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Market trade near flatline; PSU bank shares slides

Published on May 28, 2024 12:41

The headline equity benchmarks pared all gains and traded near the flatline with some minor losses in early-afternoon trade. The Nifty traded below the 22,950 mark after hitting day`s high of 22,998.55 in morning trade. PSU Bank shares declined after advancing in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 38.12 points or 0.05% to 75,351.74. The Nifty 50 index shed 3.55 points or 0.02% to 22,928.90.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1% and the S&P BSE Small-Cap index fell 1.12%.

The market breadth was weak. On the BSE, 1,207 shares rose and 2,500 shares fell. A total of 125 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 4.74% to 24.29. The Nifty 30 May 2024 futures were trading at 22,968.20, at a premium of 39.3 points as compared with the spot at 22,928.90.

The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 118.9 lakh contracts at the 24,000 strike price. Maximum Put OI of 89.4 lakh contracts were seen at 23,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 1.41% to 7,351.50. The index rallied 1.33% in the past trading session.

Indian Overseas Bank (down 4.23%), Punjab & Sind Bank (down 3.73%), UCO Bank (down 3.52%), Central Bank of India (down 3.01%), Indian Bank (down 2.39%), Bank of Maharashtra (down 1.98%), Bank of Baroda (down 1.53%), Union Bank of India (down 1.41%), Punjab National Bank (down 1.16%) and Canara Bank (down 0.43%) declined.

Stocks in Spotlight :

Adani Enterprises rose 0.04%. The company said that its board has approved a proposal to raise funds by way of issuance of equity shares for an aggregate amount not exceeding Rs 16,600 crore by way of qualified institutional placement.

Vishnu Prakash R Punglia rallied 5.24% after the company�s standalone net profit jumped 67.82% to Rs 67.13 crore in Q4 FY24 as compared with Rs 40 crore posted in Q4 FY23. Revenue from operations increased 44.22% YoY to Rs 657.20 crore in the quarter ended 31 March 2024.

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