Benchmarks trade with major losses; PSU Bank shares slides

The frontline equity benchmarks traded with substantial losses in the mid-afternoon trade, amid heightened volatility triggered by exit poll predictions for state elections. Investor sentiment deteriorated further as oil prices surged to historic highs and the rupee weakened to a record low. Continued selling by foreign institutional investors (FIIs) added to the downward pressure, while the monthly Sensex derivatives expiry amplified market volatility. The Nifty slipped below the 24,050 mark.

At 14:30 ST, the barometer index, the S&P BSE Sensex dropped 471.51 points or 0.61% to 77,024.85. The Nifty 50 index plunged 161.55 points or 0.68% to 24,015.25.

In the broader market, the BSE 150 MidCap Index tumbled 0.89% and the BSE 250 SmallCap Index tanked 0.54%.

The market breadth was weak. On the BSE, 1,517 shares rose and 2,579 shares fell. A total of 168 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 6.79% to 18.62.

Buzzing Index:

The Nifty PSU Bank index fell 1.91% to 8,462.75. The index fell 4.41% in three consecutive trading session.

Indian Bank (down 3.29%), Bank of India (down 2.29%), Canara Bank (down 2.26%), Bank of Baroda (down 2.1%), Punjab National Bank (down 1.81%), Bank of Maharashtra (down 1.62%), State Bank of India (down 1.61%), Union Bank of India (down 1.36%) and Indian Overseas Bank (down 0.17%) declined.

On the other hand, UCO Bank (up 0.56%), Central Bank of India (up 0.17%) and Punjab & Sind Bank (up 0.08%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.84% to 7.054 compared with previous session close of 6.995.

In the foreign exchange market, the rupee lowered against the dollar. The partially convertible rupee was hovering at 94.1200 compared with its close of 94.8800 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement jumped 1.52% to Rs 151,311.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 98.69.

The United States 10-year bond yield fell 0.11% to 4.413.

In the commodities market, Brent crude for June 2026 settlement jumped $1.15 or 1.04% to $111.57 a barrel.

Stocks in Spotlight:

Shakti Pumps India shed 0.29%. The company announced that it has received a Letter of Empanelment from Maharashtra State Electricity Distribution Company (MSEDCL) for the supply and installation of 6,580 off-grid solar photovoltaic water pumping systems across the state.

Newgen Software Technologies rallied 5.93% after the company's consolidated net profit jumped 69.2% to Rs 106.30 crore on a 13.09% rise in revenue from operations to Rs 452.67 crore in Q4 FY26 over Q3 FY26.

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