Market Commentary - Mid-Session
Nifty below 25,150 mark; PSU bank stocks decline As on : 04-Sep-24  10:33

The domestic equity benchmarks traded in negative terrain with moderate losses in the morning trade. The Nifty traded below the 25,150 mark. PSU bank shares extended losses for the second consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, tumbled 449.52 points or 0.55% to 82,108.01. The Nifty 50 index slipped 155.20 points or 0.61% to 25,125.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.47% and the S&P BSE Small-Cap index rose 0.30%.

The market breadth was negative. On the BSE, 1,725 shares rose and 1,894 shares fell. A total of 175 shares were unchanged.

New Listing:

Shares of ECOS (India) Mobility & Hospitality were currently trading at Rs 421.35 at 10:17 IST on the BSE, representing a premium of 26.15% as compared with the issue price of Rs 334.

The scrip was listed at Rs 391.30, exhibiting a premium of 17.15% to the issue price.

So far, the stock has hit a high of 426 and a low of 380.10. On the BSE, over 10.45 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU bank index fell 1.45% to 6,895.50. The index declined 1.79% in the two consecutive trading sessions.

Canara Bank (down 2.04%), Indian Bank (down 1.75%), Bank of Baroda (down 1.7%), Punjab National Bank (down 1.42%), Union Bank of India (down 1.15%), Bank of India (down 1.08%), State Bank of India (down 1.04%), UCO Bank (down 0.91%), Indian Overseas Bank (down 0.71%) and Central Bank of India (down 0.59%) edged lower.

Stocks in Spotlight:

Texmaco Rail & Infra Engineering added 1.23% after the firm has completed the acquisition of Jindal Rail & Infrastructure, strengthening its position in the wagons market and expanding its capabilities and product range. The final cash payment was Rs 614 crore, at a valuation of 8.1 times the FY24 EV/Ebitda.

Mankind Pharma gained 1.49% after the pharma major executed a Business Transfer Agreement to transfer its over-the-counter (OTC) business undertaking on a slump sale basis to its subsidiary, Mankind Consumer Products (MCPPL).

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