Sensex slides 492 pts; PSU bank shares decline

The key equity benchmarks traded with significant losses in morning trade. The Nifty slipped below the 22,000 level. PSU bank declined after advancing in the past trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, declined 491.61 points or 0.68% to 72,131.48. The Nifty 50 index fell 142.55 points or 0.65% to 21,912.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.24% and the S&P BSE Small-Cap index declined 0.28%.

The market breadth was negative. On the BSE, 1,429 shares rose and 2,120 shares fell. A total of 139 shares were unchanged.

Buzzing Index:

The Nifty PSU bank index declined 1.08% to 7,066.90. The index rose 0.60% in the past trading session.

Bank of India (down 3.15%), Indian Overseas Bank (down 3.14%), Punjab & Sind Bank (down 2.85%), UCO Bank (down 2.6%), Central Bank of India (down 2.51%), Bank of Maharashtra (down 1.9%), Punjab National Bank (down 1.68%), Union Bank of India (down 1.65%), Bank of Baroda (down 1.2%) and State Bank of India (down 0.97%) slipped.

Stocks in Spotlight:

Sula Vineyards added 1.20% after the company announced that the Maharashtra government has approved the continuation of the Wine Industrial Promotion Scheme for a period of 8 years.

Granules India rose 0.39%. The company extended a corporate guarantee to State Bank of India for securing the term loan facility its Indian subsidiary

Home First Finance Company India jumped 2.35% after the company has received approval from IRDAI for a Corporate Agent (Composite) license on 21 February 2024. This license permits the solicitation of life, general, and health insurance under the Insurance Regulatory and Development Authority of India (Registration of Corporate Agents) Regulations, 2015.

South Indian Bank declined 2.77%. The lender announced Rs 1,151 crore rights issue. It will offer 52 crore shares at Rs 22 per share. The issue opens March 6 and closes on March 20 and the record date is set as Feb 27. The rights ratio set at 1 share for every 4 shares held.

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