Nifty trades above 24,550 mark; PSU Bank shares decline

The key equity benchmarks erased their early losses and traded with small gains in early trade as investors assessed a slew of Q1 FY27 earnings announced over the weekend. However, market sentiment remained cautious following the introduction of the Closing Auction Session (CAS) mechanism last week, which had led to heightened volatility during the final minutes of trading.

Market participants continued to closely monitor developments surrounding the US-Iran conflict and the progress of the monsoon. Persistent geopolitical uncertainty, along with its potential impact on crude oil prices, kept investors cautious and limited the upside in the broader market.

Investors are also expected to track domestic inflation data, movements in crude oil prices and other global geopolitical developments for further market direction. Sector- and stock-specific activity is likely to remain driven by the ongoing earnings season. The Nifty traded above the 24,550 mark.

PSU Bank shares declined after advancing in the three consecutive trading sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 65.38 points or 0.06% to 78,564.55. The Nifty 50 index rose 15.65 points or 0.06% to 24,586.30.

In the broader market, the BSE 150 MidCap Index rose 0.08% and the BSE 250 SmallCap Index jumped 0.38%.

The market breadth was positive. On the BSE, 2,242 shares rose and 1,659 shares fell. A total of 241 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index fell 0.78% to 8717.85. The index jumped 3.61% in the three consecutive trading sessions.

Bank of India (down 1.71%), State Bank of India (down 1.44%), Indian Overseas Bank (down 0.9%), Canara Bank (down 0.74%) and Punjab National Bank (down 0.68%), UCO Bank (down 0.61%), Punjab & Sind Bank (down 0.38%), Union Bank of India (down 0.35%), Bank of Baroda (down 0.32%) and Central Bank of India (down 0.26%) declined.

Stocks in Spotlight:

Studds Accessories slipped 2.80% after the company reported 39.3% fall in consolidated net profit to Rs 12.3 crore in Q1 FY27 from Rs 20.2 crore in Q1 FY26. Net revenue from operations rose by 13.7% year-on-year (YoY) to Rs 169.7 crore during the period under review.

Aarti Pharmalabs hit the upper circuit of 20% after reporting strong earnings for the quarter ended 30 June 2026. On a consolidated basis, the company's net profit increased 65.4% YoY and 24.6% QoQ to Rs 76.14 crore in Q1 FY27. Revenue from operations rose 38.7% YoY but declined 8.0% QoQ to Rs 535.80 crore during the quarter.

HBL Engineering fell 3.23% after the company reported a 23.9% decline in consolidated net profit to Rs 109.08 crore in Q1 FY27 compared with Rs 143.27 crore in Q1 FY26. Revenue from operations increased 6.0% YoY to Rs 638.03 crore during the quarter.

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