Market trade near day's low; bank shares tumble for 2nd day

The key equity indices traded with steep losses in mid-afternoon trade. The Nifty traded below the 24,050 mark after hitting the day's high of 24,196.45 in early trade. Bank shares declined after advancing in the past two consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, declined 625.94 points or 0.78% to 79,317.77. The Nifty 50 index slipped 156.75 points or 0.65% to 24,031.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.32% and the S&P BSE Small-Cap index rose 0.14%.

The market breadth was positive. On the BSE, 2,106 shares rose and 1,826 shares fell. A total of 127 shares were unchanged.

Buzzing Index:

The Nifty Bank index slipped 1.15% to 51,014.65. The index gained 1.46% in past two consecutive trading sessions.

HDFC Bank (down 2.37%), ICICI Bank (down 2.01%), State Bank of India (down 0.6%), Federal Bank (down 0.33%), IDFC First Bank (down 0.31%), Kotak Mahindra Bank (down 0.03%) declined.

On the other hand, IndusInd Bank (up 1.15%), AU Small Finance Bank (up 0.75%) and Canara Bank (up 0.49%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.01% to 6.900 as compared with the previous close of 6.899.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.7950, compared with its close of 85.7500 during the previous trading session.

MCX Gold futures for the 5 February 2025 settlement shed 0.16% to Rs 77,590.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 109.15.

The United States 10-year bond yield slipped 0.48% to 4.553.

In the commodities market, Brent crude for March 2025 settlement lost 09 cents, or 0.12% to $75.84 a barrel.

Stocks in Spotlight:

Force Motors added 1.29% after the company's total sales increased 8.01% to 2,036 units in December 2024 as compared with 1,885 units sold in November 2024.

Hercules Hoists rose 0.46%. The company's chief financial officer (CFO) and key managerial person (KMP), Girish Rameshlal Jethmalani, has resigned due to personal reasons.

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