SENSEX SLIDES 495 PTS; PRIVATE BANK SHARES DECLINE

The frontline indices continued to trade with significant losses in mid-morning trade. The Nifty hovered below the 22,750 mark after hitting the day`s high of 22,825.50 in early trade. Private Bank extended losses for the two consecutive trading sessions.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 495.41 points or 0.66% to 74,675.04. The Nifty 50 index lost 143.95 points or 0.66% to 22,737.65.

In the broader market, the S&P BSE Mid-Cap index declined 0.31% and the S&P BSE Small-Cap index rose 0.15%.

The market breadth was negative. On the BSE, 1,578 shares rose and 1,995 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index declined 1.10% to 24,090.10. The index slipped 1.41% in the two trading sessions.

ICICI Bank (down 1.62%), Axis Bank (down 1.57%), HDFC Bank (down 1.29%), City Union Bank (down 1.01%) , IndusInd Bank (down 0.84%), IDFC First Bank (down 0.45%), RBL Bank (down 0.4%), Federal Bank (down 0.22%), Kotak Mahindra Bank (down 0.2%) slipped.

On the other hand, Bandhan Bank (up 1%) edged higher.

Stocks in Spotlight:

Campus Activewear surged 15.91% after it reported 42.76% jump in consolidated net profit to Rs 32.75 crore in Q4 FY24 as compared with Rs 22.94 crore in Q4 FY23. Revenue from operations increased 4.63% year on year (YoY) to Rs 363.86 crore in the fourth quarter of FY24.

Global Markets:

Most Asian stocks fell on Wednesday, pressured by inflation worries. Chinese markets bucked the trend, edging higher on government support for the property sector.

In the US, the Nasdaq crossed 17,000 for the first time ever on Tuesday, driven by gains in Nvidia. However, the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose. Investors awaited US inflation data that could impact expectations for Federal Reserve rate cuts.

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