INDICES TRADE WITH LIMITED LOSSES; PRIVATE BANK SHARES DECLINE

The domestic equity indices traded with moderate losses in morning trade. The Nifty traded below 24,250 mark. Private bank shares declined after rallying for two consecutive trading sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex was down 406.19 points or 0.49% to 79,663.07. The Nifty 50 index fell 82.40 points or 0.34% to 24,219.75.

In the broader market, the S&P BSE Mid-Cap index added 0.27% and the S&P BSE Small-Cap index rose 0.57%.

The market breadth was strong. On the BSE, 2,030 shares rose and 1,585 shares fell. A total of 133 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index declined 1.37% to 26,161.45. The index increased 2.05% in the past two trading sessions.

HDFC Bank (down 4%), RBL Bank (down 2.65%), Bandhan Bank (down 1.81%), City Union Bank (down 1.47%) and IndusInd Bank (down 1.04%), ICICI Bank (down 0.71%), Kotak Mahindra Bank (down 0.26%), Axis Bank (down 0.23%) advanced.

HDFC Bank declined 4%. The bank said that its gross advances aggregated to approximately Rs 24.87 lakh crore as of 30 June 2024, a growth of around 52.6% over Rs 16.30 lakh crore as of 30 June 2023.

Stocks in Spotlight:

IDBI Bank rose 0.33%. The bank reported total business of Rs 4.71 lakh crore, up 15% year-on-year while the deposits increased 13% YoY to Rs 2.77 lakh crore. CASA deposits grew 5% YoY to Rs 1.34 lakh crore in Q1 FY25.

Punjab National Bank advanced 1.23% after the bank�s domestic advances jumped 12.1% YoY to Rs 9.89 lakh crore while deposits grew 8.1% YoY to Rs 13.7 lakh crore. Global deposits stood at Rs 14.08 lakh crore, up 8.5% YoY in Q1 FY25.

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