BENCHMARKS TRADE WITH LIMITED LOSSES; PSU BANK SHARES SLIDE

The headline equity indices traded with moderate cuts in mid-afternoon trade. The Nifty traded below the 22,500 level after hitting day�s low of 22,577.40 in early afternoon trade. PSU bank shares tumbled after advancing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, slipped 108.82 points or 0.15% to 73,993.87. The Nifty 50 index lost 46.70 points or 0.21% to 22,451.20.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.95% and the S&P BSE Small-Cap index declined 0.46%.

The market breadth was weak. On the BSE, 1,411 shares rose and 2,506 shares fell. A total of 134 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index fell 1.05% to 5,761. The index rose 0.02% in the past trading session.

Indian Bank (down 2.89%), Punjab National Bank (down 1.93%), Canara Bank (down 1.48%), Union Bank of India (down 1.44%), Bank of India (down 1.39%), Punjab & Sind Bank (down 1.2%), Indian Overseas Bank (down 1.15%), UCO Bank (down 1.08%), State Bank of India (down 0.91%) and Bank of Maharashtra (down 0.89%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.03% to 6.802 as compared with previous close 6.800.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87.2175, compared with its close of 87.2150 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement shed 0.03% to Rs 86,123.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.11% to 103.52.

The United States 10-year bond yield fell 0.26% to 4.280.

In the commodities market, Brent crude for May 2025 settlement gained 42 cents, or 0.60% to $69.98 a barrel.

Stocks in Spotlight:

Zydus Lifesciences slipped 1.78%. The company said that it has received final approval from the United States Food and Drug Administration (US FDA) to manufacture Methenamine Hippurate Tablets.

Methenamine Hippurate tablets are indicated for prophylactic or suppressive treatment of frequently recurring urinary tract infections when long-term therapy is considered necessary.

Siyaram Recycling Industries added 0.26%. The company announced that it has received a purchase order worth Rs 5.30 crore from AL Qaryan International DMCC, Dubai, UAE.

SML Isuzu rose 0.52%. The firm said that it has received order from the Department of Military Affairs under the Ministry of Defence worth Rs 24.71 crore for the supply of a BS VI, 4-wheel drive troop carrier with 20 seats.

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