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

The headline equity benchmarks traded with major losses in mid-afternoon trade. The Nifty slipped below the 24,350 mark. PSU bank shares declined after advancing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, tumbled 1,134.46 points or 1.38% to 80,621.62. The Nifty 50 index dropped 355.75 points or 1.44% to 24,312.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.66% and the S&P BSE Small-Cap index shed 0.46%.

The market breadth was weak. On the BSE, 1,579 shares rose and 2,389 shares fell. A total of 106 shares were unchanged.

 

Economy

Indias total exports (merchandise and services combined) for November 2024 are estimated at $67.79 billion, registering a positive growth of 9.59 percent vis-vis November 2023. Total imports (merchandise and services combined) for November 2024 are estimated at $87.63 billion, registering a positive growth of 27.47 percent vis-vis November 2023.

Buzzing Index:

The Nifty PSU Bank index slipped 1.80% to 6,929.55. The index rose 0.40% in the past trading session.

Bank of India (down 2.71%), Union Bank of India (down 2.23%), Indian Bank (down 2.23%), Bank of Baroda (down 1.83%), Bank of Maharashtra (down 1.64%), Punjab National Bank (down 1.61%), Canara Bank (down 1.46%), State Bank of India (down 1.38%), Indian Overseas Bank (down 1.16%) and UCO Bank (down 1.08%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.32% to 6.873 as compared with the previous close of 6.851.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.9250, compared with its close of 84.9100 during the previous trading session.

MCX Gold futures for the 5 February 2024 settlement shed 0.13% to Rs 76,964.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 107.02.

The United States 10-year bond yield gained 0.53% to 4.423.

In the commodities market, Brent crude for February 2024 settlement lost 41 cents, or 0.55% to $73.50 a barrel.

Stocks in Spotlight:

Genesys International Corporation jumped 8.22% after the firm received a project worth Rs 56 crore from Directorate of Land Records and Surveys (DLRS), West Bengal to improve the state's land records using advanced geospatial technology.

Everest Industries added 0.39%. The company has informed that Pramod Nair, chief financial officer (CFO) has resigned from his position with effect from the close of working hours on 10 January 2025, to pursue opportunities outside the company.

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