Key indices trade with significant losses; bank stocks edge lower

The key equity indices witnessed significant selling pressure in early afternoon trade. The Nifty traded near the 19,350 mark. Bank stocks declined as profit booking emerged at higher levels.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 257.67 points or 0.40% to 64,701.02. The Nifty 50 index lost 57.30 points or 0.3% to 19,354.45.

In the broader market, the S&P BSE Mid-Cap index advanced 0.13% while the S&P BSE Small-Cap index rose 0.14%.

The market breadth was strong. On the BSE, 1894 shares rose and 1658 shares fell. A total of 137 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 2.67% to 11.40. The Nifty 30 November 2023 futures were trading at 19,452, at a premium of 97.55 points as compared with the spot at 19,354.45.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 31 lakh contracts at the 20,000 strike price. Maximum Put OI of 44.1 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Bank index declined 0.61% to 43,351.90. The index had advanced _ % in the past three sessions.

Bank of Baroda (down 1.94%), ICICI Bank (down 1.41%), HDFC Bank (down 0.85%), Kotak Mahindra Bank (down 0.57%) and Bandhan Bank (down 0.41%) were the top losers.

Among the other losers were AU Small Finance Bank (down 0.19%), Axis Bank (down 0.03%).

On the other hand, Federal Bank (up 0.66%), Punjab National Bank (up 0.6%) and State Bank of India (up 0.42%) turned up.

Stocks in Spotlight:

Bajaj Finance fell 1.34%. The non-banking financial company (NBFC) announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 7,533.81 per share.

Dalmia Bharat Sugar & Industries added 1.77%. The company�s standalone net profit stood at Rs 55 crore in Q2 FY24, steeply higher as compared with Rs 12 crore posted in Q2 FY23. Revenue from operations jumped 26.43% to Rs 731.85 crore in Q2 FY24 as compared with Rs 578.86 crore in Q2 FY23.

D B Realty added 2.90%. The company announced the signing of a share purchase agreement to sell its 100% stake in Real Gem Buildtech to Kingmaker Developers for a consideration of approximately Rs 231.42 crore. Kingmaker Developers is a company of the Rustomjee Group.

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