Astral Chemie and the amalgamation of wholly owned subsidiary Al-Aziz Plastics.

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