Sensex slumps 1,710 pts; VIX soars 14.86%

The domestic equity benchmarks pared some losses in morning trade. The Nifty traded above the 22,700 level after hitting the day`s low 22,389.85 in early trade. PSU bank shares witnessed profit booking after advancing in the past two consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex was tumbled 1,710.25 points or 2.24% to 74,758.53. The Nifty 50 index fell 520.85 points or 2.24% to 22,743.05.

In the broader market, The S&P BSE Mid-Cap index dropped 2.48% and the S&P BSE Small-Cap index declined 2.19%.

The market breadth was weak. On the BSE, 722 shares rose and 2,743 shares fell. A total of 138 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, spurts 14.86% to 24.05.

Buzzing Index:

The Nifty PSU Bank index dropped 5.33% to 7,579.75. The index rallied 3.94% in past two trading sessions.

Bank of Baroda (down 7.09%), Indian Bank (down 6.56%), Central Bank of India (down 6.22%), Canara Bank (down 6.2%), Punjab National Bank (down 6.09%), Union Bank of India (down 5.32%), Punjab & Sind Bank (down 5.3%), State Bank of India (down 5.2%), UCO Bank (down 5.02%) and Bank of India (down 4.98%) declined.

Stocks in Spotlight:

MOIL declined 3.13%. The company said that it has recorded monthly managanese ore sales of 2.15 lakh tones in May 2024, registering a growth of 41% over May 2023.

Kalyan Jewellers India advanced 1.42% after the company said that it has signed definitive agreement with Rupesh Jain to acquire 15% stake in Enovate Lifestyles for total consideration of Rs 42 crore.

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