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Nifty hovers below 22,050; PSU banks under pressure

Published on Feb 28, 2024 12:35

The key equity benchmarks traded with significant losses in early afternoon trade. The Nifty traded below 22,050 level after hitting the day`s high of 22,229.15 in the morning trade. PSU Bank shares slipped for the fourth consecutive trading sessions.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 472.76 points or 0.65% to 72,662.46. The Nifty 50 index declined 151.25 points or 0.68% to 22,047.10.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 1.20% and the S&P BSE Small-Cap index declined 1.41%.

The market breadth was weak. On the BSE, 913 shares rose and 2,833 shares fell. A total of 88 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 2.70% to 16.15. The Nifty 29 February 2024 futures were trading at 22,022.60, at a discount of 24.5 points as compared with the spot at 22,047.10.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 184.7 lakh contracts at the 22,200 strike price. Maximum Put OI of 98.3 lakh contracts were seen at 22,200 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 2.09% to 6,855.10. The index slipped 4.23% in the four consecutive trading sessions.

Union Bank of India (down 4.24%), Indian Bank (down 3.6%), Central Bank of India (down 3.48%), Canara Bank (down 3.44%) , Bank of India (down 3.06%), Bank of Maharashtra (down 3.01%), UCO Bank (down 2.92%), Bank of Baroda (down 2.81%), Indian Overseas Bank (down 2.56%) and Punjab & Sind Bank (down 2.36%) edged lower.

Stocks in Spotlight:

Torrent Power shed 0.95%. The company announced that it has made its foray into power transmission segment by bagging a project for the evacuation of power from renewable energy projects in Solapur, Maharashtra.

Texmaco Rail & Engineering slipped 4.13%. The company said that its board has approved the raising of funds through of issuance of convertible warrants by way of preferential issue aggregating upto Rs 150 crore.

SJVN declined 1.96%. The power generation company said that its wholly owned subsidiary, SJVN Green Energy has commissioned 100 megawatt (MW) Raghanesda Solar Power Project located in district Banaskantha, Gujarat.

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