Nifty below 22,400 level; PSU bank rally for 5th day

The domestic equity indices traded with limited losses in the mid-afternoon trade. The Nifty traded below the 22,400 level. PSU Bank shares extended gains for the fifth consecutive trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 127.94 points or 0.17% to 73,744.35. The Nifty 50 index lost 33.90 points or 0.15% to 22,371.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.18% and the S&P BSE Small-Cap index declined 0.58%.

The market breadth was weak. On the BSE, 1,258 shares rose and 2,558 shares fell. A total of 85 shares were unchanged.

Economy:

The seasonally adjusted HSBC India Services Business Activity Index registered 60.6 in February, down from 61.8 in January. Despite having slipped, the headline index was comfortably above the neutral mark of 50.0 and signalled a sharp rate of expansion that was well above the series history (since December 2005).

With both manufacturing production and services activity in India increasing during February, there was a further upturn in private sector output. The HSBC India Composite PMI Output Index slipped from a six-month high of 61.2 in January to 60.6, indicating a softer but sharp rate of expansion.

Buzzing Index:

The Nifty PSU Bank index gained 2.12% to 7,291.15. The index jumped 6.59% in the five trading session.

Indian Overseas Bank (up 6.41%), UCO Bank (up 5.88%), Central Bank of India (up 5.8%), Punjab & Sind Bank (up 5.01%), Union Bank of India (up 4.94%), Bank of India (up 3.84%), Bank of Maharashtra (up 3.52%), Punjab National Bank (up 1.9%), State Bank of India (up 1.43%) and Bank of Baroda (up 1.32%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.04% to 7.057 as compared with the previous close of 7.060.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9225, compared with its close of 82.9000 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement advanced 0.26% to Rs 64,630.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.07% to 103.90.

The United States 10-year bond yield fell 0.69% to 4.191.

In the commodities market, Brent crude for April 2024 settlement added 43 cents or 0.52% to $82.37 a barrel.

Stocks in spotlight:

Infibeam Avenues rallied 4.76% after the company announced that it has received final authorisation from Reserve Bank of India (RBI) to operate as an online payment aggregator.

Man Industries (India) declined 1.07%. The company�s New ERW Plant at Anjar, Gujarat, has recently been certified by API to manufacture electric resistance welded (ERW) pipes.

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