Nifty trades below 24,200 level; PSU Bank stocks tumble

The domestic equity barometers continued remained under heavy selling pressure in mid-afternoon trade as rising geopolitical tensions surrounding the US-Iran conflict dented investor sentiment. Weak geopolitical cues lifted Brent Crude prices above $100, while the rupee weakened to 94-per-dollar mark against previous close. Meanwhile, investors continued to track and react to corporate Q4 earnings announcements. The Nifty traded below 24,200 level. PSU bank shares extended losses for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex dropped 505.91 points or 0.65% to 77,339. The Nifty 50 index fell 133 points or 0.55% to 24,193.20.

In the broader market, the BSE 150 MidCap Index rose 0.02% and the BSE 250 SmallCap Index rose 0.23%.

The market breadth was strong. On the BSE, 2,045 shares rose and 2,119 shares fell. A total of 181 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.33% to 17.01.

Buzzing Index:

The Nifty PSU Bank index tumbled 3.44% to 8,339.90. The index fell 3.90% in two consecutive trading session.

State Bank of India (down 6.5%), Punjab & Sind Bank (down 3.73%), Bank of Baroda (down 3.22%), Bank of Maharashtra (down 2.74%), Central Bank of India (down 2.26%), Punjab National Bank (down 1.95%), UCO Bank (down 1.72%), Indian Overseas Bank (down 1.39%), Canara Bank (down 1.36%) and Union Bank of India (down 1.33%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.45% to 6.964 compared with previous session close of 6.633.

In the foreign exchange market, the rupee lowered against the dollar. The partially convertible rupee was hovering at 94.4850 compared with its close of 94.2200 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement jumped 0.36% to Rs 152,806.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 97.85.

The United States 10-year bond yield lost 0.57% to 4.369.

In the commodities market, Brent crude for June 2026 settlement gained 0.35 cents or 0.35% to $100.90 a barrel.

Stocks in Spotlight:

Cera Sanitaryware rallied 3.35%. The company has reported 9.6% fall in net profit to Rs 77.33 crore despite a 11.4% rise in revenue from operations to Rs 643.81 crore in Q4 FY26 as compared with Q4 FY25.

Vikram Solar dropped 4.99%. The company reported a 21.86% jump in consolidated net profit to Rs 110.42 crore on a 21.72% rise in revenue from operations to Rs 1,452.81 crore in Q4 FY26 over Q4 FY24.

Larsen & Toubro slipped 1.40%. The company said that its L&T Energy Hydrocarbon Onshore division has secured a significant EPC order from Bharat Coal Gasification and Chemicals (BCGCL).

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