Nifty trades below 22,950; private bank shares decline

The key equity barometers traded with modest losses in the early afternoon trade, weighed down by a mix of global and domestic headwinds. Investor sentiment weakened after fresh geopolitical tensions emerged following U.S. President Donald Trump's renewed threats toward Iran, which pushed oil prices higher and heightened market anxiety.

Markets are volatile due to the weekly expiry of Nifty 50 contracts, the first in the April series. Amid this uncertainty, the Nifty slipped below the 22,950 mark. Private bank shares advanced after falling in the past three trading sessions.

At 12:30 ST, the barometer index, the S&P BSE Sensex, fell 198.73 points or 0.27% to 73,908.12. The Nifty 50 index slipped 39.40 points or 0.17% to 22,911.25.

In the broader market, the BSE 150 MidCap Index declined 0.36% and the BSE 250 SmallCap Index rose 0.24%.

The market breadth was strong. On the BSE, 2,557 shares rose and 1,414 shares fell. A total of 190 shares were unchanged.

Monsoon Forecast:

Private weather forecaster Skymet expects India's 2026 monsoon to be below normal at around 94% of the long-period average, with El Ni'o likely to strengthen and disrupt rainfall in the second half of the season. While June could begin on a stable note, rains are expected to turn erratic from July to September, with central and north-west regions facing deficits, even as eastern and northeastern parts fare relatively better.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.15% to 25.51. The Nifty 28 April 2026 futures were trading at 22,982.70, at a discount of 71.45 points as compared with the spot at 22,911.25.

The Nifty option chain for the 28 April 2026 expiry showed a maximum call OI of 52 lakh contracts at the 23,000 strike price. A maximum put OI of 51.5 lakh contracts was seen at the 23,000 strike price.

Buzzing Index:

The Nifty Private Bank index shed 0.71% to 25,019.30. The index rose 4.31% in the past three trading sessions.

Bandhan Bank (down 2.52%), RBL Bank (down 2.4%), Axis Bank (down 1.25%), IndusInd Bank (down 1%), HDFC Bank (down 0.6%), ICICI Bank (down 0.58%), Yes Bank (down 0.39%), and Kotak Mahindra Bank (down 0.07%) declined.

Stocks in Spotlight:

Dynacons Systems & Solutions rallied 4.63% after it bagged a Rs 25 crore contract from Jammu & Kashmir Bank for the design, implementation, and support of a centralized, enterprise-wide Enterprise Resource Planning (ERP) platform.

Titagarh Rail Systems surged 12.26% after the company's subsidiary, Titagarh Naval Systems, received an in-principle approval from the Ministry of Ports, Shipping and Waterways for its brownfield expansion project at Falta, West Bengal.

ACME Solar Holdings rose 0.07%. The company announced that its wholly owned subsidiary, ACME Sun Power, has commissioned the fifth phase of its Battery Energy Storage System (BESS) project in Rajasthan on 6 April 2026.