Benchmarks off the day`s low; bank stocks decline

The key equity benchmarks came off the day`s low in mid afternoon trade. The Nifty hovered around the 17,150 level. Bank shares witnessed some bit of profit booking.

At 13:22 IST, the barometer index, the S&P BSE Sensex, was down 448.2 points or 0.77% to 57,415.73. The Nifty 50 index lost 136.30 points or 0.79% to 17,150.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.25% while the S&P BSE Small-Cap index added 0.67%.

The market breadth was negative. On the BSE, 1621 shares rose and 1851 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty Bank index slipped 0.90% to 36,098.95. The index had advanced 4.01% in the past two sessions.

Bandhan Bank (down 2.94%), Kotak Mahindra Bank (down 1.92%), SBI (down 1.86%), RBL Bank (down 1.47%), IndusInd Bank (down 1.46%), Axis Bank (down 1.30%), ICICI Bank (down 1.26%) and IDFC First Bank (down 1.25%) declined while AU Small Finance Bank (up 1.25%) and HDFC Bank (up 0.73%) advanced.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.791% compared with 6.778% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 76.13, compared with its close of 75.84 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement rose 0.04% to Rs 51,470.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.04% to 98.27.

In the commodities market, Brent crude for May 2022 settlement rose $4.49 or 4.16% $112.42 a barrel.

Global Markets:

European stocks were little changed on Monday as pressure from the Russia-Ukraine war continues to weigh on global sentiment. Asian stocks traded in a mixed fashion. Markets in Japan are closed today for a holiday.

Global markets continue to be roiled by events in Ukraine as the war continues. Ukraine`s President Volodymyr Zelenskyy warned at the weekend that if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a third global war.

Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions.

Investors are also evaluating a rise in COVID-19 cases in Europe stemming from an emerging subvariant of the omicron strain of the virus.

China`s one-year loan prime rate was kept unchanged at 3.7% on Monday. Investors have been watching for hints of policy support from Beijing following a Chinese state media report last week that reportedly signaled support for Chinese stocks.

Wall Street`s three major indexes closed higher on Friday, with the biggest boost from recently battered technology stocks, after talks between U.S. President Joe Biden and Chinese President Xi Jinping over the Ukraine crisis ended without big surprises.

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