Nifty above 22,450 mark; broader market underperforms

The frontline traded with decent gains in morning trade. The Nifty traded above the 22,450 mark. PSU bank shares extended losses for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 237.99 points or 0.34% to 74,126.85. The Nifty 50 index added 12 points or 0.05% to 22,487.85.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.02% and the S&P BSE Small-Cap index declined 0.84%.

The market breadth was weak. On the BSE, 1,202 shares rose and 2,368 shares fell. A total of 213 shares were unchanged.

Economy:

In the third consecutive weekly decline, India�s forex reserves dropped $2.412 billion to $637.922 billion during the seven days ended April 26, according to the RBI data.

For the week ended April 26, the foreign currency assets � a major component of the reserves � decreased $1.159 billion to $559.701 billion, the data released on Friday showed.

Gold reserves decreased $1.275 billion to $55.533 billion during the week. The special drawing rights (SDRs) were up $15 million to $18.048 billion, said the RBI.

India�s reserve position with the IMF was also up $8 million to $4.639 billion in the reporting week, the apex bank data showed.

Results Today :

Lupin (down 0.20%), Marico (up 1.50%), Arvind (up 0.31%), CarTrade Tech (down 1.23%), CG Power and Industrial Solutions (up 0.23%), DCM Shriram (up 1.20%), Godrej Consumer Products (up 0.28%), Gujarat Gas (up 0.66%) Happiest Minds Technologies (up 0.11%), Indian Bank (down 1.66%), Muthoot Microfin (up 0.04%), Route Mobile (up 1.01%) and Uttam Sugar Mills (down 1.75%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty PSU Bank index slipped 3.95% to 7,231.55. The index fell 4.91% in three consecutive trading sessions.

Punjab National Bank (down 5.52%), Bank of India (down 5.14%), Canara Bank (down 5.04%), Bank of Baroda (down 4.32%), Union Bank of India (down 4.16%), Bank of Maharashtra (down 3.44%), Indian Overseas Bank (down 3.4%), Punjab & Sind Bank (down 3.21%), UCO Bank (down 3.16%) and Central Bank of India (down 2.99%) declined.

Stocks in Spotlight:

Ujjivan Small Finance Bank shed 1.74%. The bank said that Reserve bank of India (RBI) has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of the bank for the period of 3 years with effect from 1 July 2024.

Dr Reddy`s Laboratories shed 0.87%. The pharma major said that it has launched Doxycycline Capsules in the U.S. market, which is a therapeutic generic equivalent of ORACEA Capsules of Galderma Laboratories.

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