The Nifty 50 traded with moderate losses in mid-afternoon trade, slipping below the 22,500 mark after touching an intraday low of 22,577.40. PSU bank shares faced significant selling pressure after gaining in the previous session.
The S&P BSE Sensex declined by 108.82 points or 0.15% to 73,993.87, while the Nifty 50 dropped 46.70 points or 0.21% to 22,451.20.
Market Performance:
The broader market underperformed, with the S&P BSE Mid-Cap index falling 0.95% and the S&P BSE Small-Cap index declining 0.46%. Market breadth remained weak, with 1,411 stocks advancing and 2,506 declining on the BSE. A total of 134 stocks remained unchanged.
PSU Bank Index in Focus:
The Nifty PSU Bank index dropped 1.05% to 5,761 after a marginal gain of 0.02% in the previous session. Key PSU banks witnessed losses:
- Indian Bank (-2.89%)
- Punjab National Bank (-1.93%)
- Canara Bank (-1.48%)
- Union Bank of India (-1.44%)
- Bank of India (-1.39%)
- Punjab & Sind Bank (-1.2%)
- Indian Overseas Bank (-1.15%)
- UCO Bank (-1.08%)
- State Bank of India (-0.91%)
- Bank of Maharashtra (-0.89%)
Key Market Indicators:
- The yield on India’s 10-year benchmark bond rose slightly to 6.802% from 6.800%.
- The rupee weakened slightly against the US dollar, trading at 87.2175 compared to its previous close of 87.2150.
- MCX Gold futures for April 2025 declined by 0.03% to Rs 86,123.
- The US Dollar Index (DXY) gained 0.11%, reaching 103.52.
- The US 10-year bond yield declined 0.26% to 4.280%.
- Brent crude for May 2025 delivery rose 0.60% to $69.98 per barrel.
Stocks in Focus:
Zydus Lifesciences fell 1.78% after receiving US FDA approval for Methenamine Hippurate Tablets, used for urinary tract infection treatment.
Siyaram Recycling Industries gained 0.26% after securing a Rs 5.30 crore purchase order from AL Qaryan International DMCC, Dubai.
SML Isuzu advanced 0.52% on winning a Rs 24.71 crore order from the Department of Military Affairs for troop carrier vehicles.
The Nifty 50 remained under pressure, influenced by declining PSU bank shares and weak market breadth. Investors continue to monitor global cues, bond yields, and commodity prices to assess the market’s next move. Stay tuned for further updates on Nifty 50 performance and broader market trends.
