PSU Bank shares tumbled for the fifth consecutive trading session.
At 14:25 IST, the barometer index, the S&P BSE Sensex, tanked 1,342.48 points or 1.80% to 73,268.45. The Nifty 50 index declined 407.85 points or 1.81% to 22,137.20.
The broader market underperformed frontline indices. The S&P BSE Mid-Cap index declined 2.54% and the S&P BSE Small-Cap index dropped 2.98%.
The market breadth was weak. On the BSE, 537 shares rose and 3,399 shares fell. A total of 100 shares were unchanged.
SEBI Leadership Change:
Tuhin Kanta Pandey has been appointed as the 11th chairperson of the Securities and Exchange Board of India (SEBI) for a three-year term. The current Finance Secretary will replace Madhabi Puri Buch, who will complete her tenure as SEBI's first woman chairperson on Friday, February 28, 2025.
Buzzing Index:
The PSU Bank Index declined 3.27% to 5,626.70. The index tumbled 7.03% in the five consecutive trading session.
Punjab National Bank (down 4.9%), Indian Overseas Bank (down 4.5%), Union Bank of India (down 4.28%), Punjab & Sind Bank (down 4.23%), UCO Bank (down 3.93%), Central Bank of India (down 3.86%), Canara Bank (down 3.35%), Bank of Baroda (down 3.26%), Indian Bank (down 2.92%) and Bank of Maharashtra (down 2.89%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.89% to 6.836 as compared with the previous close of 6.818.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 87,3600, compared with its close of 87.1800 during the previous trading session.
MCX Gold futures for 4 April 2025 settlement were fell 0.81% to Rs 84,522.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 107.35.
The United States 10-year bond yield declined 1.10% to 4.242.
In the commodities market, Brent crude for April 2025 settlement shed 62 cents or 0.84% to $73.42 a barrel.
Stocks in Spotlight:
Anupam Rasayan India advanced 1.72% after the company has signed a Letter of Intent (LOI) with Elementium Materials Inc., a U.S.-based Battery Electrolyte Company, for the supply of chemicals for electric vehicle (EV) batteries.
Solar Industries India fell1.26%. The company and its subsidiary have received export orders worth Rs 2,150 crore for supply of defence products.
NCC declined 2.71%. The company has announced that its board has approved an equity investment of Rs 70 crore in NCC Quantum Technologies, a wholly owned subsidiary of the company.