Nifty slides below 24,000; PSU Bank shares decline

The domestic equity benchmarks traded with moderate losses in the morning trade. Nifty traded below the 24,400 level. PSU Bank shares extended losses for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 222.86 points or 0.27% to 80,575.98. The Nifty 50 index lost 69.65 points or 0.28% to 24,391.50.

In the broader market, the S&P BSE Mid-Cap index declined 0.84% and the S&P BSE Small-Cap index fell 0.88%.

The market breadth was weak. On the BSE, 1,056 shares rose and 2,344 shares fell. A total of 176 shares were unchanged.

Earnings Today:

Radico Khaitan (up 0.57%), Godrej Consumer Products (up 0.21%), Shipping Corporation of India (down 1.02%), Aadhar Housing Finance (down 0.88%), Aarti Drugs (down 0.72%), Alembic Pharmaceuticals (down 1.19%), Aptus Value Housing Finance India (down 1.77%), Avalon Technologies (down 0.07%), Bank of Baroda (down 1.38%), CG Power and Industrial Solutions (up 1.84%), eMudhra (down 0.72%), Hindustan Petroleum Corporation (down 1.40%), JBM Auto (down 0.29%), Kajaria Ceramics (up 1.64%), Kansai Nerolac Paints (down 0.02%), KEI Industries (down 0.43%), Vedant Fashions (down 1.92%), Mahanagar Gas (down 0.51%), Paradeep Phosphates (down 1.80%), One 97 Communications (down 3.10%), Piramal Enterprises (down 1.70%) and Polycab India (up 0.23%), will declare their result later today.

New Listing:

Shares of Ather Energy were currently trading at Rs 324.40 at 10:15 IST on the BSE, representing a premium of 1.06% as compared with the issue price of Rs 321.

The scrip was listed at Rs 326.05, exhibiting a premium of 1.57% to the issue price.

So far, the stock has hit a high of 332.90 and a low of 321. On the BSE, over 7.48 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index dropped 1.69% to 6,441.55. The index fell 1.72% in the two consecutive trading sessions.

Bank of India (down 2.05%), Union Bank of India (down 2%), Punjab National Bank (down 1.76%), Punjab & Sind Bank (down 1.51%), Indian Bank (down 1.48%), Indian Overseas Bank (down 1.38%), Central Bank of India (down 1.36%), Bank of Baroda (down 1.36%), Canara Bank (down 1.31%) and State Bank of India (down 1.27%) declined.

Stocks in Spotlight:

Coforge added 1.43% after the IT company reported a 20.81% jump in consolidated net profit from continuing operations to Rs 305.9 crore in Q4 FY25 as compared with Rs 253.2 crore in Q3 FY25. Revenue from operations increased 4.66% QoQ to Rs 3,409.9 crore in Q4 FY25.

Yes Bank advanced 2.99% after the following reports that Japan's Sumitomo Mitsui Banking Corp. (SMBC) has received approval from the Reserve Bank of India (RBI) to acquire up to a 51% stake in the private sector lender.

CCL Products (India) surged 13.67% after the company's consolidated net profit jumped 56.18% to Rs 101.86 crore in Q4 FY25 as compared with Rs 65.22 crore in Q4 FY24. Revenue from operations increased 15.02% YoY to Rs 835.84 crore during the quarter ended 31st March 2025.

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