Barometers trade near flat line; bank shares decline

The key equity indices traded near the flat line with some negative points in early afternoon trade. The Nifty traded below the 22,500 level. Bank shares extended losses for the third consecutive trading session.

At 12:29 IST, the barometer index, the S&P BSE Sensex, slipped 133.27 points, or 0.18%, to 73,981.90. The Nifty 50 index lost 10.15 points, or 0.05%, to 22,451.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% and the S&P BSE Small-Cap index declined 0.96%.

The market breadth was weak. On the BSE, 1,220 shares rose and 2,541 shares fell. A total of 145 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 1.76% to 14.23. The Nifty 27 March 2025 futures were trading at 22,499.60, at a premium of 48.55 points as compared with the spot at 22,451.05.

The Nifty option chain for the 27 March 2025 expiry showed a maximum call OI of 59.4 lakh contracts at the 23,000 strike price. Maximum put OI of 78.5 lakh contracts was seen at 22,000 strike price.

Buzzing Index:

The Nifty Bank index shed 0.84% to 47,812.80. The index fell 1.68% in three consecutive trading sessions.

IndusInd Bank (down 23.01%), AU Small Finance Bank (down 3.93%), IDFC First Bank (down 2.15%), Axis Bank (down 0.97%), Punjab National Bank (down 0.46%), HDFC Bank (down 0.18%) and Bank of Baroda (down 0.13%) declined.

On the other hand, ICICI Bank (up 1.9%), Canara Bank (up 0.99%) and Federal Bank (up 0.38%) edged higher.

Stocks in Spotlight:

Z-Tech (India) was locked in the upper circuit of 5% after the company secured a Rs 20 crore project from Amdavad Municipal Corporation (AMC) under the public-private partnership (PPP) model.

MSTC added 2.03% after the company announced that it has received a work order from Coal India (CIL) for engagement as an 'e-auction service provider'.

Premier Explosives (PEL) fell 2.09%. The company said that it has signed a joint venture and shareholders agreement with Global Munition (GML), a subsidiary of NIBE Ordnance and Maritime, to manufacture defence and aerospace products.

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