Market trade in negative terrain; PSU Bank shares decline

The key equity barometers traded with significant losses in the early afternoon trade as a stronger-than-expected US jobs report heightened concerns over a potential Federal Reserve rate hike. Sentiment was further weighed down by elevated crude oil prices and escalating tensions in the Middle East. The Nifty traded below the 23,800 level.

PSU Bank shares witnessed selling pressure for second consecutive trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 447.84 points or 0.59% to 76,067.59. The Nifty 50 index declined 133.40 points or 0.57% to 23,763.20.

In the broader market, the BSE 150 MidCap Index fell 0.56% and the BSE 250 SmallCap Index rose 0.05%.

The market breadth was negative. On the BSE, 1,946 shares rose and 2,316 shares fell. A total of 281 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.03% to 11.22. The Nifty 29 September 2026 futures were trading at 23,882, at a premium of __ points as compared with the spot at 23,763.20.

The Nifty option chain for the 29 September 2026 expiry showed a maximum call OI of 62.7 lakh contracts at the 24,000 strike price. A maximum put OI of 71.5 lakh contracts was seen at the 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index fell 1.28% to 8,406.10. The index declined 1.71% in the two consecutive trading sessions.

Bank of India (down 2.15%), Union Bank of India (down 1.79%), Indian Overseas Bank (down 1.34%), State Bank of India (down 1.33%), Bank of Baroda (down 1.22%), Indian Bank (down 1.18%), Punjab National Bank (down 1.03%), Canara Bank (down 0.88%), UCO Bank (down 0.85%) and Punjab & Sind Bank (down 0.73%) declined.

Stock in Spotlight:

Sudarshan Pharma Industries was locked in 5% upper circuit after the company said that its board has approved a proposal to acquire 24,23,675.64 equity shares of common stock, equivalent to 9.50% stake of MedTherapy Biotechnology Inc.

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