Nifty slides below 24,450; private bank shares slide

The key equity indices traded with moderate losses in morning trade. The Nifty slipped below the 24,450 mark. Private bank shares declined for the second consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 260.20 points or 0.32% to 80,171.30. The Nifty 50 index declined 60.35 points or 0.25% to 24,418.70.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.47% and the S&P BSE Small-Cap index gained 1.44%.

The market breadth was strong. On the BSE, 2,627 shares rose and 905 shares fell. A total of 161 shares were unchanged.

Result today:

Larsen and Turbo (down 0.80%), Axis Bank (down 0.94%), Aditya Birla Sun Life AMC (up 1.27%), Bajaj Finserv (down 1.54%), Bajaj Holdings & investment (up 0.44%), Bikaji Foods International (up 0.90%), CMS Info System (up 2.07%), Craftsman Automation (up 0.87%), DCB Bank (up 1.91%), Federal Bank (down 0.03%), Go Fashion (India) (up 0.20%), HFCL (up 3.60%), Indian Energy Exchange (up 2.97%), IGL (up 2.43%), Jindal Steel and Power (up 0.31%), JK Paper (up 1.72%), KPIT Tech (up 2.40%), Karnataka Bank (up 1.07%), Mahindra Lifespace Developers (up 0.93%), MAS Financial Services (up 0.09%), Oracle Financial Services (up 3.10%), Petronet (up 1.23%), PG ELectroplast (up 6.43%), Hitachi Energy (up 3.95%), Ramkrishna Forgings (up 0.11%), SBI Life Insurance (up 2.21%), Sona BLW Precision Forging (up 0.19%) and Syngene International (up 0.26%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Private Bank index shed 0.40% to 25,696.90. The index fell 1.22% in the two trading sessions.

Bandhan Bank (down 1.46%), Axis Bank (down 0.87%), IndusInd Bank (down 0.38%), ICICI Bank (down 0.26%) and Federal Bank (down 0.17%), HDFC Bank (down 0.11%) edged lower.

On the other hand, City Union Bank (up 1.25%) ,RBL Bank (up 1.19%) and Kotak Mahindra Bank (up 0.62%) advanced.

Stocks in Spotlight:

Adani Green Energy rose 0.71%. The company said that its wholly-owned stepdown subsidiary Adani Renewable Energy Forty One has operationalized 250 MW of wind power project at Khavda, Kutchh, Gujarat.

Bajel Projects jumped 6.26% after the company received an order worth Rs 568 crore from Power Grid Corporation for a period of 23 months. The project includes a transmission system for the evacuation of power in Rajasthan.

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