Sensex slides 533 pts; PSU banks tumble

The benchmark indices traded with deep cuts in mid-morning trade. The Nifty hovered below the 22,000 level. PSU bank shares declined after rising in the past trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex was down 532.72 points or 0.73% to 72,572.10. The Nifty 50 index slipped 186.10 points or 0.84% to 21,960.55.

The broader market underperformed the key indices. The S&P BSE Mid-Cap index lost 1.56% and the S&P BSE Small-Cap index fell 1.06%.

The market breadth was weak. On the BSE, 1,221 shares rose and 2,415 shares fell. A total of 137 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Krystal Integrated Services received 13,38,760 bids for shares as against 29,99,448 shares on offer, according to stock exchange data at 11:20 IST on Friday (15 March 2024). The issue was subscribed 0.45 times.

The issue opened for bidding on Thursday (14 March 2024) and it will close on Monday (18 March 2024). The price band of the IPO is fixed at Rs 680 to 715 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index dropped 2.28% to 6,630.05. The index rose 0.70% in the past trading session.

Central Bank of India (down 4.7%), Bank of Maharashtra (down 4.2%), Punjab & Sind Bank (down 4.16%), Punjab National Bank (down 4.14%), Indian Overseas Bank (down 3.69%), UCO Bank (down 3.68%), Bank of India (down 3.6%), Bank of Baroda (down 3.07%), Union Bank of India (down 2.54%) and Canara Bank (down 2.19%) declined.

Stocks in Spotlight:

JSW Energy advanced 1.59% after the JSW Neo Energy, a wholly owned subsidiary of the company received a letter of intent (LoI) for grid connected solar capacity of 300 MW from Gujarat Urja Vikas Nigam (GUVNL).

Gujarat Fluorochemicals declined 1.46%. The specialty chemical maker announced that it has incorporated a subsidiary, IGREL Mahidad for power generation.

NHPC fell 3.75%. The company said that it has received letter of intent by Gujarat Urja Vikas Nigam (GUVNL) for a 200 megawatt (MW) solar power project at the 1125 MW Gujarat State Electricity Corporation (GSECL�s) renewable energy (RE) Park in Khavda, Gujarat.

Global Markets:

Most of the Asian stocks declined on Friday tracking overnight losses on Wall Street after a hot US inflation report.

China�s central bank left a key lending rate unchanged for a seventh month. The People�s Bank of China kept the interest rate on its one-year medium-term lending facility loans at 2.50%.

U.S. stocks ended lower on Thursday after higher-than-estimated US producer prices in February suggested that the US Federal Reserve could reduce the number of rate cuts this year.

US producer price index for final demand rose 0.6% last month after advancing by an unrevised 0.3% in January. The gauge rose 1.6% from a year earlier, the largest annual advance since September. US retail sales rose 0.6% last month. Data for January was revised lower to show sales tumbling 1.1% instead of the previously reported 0.8%, while sales in December were also downgraded.

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