Sensex, Nifty trade with significant cuts; banking shares slide

The domestic equity indices traded with major losses in mid-afternoon trade. The Nifty hovered below the 24,200 level. Bank shares extended losses for the two trading session. Trading could be volatile due to monthly F&O series expiry today.

At 14:30 IST, the barometer index, the S&P BSE Sensex, tumbled 596.06 points or 0.75% to 79,339.11. The Nifty 50 index declined 155.05 points or 0.64% to 24,185.45.

In the broader market, the S&P BSE Mid-Cap index fell 0.64% and the S&P BSE Small-Cap index shed 0.75%.

The market breadth was positive. On the BSE, 2,457 shares rose and 1,380 shares fell. A total of 121 shares were unchanged.

Both, BSE and NSE will conduct the Muhurat trading session on Friday, 1 November, from 6:00 pm to 7:00 pm. While markets remain closed during the day, this evening session allows investors to make token investments, following a long-standing custom of trading during Diwali.

Buzzing Index:

The Nifty Bank index fell 0.84% to 51,370.25. The index declined 0.34% in the two trading sessions.

DFC First Bank (down 3.11%), Punjab National Bank (down 2.69%), Bank of Baroda (down 1.1%), ICICI Bank (down 1.02%), Canara Bank (down 0.97%), Axis Bank (down 0.96%), State Bank of India (down 0.89%), Federal Bank (down 0.83%), IndusInd Bank (down 0.61%) and HDFC Bank (down 0.54%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.85% to 6.953 as compared with previous close 6.945.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0950, compared with its close of 84.0850 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement shed 0.36% to Rs 79,445.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 103.96.

The United States 10-year bond yield declined 0.89% to 4.237.

In the commodities market, Brent crude for November 2024 settlement added 12 cents or 0.17% to $72.67 a barrel.

Stocks in spotlight:

Shilpa Medicare fell 0.95%. The company announced that the US FDA had issued four observations to its Bengaluru-based facility post the conclusion of an inspection. The company informed the company's Unit- VI, Dabaspet, Bengaluru, India, was inspected by USFDA on 24, 25 and 28, 29, 30 October 2024. The inspection was the onsite GMP inspection of this site.

Automotive Axles slipped 2.20% after the company's standalone net profit declined 20.20% to Rs 35.97 crore on 15.35% decrease in revenue from operations to Rs 494.68 crore in Q2 September 2024 over Q2 September 2023.

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