Domestic barometers edge lower amid significant selling; PSU banks fall for 2nd day

Intense selling pressure on the domestic bourses push the key equity barometers lower in morning trade. The Nifty traded below the 19,500 level. PSU banks declined for second consecutive day.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 219.74 points or 0.34% to 65,177.88. The Nifty 50 index lost 78.20 points or 0.4% to 19,464.45.

In the broader market, the S&P BSE Mid-Cap index traded flat while the S&P BSE Small-Cap index gained 0.02%.

The market breadth was negative. On the BSE, 852 shares rose and 2570 shares fell. A total of 202 shares were unchanged.

As the earnings season intensifies, it will have a significant influence on the direction of the market. Investors will closely follow the financial performance of companies, which will provide insights into the overall health and outlook of various sectors. Additionally, global cues and developments in international markets will also impact the market trend.

Results Today:

Torrent Pharmaceuticals (up 0.31%), Lloyds Metals and Energy (down 5.37%), PNB Housing Finance (down 0.82%), Alok Industries (down 4.59%) and Mahindra Holidays & Resorts India (down 2.98%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty PSU Bank index fell 1.28% to 4,886.65. The index has lost 2.84% in two sessions.

Indian Overseas Bank (down 3.58%), Bank of Maharashtra (down 3.08%), Union Bank of India (down 2.77%), Central Bank of India (down 2.67%) and Bank of India (down 2.41%) were the top losers.

Among the other losers were UCO Bank (down 2.21%), Punjab & Sind Bank (down 2.1%), Indian Bank (down 1.2%), Bank of Baroda (down 1.04%) and Canara Bank (down 0.87%).

Stocks in Spotlight:

Graphite India fell 1.89%. The graphite electrodes producer is acquiring 31% stake Godi India (GIPL) for a consideration value of Rs 50 crore. Godi India is engaged in research and development of advanced battery technologies, with high energy and power densities (li-ion batteries, na-ion batteries, all solid-state batteries) by using environmentally friendly electrode making processes for a variety of applications across automobiles, consumer electronics, renewable energy storage, and strategic sectors. It has also developed supercapacitors for a wide range of applications.

Samvardhana Motherson International shed 0.67%. The company announced a series of acquisitions to strengthen its aerospace, health, and medical businesses on Friday. The company, via its subsidiary, has entered into an agreement to acquire 100% stake in French company, SSCP Aero Topco SAS. The board of the company has also approved the acquisition of 73.05% stake in Irillic., and another 100% stake in Samvardhana Motherson Adsys Tech from Motherson Auto to make it the company`s wholly-owned subsidiary.

Entertainment Network (India) (ENIL) slipped 3.94%. ENIL`s board approved the execution of a business transfer agreement (BTA) with Gamma Gaana for acquiring its music licensing business `Gaana`. The acquisition will be done on a going concern basis through a slump sale. The size of the agreement is not expected to exceed Rs 25 lakh. Gamma Gaana is engaged in the business of licensing music audio content and hosting and streaming such music audio content in different languages through applications dedicated to online music streaming under the name `Gaana`.

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