Nifty slips below 24,150 mark; PSU Bank shares plunge

The equity benchmarks traded with modest losses in early afternoon trade as investor sentiment remained subdued in the absence of strong directional cues. Market participants remained cautious amid movements in gold, crude oil prices, developments in the US-Iran situation and other global cues. The Nifty traded below the 24,150 mark.

PSU bank stocks declined after advancing for two consecutive trading sessions.

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 258.39 points or 0.33% to 77,222.74. The Nifty 50 index fell 55.80 points or 0.24% to 24,149.30.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index shed 0.08% and the BSE 250 SmallCap Index fell 0.02%.

The market breadth was negative. On the BSE, 1,766 shares rose and 2,284 shares fell. A total of 236 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.84% to 11.18. The Nifty 29 September 2026 futures were trading at 24,310, at a premium of 160.7 points as compared with the spot at 24,149.30.

The Nifty option chain for the 29 Spetmber 2026 expiry showed a maximum call OI of 56.4 lakh contracts at the 25,000 strike price. A maximum put OI of 55.5 lakh contracts was seen at the 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 0.51% to 8,625.65. The index jumped 1.52% in the past two consecutive trading sessions.

Bank of Maharashtra (down 1.34%), UCO Bank (down 0.65%), Central Bank of India (down 0.42%), Canara Bank (down 0.42%), State Bank of India (SBI) (down 0.41%), Bank of Baroda (down 0.33%), Punjab National Bank (down 0.32%), Indian Overseas Bank (down 0.27%), Union Bank of India (down 0.26%) and Bank of India (down 0.24%) declined.

Stocks in Spotlight:

Skipper advanced 2.50% after the company announced that it has secured fresh orders worth Rs 1,305 crore for several domestic and international transmission and distribution (T&D) projects.

Capacite Infraprojects declined 1.59%. The company said that it has received a letter of intent (LOI) amounting to Rs 741 crore from Mahindra Lifespace Developers. The LOI is for undertaking the construction of core and shell work of Mahindra Rainforest at Kanjurmarg and Mahindra Beacon Hill at Mahalaxmi.

ACME Solar Holdings shed 0.94%. The company announced that it has secured Rs 1,571 crore in long-term project funding from India Infrastructure Finance Company (IIFCL) for the construction and development of its 300 MW assured peak power project in Rajasthan.

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