NIFTY SLIDES BELOW 23,350; PSU BANK SHARES UNDERPRESSURE

The domestic equity benchmarks traded with significant losses in morning trade. The Nifty dropped below the 23,350 mark. PSU bank shares extended losses for the second consecutive trading session. Trading could be volatile due to weekly F&O series expiry today.

At 10:26 IST, the barometer index, the S&P BSE Sensex declined 482.18 points or 0.62% to 77,095.02. The Nifty 50 index lost 176.85 points or 0.75% to 23,341.65.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index shed 0.81% and the S&P BSE Small-Cap index fell 1.05%.

The market breadth was weak. On the BSE, 1,006 shares rose and 2,642 shares fell. A total of 140 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index dropped 4.20% to 6,221.45. The index fell 4.79% in two consecutive trading sessions.

Bank of Baroda (down 6.32%), Punjab National Bank (down 5.31%), Canara Bank (down 4.76%), State Bank of India (down 4.74%), Bank of India (down 3.47%), Central Bank of India (down 2.83%), Bank of Maharashtra (down 2.73%), UCO Bank (down 2.68%), Union Bank of India (down 2.47%) and Indian Overseas Bank (down 2.46%) declined.

Stocks in Spotlight:

Tata Power Company shed 0.55%. The company said that it has entered into a strategic partnership with Druk Green Corporation, a subsidiary of Druk Holding and Investments, to develop at least 5,000 megawatts of clean energy generation capacity in Bhutan.

BEML slipped 0.54%. The company said that it has has secured a substantial order worth Rs 246.78 crore from Central Coalfields (CCL).

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