Indices trade with minor losses; PSU bank shares decline

The frontline indices traded with small losses in mid-morning trade. The Nifty traded below the 24,300 level after hitting the day's high of 24,338.85 in early trade. PSU bank shares declined after advancing in the previous three consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex was down 110.33 points or 0.14% to 79,891.81. The Nifty 50 index lost 34.25 points or 0.14% to 24,289.60.

In the broader, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index shed 0.05%.

The market breadth was negative. On the BSE, 1,749 shares rose and 2,117 shares fell. A total of 146 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index shed 0.92% to 7,289.10. The index added 2.49% in the past three consecutive trading sessions.

Bank of Baroda (down 2.85%), Indian Bank (down 1.09%), UCO Bank (down 0.92%), Punjab & Sind Bank (down 0.85%), Union Bank of India (down 0.84%), Canara Bank (down 0.82%), Bank of Maharashtra (down 0.72%), Indian Overseas Bank (down 0.65%), Central Bank of India (down 0.55%) and Punjab National Bank (down 0.25%) edged lower.

Stocks in Spotlight:

Titan Company slipped 3.95%. The Tata Group company on Friday announced that it has a revenue growth of 9% year on year (YoY) for the quarter ended 30 June 2024.

KPI Green Energy added 3.03% after the company signed a power purchase agreement (PPA) for a 50MW Solar-Wind Hybrid Power Project with Gujarat Urja Vikas Nigam (GUVNL).

AU Small Finance Bank fell 3.20%. The bank has recorded 4.9% rise in gross advances to Rs 90,700 crore as on 30 June 2024 as compared with Rs 86,478 crore as on 31 March 2024.

Global Markets:

Asian stocks declined on Monday, with China leading the decline. Investor concerns swirled around a potential trade war with the West, fueled by the EU's tariffs on Chinese electric vehicles mirroring similar US actions. This escalation heightened fears of a wider conflict and retaliation from China. Additionally, disappointing economic data from Japan and Australia dampened overall sentiment.

In stark contrast, US stocks soared on Friday, reaching record highs. Investors interpreted a weaker-than-expected jobs report as a sign of potential future interest rate cuts from the Federal Reserve. The S&P 500 and Nasdaq both closed at all-time highs, while the Dow Jones also gained slightly.

The US economy added 206,000 new nonfarm jobs in June, exceeding economist expectations. However, the unemployment rate rose slightly to 4.1%, which was unexpected. All eyes are now on Fed Chair Jerome Powell's comments and key inflation data this week for further clues on the direction of US monetary policy.

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