Nifty fails to hold 24,300 level; private bank shares tumble

The key equity indices traded continued to trade with major cuts in morning trade. The Nifty slipped below the 24,300 level. Private bank shares extended losses for the third consecutive trading session. Trading could be volatile due to the expiry of monthly index options on the NSE.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 471.31 points or 0.60% to 79,669.56. The Nifty 50 index declined 135.15 points or 0.55% to 24,278.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.87% and the S&P BSE Small-Cap index shed 0.30%.

The market breadth was negative. On the BSE, 1,704 shares rose and 1,853 shares fell. A total of 155 shares were unchanged.

Result today:

Tech Mahindra (down 1.33%), Nestle India (up 0.03%), Motilal Oswal Financial Services (up 1.16%), Aavas Financiers (down 1.25%), Adani Green Energy (up 1.23%), Ashok Leyland (down 0.45%), AU Small Finance Bank (down 1.66%), Canara Bank (down 1.64%), Chalet Hotels (down 3.55%), Chennai Petrochem Corp (down 1.42%), Cyient (up 0.48%), DLF (down 0.32%), Glenmark Life Sciences (down 0.35%), Go Digital General Insurance (down 0.1.98%), Home First Finance Company India (down 1.01%), Jupiter Wagons (down 1.18%), Jyothy Labs (up 0.23%), Laurus Labs (down 1.15%), MGL (down 0.74%), Mphasis (down 2.12%), PNB Housing Finance (down 1.13%), Praj Industries (down 0.92%), The Ramco Cements (down 1.05%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Private Bank index declined 1.58% to 25,199.45. The index dropped 3.13% in the three trading sessions.

Axis Bank (down 6.16%), RBL Bank (down 3.99%), ICICI Bank (down 2.03%), City Union Bank (down 1.56%) and IndusInd Bank (down 1.36%) were the top losers. Among the other losers were Federal Bank (down 1.3%), IDFC First Bank (down 1.28%), Bandhan Bank (down 0.51%).

On the other hand, HDFC Bank (up 0.43%) ,Kotak Mahindra Bank (up 0.23%) turned up.

Stocks in Spotlight:

Hitachi Energy rose 0.19%. The company�s consolidated net profit surged to Rs 10.4 crore in Q1 FY25 as compared with Rs 2.4 crore in Q1 FY24. Revenue increased 28% YoY to Rs 1,327 crore in Q1 FY25.

Bikaji Foods fell 1.73%. The company�s consolidated revenue increased 18.7% YoY to Rs 572 crore in Q1 FY25. Net profit rose 40.3% to Rs 58 crore in Q1 FY25 from 41 crore in Q1 FY24.

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