Nifty trades below 24,400 level; private bank shares underpressure

The domestic equity benchmarks traded minor loses in the mid-afternoon trade as investors remained cautious ahead of the weekly expiry of BSE derivatives contracts. Market participants are also assessing a slew of Q1 FY27 earnings announcements, with sector- and stock-specific movements remaining in focus amid the ongoing earnings season. Investors are also keeping a close watch on the progress of the monsoon, which remains an important factor for the broader economic outlook.

The Nifty traded below the 24,400 level. Private bank index corrected after advancing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex declined 60.75 points or 0.08% to 77,905.60. The Nifty 50 index lost 61.90 points or 0.25% to 24,374.05.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 0.26% and the BSE 250 SmallCap Index rose 0.08%.

The market breadth was strong. On the BSE, 2,131 shares rose and 2,075 shares fell. A total of 257 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index declined 0.60% to 27,243.10. The index advanced 0.10% in the past trading session.

ICICI Bank (down 1.53%), Federal Bank (down 1.02%), Axis Bank (down 0.95%), RBL Bank (down 0.46%), Bandhan Bank (down 0.43%), HDFC Bank (down 0.36%) and Yes Bank (down 0.13%) declined.

On the other hand, IDFC First Bank (up 0.63%), IndusInd Bank (up 0.25%) and Kotak Mahindra Bank (up 0.04%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.31% to 6.756 as compared with the previous close of 6.777.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.4225 compared with its close of 95.3325 during the previous trading session.

MCX Gold futures for the 5 October 2026 settlement fell 0.76% to Rs 1,53,705.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.04% to 99.86.

The United States 10-year bond yield lost 0.68% to 4.660.

In the commodities market, Brent crude for the October 2026 settlement lost $1.61 or 1.81% to $87.37 a barrel.

Stocks in Spotlight:

Thyrocare Technologies fell 5.55% after promoter Docon Technologies sold 1,57,69,696 equity shares, or 9.90% equity, of the diagnostic services company through market trades.

Amagi Media Labs rallied 4.33% after the company reported a strong earnings performance in Q1 FY27, with consolidated net profit surging 760.41% year on year (YoY) to Rs 33.90 crore, compared with Rs 3.94 crore in Q1 FY26.

Tata Motors advanced 3.28% after the company reported 83% increase in consolidated net profit to Rs 2,556 crore on a 19.3% rise in revenue to Rs 20,667 crore in Q1 FY27 as compared with Q1 FY26.

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