Nifty tanks below 23,550; PSU bank shares decline

The domestic equity barometers continued to trade with significant losses in early afternoon trade. The Nifty traded below the 23,550 mark. PSU Bank shares declined after advancing for the previous trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, tumbled 605.80 points or 0.77% to 77,597.40. The Nifty 50 index declined 176.15 points or 0.74% to 23,531.75.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 1.73% and the S&P BSE Small-Cap index fell 1.48%.

The market breadth was weak. On the BSE, 1,141 shares rose and 2,648 shares fell. A total of 121 shares were unchanged.

 

Economy:

The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) has released the First Advance Estimates of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25 along with its expenditure components both at constant (2011-12) and current prices.

Real GDP has been estimated to grow by 6.4% in FY 2024-25 as compared to the growth rate of 8.2% in the Provisional Estimate (PE) of GDP for FY 2023-24. Nominal GDP has witnessed a growth rate of 9.7% in FY 2024-25 over the growth rate of 9.6% in FY 2023-24. Real GVA has grown by 6.4% in FY 2024-25 over the growth rate of 7.2% in FY 2023-24.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.88% to 14.53. The Nifty 30 January 2025 futures were trading at 23,623.25, at a premium of 91.5 points as compared with the spot at 23,531.75.

The Nifty option chain for the 30 January 2025 expiry showed maximum Call OI of 46.2 lakh contracts at the 24,000 strike price. Maximum Put OI of 47.8 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index fell 1.72% to 6,276.05. The index rose 0.43% in the past trading session.

State Bank of India (down 1.86%), Union Bank of India (down 1.73%), Punjab National Bank (down 1.52%), Canara Bank (down 1.52%), Indian Bank (down 1.48%), UCO Bank (down 1.45%), Bank of India (down 1.43%), Punjab & Sind Bank (down 1.31%), Indian Overseas Bank (down 1.25%) and Bank of Maharashtra (down 1.23%) edged lower.

Stocks in Spotlight:

Ola Electric Mobility declined 2.36% after the company received a warning letter from the Securities Exchange Board of India (SEBI) for violating SEBI disclosure norms.

Bartronics India hit an upper circuit limit of 5% after the company considered and approved the memorandum of understanding (MoU) with PTW Group.

Rail Vikas Nigam (RVNL) rose 0.48%. The company has inked a memorandum of understanding (MoU) with GBH International Contracting LLC to together explore the business opportunities in the civil infrastructure sector in Gulf Cooperation Council (GCC) countries.

Birlasoft slipped 2.47% after the company announced that its chief executive officer (CEO), Roopinder Singh, who was also responsible for the Americas geography, has resigned, with effect from 7th February 2025.

Powered by Capital Market - Live News