Market Commentary - Mid-Session
Sensex slides over 1,000 pts; private bank shares tumble As on : 28-Nov-24  14:32

The benchmarks indices traded with significant losses in mid-afternoon trade. The Nifty tanked below the 24,000 level after hitting day's high of 24,345.75 in morning trade. Private bank shares declined after advancing in the previous trading session. Trading was volatile due to the monthly F&O series expiry today.

Market witnessed selling pressure due to concerns over U.S. president Donald Trump's policies and renewed uncertainty in rate cut trajectory.

At 14:30 IST, the barometer index, the S&P BSE Sensex tumbled 1,035.51 points or 1.29% to 79,199.35. The Nifty 50 index dropped 306.60 points or 1.26% to 23,974.10.

In the broader market, the S&P BSE Mid-Cap index fell 0.10% and the S&P BSE Small-Cap index rose 0.31%.

The market breadth was positive. On the BSE, 2,238 shares rose and 1,635 shares fell. A total of 132 shares were unchanged.

Buzzing Index:

The Nifty Private Bank index lost 1.18% to 25,216.70. The index added 0.20% in the previous trading session.

Axis Bank (down 1.28%), Kotak Mahindra Bank (down 1.12%), Federal Bank (down 0.86%), ICICI Bank (down 0.78%) HDFC Bank (down 0.7%) IndusInd Bank (down 0.27%), RBL Bank (down 0.04%), Bandhan Bank (down 0.01%) declined.

On the other hand, City Union Bank (up 1.44%), IDFC First Bank (up 0.62%) added.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.60% to 6.921 as compared with previous close 6.925.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4950, compared with its close of 84.4025 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.02% to Rs 75,773.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.24% to 106.34.

The United States 10-year bond yield added 0.45% to 4.263.

In the commodities market, Brent crude for November 2024 settlement lost 33 cents or 0.45% to $72.50 a barrel.

Stocks in spotlight:

MAS Financial Services declined 1.54%. The company informed that its board has allotted 10,000 non-convertible debentures (NCDs) aggregating to Rs 100 crore on a private placement basis.

NTPC Green Energy rallied 5.80% after the company informed that it has commissioned first part capacity of 55 MW out of 105 MW Shajapur Solar Project (Unit-I) at Shajapur, Madhya Pradesh.

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