Benchmarks trade with modest losses; PSU bank shares declined

The benchmark indices traded with minor cuts in mid afternoon trade. The Nifty traded below the 21,700 level. PSU bank declined after gaining for the past two trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 309.17 points or 0.40% to 72,122.36. The Nifty 50 index declined 80.90 points or 0.37% to 21,697.80.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index added 0.63%.

The market breadth was negative. On the BSE, 1,923 shares rose and 1,813 shares fell. A total of 130 shares were unchanged.

Buzzing Index:

The Nifty PSU bank declined 1.12% to 5,686.30. The index jumped 3.11% in past two trading sessions.

State Bank of India (down 1.6%), Bank of Baroda (down 1.16%), Bank of India (down 1.1%), Indian Bank (down 0.89%) and Punjab & Sind Bank (down 0.81%) were the top losers.

Among the other losers were Canara Bank (down 0.8%), Bank of Maharashtra (down 0.77%), UCO Bank (down 0.25%), Punjab National Bank (down 0.05%).

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.36% to 7.181 as compared with previous close 7.207.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1800, compared with its close of 83.2000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement lost 0.14% to Rs 63,300.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 101.24.

The United States 10-year bond yield rose 0.39% to 3.866.

In the commodities market, Brent crude for February 2024 settlement added 52 cents or 0.67% to $77.67 a barrel.

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