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Market Commentary - Mid-Session

Barometers trade with moderate cuts; PSU bank shares decline

18-Feb-2025, 10:30
The key equity benchmarks traded in negative territory with modest losses in the morning trade. The Nifty traded below the 22,850 mark. PSU bank shares declined after advancing in the previous trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, slipped 383.05 points or 0.50% to 75,613.81. The Nifty 50 index declined 136.45 points or 0.59% to 22,823.05.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.03% and the S&P BSE Small-Cap index slipped 1.86%.

The market breadth was weak. On the BSE, 964 shares rose and 2,557 shares fell. A total of 156 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index declined 1.14% to 5,836.90. The index rose 0.54% in the past trading session.

Punjab & Sind Bank (down 2.08%), UCO Bank (down 1.84%), Indian Overseas Bank (down 1.6%), Bank of India (down 1.6%), Union Bank of India (down 1.34%), Central Bank of India (down 1.34%), Bank of Maharashtra (down 1.05%), Canara Bank (down 0.96%), Indian Bank (down 0.9%) and Punjab National Bank (down 0.86%) declined.

Stocks in Spotlight:

GMR Airports declined 1.18%. The company's infrastructure reported a 11.4% year-on-year (YoY) increase in passenger traffic across all GMR airports, reaching over 10.6 million passengers in January 2025.

Krishna Institute of Medical Sciences (KIMS) shed 0.34%. The company said that it has entered into a strategic partnership with the Ushahkal Abhinav Institute of Medical Sciences (UAIMS Hospital), Sangli, Maharashtra, to strengthen its presence in Maharashtra.