Nifty trades below 24,200 level; PSU bank slides
At 12:30 IST, the barometer index, the S&P BSE Sensex, fell 251.24 points or 0.33% to 77,457.28. The Nifty 50 index fell 65.20 points or 0.26% to 24,173.30.
In the broader market, the BSE 150 MidCap Index rose 0.22% and the BSE 250 SmallCap Index added 0.13%.
The market breadth was positive. On the BSE, 1,991 shares rose and 1,956 shares fell. A total of 230 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.88% to 12.74. The Nifty 28 July 2026 futures were trading at 24,182.60 at a premium of 9.30 points as compared with the spot at 24,173.30.
The Nifty option chain for the 28 July 2026 expiry showed a maximum call OI of 95.2 lakh contracts at the 24,200 strike price. Maximum put OI of 78.2 lakh contracts was seen at a 24,200 strike price.
Economy:
India's core sector output growth accelerated to a five-month high of 5% year-on-year in June, up from 3.2% in May, supported by a sharp surge in iron ore production and sustained expansion in cement and electricity. Iron ore output jumped 43.9% from 19% in the previous month, while coal production returned to positive territory, rising 1.4% after contracting 9.5% in May. Cement output grew 9.8%, its fastest pace in five months, while steel production increased 4.6%, moderating from 5.1% a month earlier. Electricity generation remained robust, expanding 9.8%, though slower than 11.2% in May. However, weakness persisted in the energy segment, with crude oil, natural gas and refinery products contracting 4.2%, 7.4% and 4.7%, respectively. Fertiliser production also remained subdued, declining 3.3% for the fourth consecutive month. The June figures are the first to be released under the revised 2022?23 base year, replacing 2011?12, with iron ore added to the index, taking the number of core industries to nine. During the April?June quarter, cumulative core sector growth improved to 3.6% from 1% a year earlier, although growth under the revised series for FY26 stood at 3%, lower than 4.3% recorded in FY25.
Buzzing Index:
The Nifty PSU Bank index fell 0.73% to 8,551.85. The index jumped 3.20% in the past two consecutive trading sessions.
Bank of Baroda (down 2.16%), State Bank of India (down 1.01%), Canara Bank (down 0.99%), Punjab & Sind Bank (down 0.97%), Indian Bank (down 0.9%) and Bank of India (down 0.26%) declined.
On the other hand, Indian Overseas Bank (up 1.94%), Bank of Maharashtra (up 0.66%) and UCO Bank (up 0.45%) edged higher.
Stocks in Spotlight:
Batliboi surged 10.32% after the company said it had secured a Rs 52 crore contract from SAEL Industries.
Karur Vysya Bank soared 12.91% after the private sector lender reported a 44.92% rise in standalone net profit to Rs 755.70 crore for the quarter ended 30 June 2026, compared with Rs 521.45 crore in Q1 FY26. Total income increased 15.76% to Rs 3,491.21 crore in Q1 FY27 from the year-ago period, while profit before tax (PBT) rose 46.26% to Rs 1,005.31 crore.
Rallis India slipped 3.93%. The company reported a 31.6% increase in standalone net profit to Rs 125 crore for the first quarter of FY27, compared with Rs 95 crore in the corresponding period last year. Revenue from operations rose 6.8% year-on-year (YoY) to Rs 1,022 crore in the quarter ended 30 June 2026.
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