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Barometers trade with modest losses, PSU banks slide

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The key equity barometers traded with significant losses in mid-afternoon trade. The Nifty traded slipped below the 22,400 level. PSU bank shares slipped after gaining in the past seventh consecutive trading sessions.
At 14:29 IST, the barometer index, the S&P BSE Sensex, slipped 503.51 points or 0.68% to 73,615.88. The Nifty 50 index lost 127.30 points or 0.57% to 22,366.25.
In the broader market, S&P BSE Mid-Cap index shed 0.21% and the S&P BSE Small-Cap index tumbled 1.69%.
The market breadth was weak. On the BSE, 948 shares rose and 2,976 shares fell. A total of 133 shares were unchanged.
Economy:
Continuing the gaining streak, Indias forex reserves surged $6.55 billion to $625.626 billion during the week ended March 1, according to the latest RBI data.
For the week ended March 1, the foreign currency assets, a major component of the reserves, increased by $6.043 billion to $554.231 billion, the data said.
Gold reserves increased by $569 million to $48.417 billion during the week. The special drawing rights (SDRs) were down by $17 million to $18.18 billion, according to the data.
Indias reserve position with the IMF was also down by $41 million to $4.798 billion in the reporting week, the apex bank data showed.
Buzzing Index:
The Nifty PSU Bank index declined 1.38% to 7,240.10. The index witnessed profit booking after surging 7.31% in the past seven trading sessions.
UCO Bank (down 3.91%), Indian Overseas Bank (down 3.18%), Central Bank of India (down 2.49%), State Bank of India (down 1.9%), Punjab & Sind Bank (down 1.63%), Canara Bank (down 1.1%), Bank of Baroda (down 0.99%), Union Bank of India (down 0.95%), Bank of India (down 0.69%) and Punjab National Bank (down 0.08%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.28% to 7.011 as compared with previous close 7.031.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7275, compared with its close of 82.6750 during the previous trading session.
MCX Gold futures for 5 April 2024 settlement shed 0.05% to Rs 65,990.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was shed 0.01% to 102.70.
The United States 10-year bond yield fell 0.39% to 4.072.
In the commodities market, Brent crude for May 2024 settlement rose 4 cents or 0.05% to $82.12 a barrel.
Stocks in Spotlight:
Coal India (CIL) shed 0.77%. The company announced that it has executed a memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) for securing power to meet the growing energy demand of Rajasthan.
NBCC (India) dropped 4.75%. The company said that its wholly owned subsidiary HSCC (India) has bagged orders worth Rs 367.92 crore from Medical Education & Ayush, Maharashtra, and Power Grid Corporation India.
Power Grid Corporation of India slipped 2.68%. The company has signed a memorandum of understanding (MoU) with Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL) to incorporate a joint venture company for the development of an Intra State Transmission System in Rajasthan.
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First Published: Mar 11 2024 | 2:37 PM IST

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