Indices trade with modest losses; PSU banks slip for 3rd day

The key equity benchmarks traded with modest losses in mid-afternoon trade. The Nifty traded below the 23,450 mark after hitting the day's high of 23,596.60 in the early afternoon trade. PSU bank shares extended losses for the third consecutive trading session.

At 14:29 IST, the barometer index, the S&P BSE Sensex, rose 307.44 points or 0.40% to 77,312.77. The Nifty 50 index fell 88.85 points or 0.39% to 23,435.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 2.05% and the S&P BSE Small-Cap index slipped 2.33%.

The market breadth was weak. On the BSE, 783 shares rose and 3,145 shares fell. A total of 109 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index slipped 2.58% to 6,094.15. The index tumbled 4.57% in three consecutive trading sessions.

Bank of India (down 4.24%), Union Bank of India (down 4.08%), Punjab National Bank (down 3.04%), Indian Overseas Bank (down 2.78%), Central Bank of India (down 2.75%), Punjab & Sind Bank (down 2.75%), Canara Bank (down 2.55%), UCO Bank (down 2.26%), Indian Bank (down 2.13%) and Bank of Baroda (down 2%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.70% to 6.879 as compared with the previous close of 6.875.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.9400, compared with its close of 85.8600 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement were added 0.44% to Rs 78,450.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 109.15.

The United States 10-year bond yield rose 0.26% to 4.693.

In the commodities market, Brent crude for March 2025 settlement advanced 86 cents or 1.12% to $77.78 a barrel.

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