Nifty below 23,750; PSU bank shares decline

The headline equity indices trade with major cuts in the morning trade, tracking weak global cues after the breakdown of U.S.-Iran ceasefire talks and a sharp surge in crude oil prices, which heightened concerns that the Middle East conflict could prolong and disrupt global markets. The Nifty traded below the 23,750 mark. PSU bank shares declined after advancing in the previous trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,136.08 points or 1.46% to 76,414.17. The Nifty 50 index declined 327.45 points or 1.32% to 23,720.60.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index slipped 1.03% and the BSE 250 SmallCap Index fell 0.77%.

The market breadth was weak. On the BSE, 1,264 shares rose and 2,661 shares fell. A total of 188 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 10.47% to 20.83.

Buzzing Index:

The Nifty PSU bank index slipped 2.90% to 8,523.35. The index added 2.01% in the past trading session.

Bank of India (down 3.79%), Union Bank of India (down 3.54%), Indian Bank (down 2.83%), State Bank of India (down 2.81%), Punjab National Bank (down 2.63%), Bank of Maharashtra (down 2.59%), Canara Bank (down 2.43%), Punjab & Sind Bank (down 2.24%), Bank of Baroda (down 2.21%) and Central Bank of India (down 2.13%) fell.

Stocks in Spotlight:

NCL Industries shed 0.52%. The company said that the company's cement production for Q4 FY26 stood at 8,02,600 MT compared to 7,90,663 MT in Q4 FY25, reflecting a 2% increase on a year-on-year (YoY) basis.

GHV Infra Projects rose 2.10% after the company entered into a construction contract worth Rs 1,250 crore with APCO Infratech for infrastructure development in Maharashtra.

Mahindra & Mahindra fell 2.28%. The company announced that its sales stood at 100,194 units in March 2026, registering the growth of 22.37%, compared with 81,880 units sold in March 2025.