Market Commentary - Mid-Session
Broader mkt underperforms; PSU banks slide As on : 09-Sep-24  10:34

The headline equity benchmarks traded with minor losses in morning trade. The Nifty traded below the 25,850 mark. PSU bank shares extended losses for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, shed 23.38 points or 0.03% to 81,160.55. The Nifty 50 index lost 12.10 points or 0.05% to 24,840.05.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.72% and the S&P BSE Small-Cap index declined 1.15%.

The market breadth was weak. On the BSE, 1,290 shares rose and 2,452 shares fell. A total of 179 shares were unchanged.

New Listing:

Shares of Gala Precision Engineering were currently trading at Rs 761.05 at 10:15 IST on the BSE, representing a premium of 43.87% as compared with the issue price of Rs 529.

The scrip was listed at Rs 750, exhibiting a premium of 41.78% to the issue price.

So far, the stock has hit a high of 787 and a low of 721. On the BSE, over 2.46 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index declined 1.43% to 6,560.10. The index fell 4.94% in two consecutive trading sessions.

Union Bank of India (down 2.68%), Central Bank of India (down 2.53%), Bank of India (down 2.31%), Punjab & Sind Bank (down 2.18%), UCO Bank (down 2.12%), Canara Bank (down 1.92%), Indian Overseas Bank (down 1.86%), Punjab National Bank (down 1.82%), Bank of Maharashtra (down 1.68%) and Bank of Baroda (down 1.55%) declined.

Stocks in Spotlight:

SML ISUZU shed 0.15%. The company said that it has decided to increase the prices of its buses (all models) in the range of 1.0% to 1.5%, effective 01 October 2024.

Repco Home Finance declined 1.45% after the company informed that K. Lakshmi has tendered her resignation as chief financial officer (CFO) of the company, due to personal reasons.

ION Exchange (India) advanced 1.47% after the company has been awarded contracts from Technimont SPA, Italy, for de-oiling, dimenralisation and condensate poly unit packages for the Hail & Ghasha development project of ADNOC, UAE, totaling approximately Rs 168 crore. The projects are to be completed within 61 weeks from projects award dates.

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