Indices extend losses; private bank shares decline for 2nd day

The key equity benchmarks continued to trade with moderate losses in mid-morning trade as investors engaged in profit booking despite supportive global cues. The Nifty hovered below the 24,900 level. Market participants will closely monitor global trade developments and the ongoing Q4 earnings season, which are likely to influence sentiment in the coming days.

Private Bank shares declined in the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 245.74 points or 0.30% to 81,813.68. The Nifty 50 index fell 49.15 points or 0.19% to 24,898.10.

In the broader market, the S&P BSE Mid-Cap index fell 0.48% and the S&P BSE Small-Cap index rose 0.05%.

The market breadth was positive. On the BSE, 1,850 shares rose and 1,843 shares fell. A total of 175 shares were unchanged.

IPO Update:

The initial public offer of Borana Weaves received bids for 50,06,025 shares as against 36,89,457 shares on offer, according to stock exchange data at 11:15 IST on 20 May 2025. The issue was subscribed 1.36 times.

The issue opened for bidding on 20 May 2025 and it will close on 22 May 2025. The price band of the IPO is fixed between Rs 205 and 216 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Private Bank index fell 0.50% to 27,502.65. The index declined 0.39% in the two trading sessions.

Bandhan Bank (down 1.26%), HDFC Bank (down 1.02%), IDFC First Bank (down 0.96%), Kotak Mahindra Bank (down 0.56%), ICICI Bank (down 0.39%), Federal Bank (down 0.19%), RBL Bank (down 0.14%) and Axis Bank (down 0.09%) declined.

Stocks in Spotlight:

NLC India rallied 3.91% after its consolidated net profit zoomed 321.83% to Rs 481.96 crore on 8.34% increase in revenue from operations to Rs 3,836 crore in Q4 FY25 over Q4 FY24.

Rail Vikas Nigam (RVNL) declined 2.80%. The company announced that it has emerged as the Lowest Bidder (L1) for Rs 178.64 crore contract from IRCON International for the supply of signalling, telecommunications, and EIMWB (Electronic In-Motion Weighbridge) materials.

Global Markets:

Asian shares advanced on Tuesday as Australia's central bank cut its policy rate to 3.85%, its lowest level since May 2023, as inflation concerns in the country continue to recede, giving room for the bank to ease monetary policy.

The People's Bank of China reduced its key lending rates by 10 basis points in an effort to support economic growth amid ongoing trade tensions. The 1-year loan prime rate was lowered from 3.1% to 3.0%, while the 5-year LPR, commonly used for mortgage pricing, was cut from 3.6% to 3.5%.

In equity markets, shares of Contemporary Amperex Technology, the world's largest battery manufacturer, rose over 11% during their trading debut in Hong Kong.

Meanwhile, U.S. markets closed higher overnight. The S&P 500 gained 0.09%, extending its winning streak to six sessions as Treasury yields eased and investors looked past Moody's recent downgrade of the U.S. credit outlook.

The Dow Jones Industrial Average rose 0.32%, supported by an 8% rebound in UnitedHealth following recent losses. The Nasdaq Composite edged up 0.02%.

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