Sensex, Nifty tumble over 1%; PSU bank shares decline

The key equity benchmarks traded with major cuts in early afternoon trade, as rising oil prices, elevated US Treasury yields and losses across Asian markets weighed on domestic equities. Investors also tracked key regulatory and market developments. The Nifty slipped below the 23,200 level.

PSU Bank shares declined after advancing in the past trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex tanked 813.01 points or 1.08% to 74,016.46. The Nifty 50 index lost 257.05 points or 1.10% to 23,188.75.

In the broader market, the BSE 150 MidCap Index declined 1.21% and the BSE 250 SmallCap Index dropped 0.66%.

The market breadth was weak. On the BSE, 1,519 shares rose and 2,598 shares fell. A total of 253 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 11.06% to 11.49. The Nifty 29 September 2026 futures were trading at 23,198.70 at a premium of 9.95 points as compared with the spot at 23,188.75.

The Nifty option chain for the 29 September 2026 expiry showed a maximum call OI of 1.86 crore contracts at the 24,000 strike price. A maximum put OI of 1.16 crore contracts was seen at the 23,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 0.91% to 8,289.70. The index jumped 1.14% in the past consecutive trading session.

Indian Bank (down 1.72%), Bank of Maharashtra (down 1.71%), Bank of India (down 1.63%), Central Bank of India (down 1.23%), Union Bank of India (down 1.14%), Punjab & Sind Bank (down 1.13%), Canara Bank (down 1.05%), UCO Bank (down 0.87%), Bank of Baroda (down 0.85%) and Punjab National Bank (down 0.56%) declined.

Stock in Spotlight:

IOL Chemicals & Pharmaceuticals added 1.48% after the company announced that it has received registration for its product Triacetin under the applicable EU REACH framework.

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