Indices trade near flat line; PSU Bank shares jump

The key domestic indices traded with minor cuts in mid-afternoon trade amid continued foreign institutional investor (FII) selling. Trading activity remained range-bound in the absence of strong domestic triggers and ahead of the year-end holiday period. The Nifty traded below the 25,950 mark.

PSU Bank shares witnessed buying demand for second straight session.

At 14:25 IST, the barometer index, the S&P BSE Sensex declined 3.75 points or 0.10% to 84,608.82. The Nifty 50 index lost 13.70 points or 0.05% to 25,928.40.

In the broader market, the S&P BSE Mid-Cap index fell 0.07% and the S&P BSE Small-Cap index shed 0.10%.

The market breadth was negative. On the BSE, 1,828 shares rose and 2,263 shares fell. A total of 189 shares were unchanged.

Buzzing Index:

The Nifty PSU bank index jumped 1.46% to 8,412.90. The index rose 1.51% in the two trading sessions.

Indian Bank (up 2.67%), Bank of Maharashtra (up 2.65%), Canara Bank (up 1.56%), Indian Overseas Bank (up 1.48%), Union Bank of India (up 1.23%), Bank of Baroda (up 1.2%), Punjab National Bank (up 1.16%), Bank of India (up 1.04%), UCO Bank (up 1.02%) and State Bank of India (up 0.85%) surged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.03% to 6.597 as compared with the previous close of 6.595.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 89.8175 compared with its close of 89.9825 during the previous trading session.

MCX Gold futures for 5 February 2026 settlement advanced 0.64% to Rs 135,829.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 98.02.

The United States 10-year bond yield rose 0.07% to 4.120.

In the commodities market, Brent crude for February 2025 settlement advanced 15 cents or 0.24% to $62.09 a barrel.

Stocks in Spotlight:

Concord Drugs rallied 3.48% after the company announced that it has secured an order worth Rs 14.71 crore for the supply of various pharmaceutical products.

Waaree Renewable Technologies rose 0.53%. The company has secured a domestic order from India's largest manufacturers of pig iron, castings, and seamless tubes to develop a 35 MWp ground-mount solar power project on a turnkey basis, including operation & maintenance (O&M).

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