Nifty trades below 23,400 level; PSU Bank shares decline for 2nd day

The key equity benchmarks traded with minor losses in early afternoon trade amid foreign fund outflows and geopolitical concerns weighed on sentiment despite easing crude oil prices and firm global cues. The Nifty traded below the 23,400 level.

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

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 197.25 points or 0.26% to 74,660.02. The Nifty 50 index fell 51.40 points or 0.22% to 23,363.90.

In the broader market, the BSE 150 MidCap Index rose 0.21% and the BSE 250 SmallCap Index shed 0.04%.

The market breadth was positive. On the BSE, 2,183 shares rose and 1,907 shares fell. A total of 262 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.66% to 11.17. The Nifty 29 September 2026 futures were trading at 23,380.60, at a premium of 16.7 points as compared with the spot at 23,363.90.

The Nifty option chain for the 29 September 2026 expiry showed a maximum call OI of 1.22 crore contracts at the 24,000 strike price. A maximum put OI of 94.7 lakh contracts was seen at the 23,000 strike price.

Buzzing Index:

The Nifty PSU Bank index fell 0.54% to 8,267.65. The index declined 0.6% in the two consecutive trading sessions.

State Bank of India (down 1%), Union Bank of India (down 0.81%), Bank of India (down 0.71%), Punjab National Bank (down 0.42%), Canara Bank (down 0.4%), Punjab & Sind Bank (down 0.36%), Central Bank of India (down 0.22%), Bank of Baroda (down 0.22%), Indian Bank (down 0.21%) and Indian Overseas Bank (down 0.06%) delclined.

Stocks in Spotlight:

Symbiotec Pharmalab declined 1.25%. The company has reported 52.8% fall in consolidated net profit to Rs 14.1 crore despite a 7% rise in revenue from operations to Rs 218.2 crore in Q1 FY27 as compared with Q1 FY26.

Pace Digitek surged 10.21% after its material subsidiary, Lineage Power (LPPL), secured an order worth Rs 488.46 crore from NTPC GE Power Services for a battery energy storage system (BESS) project.

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