Benchmark indices traded lower in the mid-trading session on Monday as investors engaged in profit-booking, despite an easing geopolitical situation. PSU Bank stocks gained traction today following encouraging comments from FM Sitharaman.
Sensex tanked 455.58 points or 0.54 per cent to 83,603.32 as at 1 pm, against the previous close of 84,058.90, and Nifty 50 depreciated by 125.60 points or 0.49 per cent to 25,512.20.
Both midcap and smallcap indices traded with marginal gains, 0.47 per cent and 0.62 per cent, respectively. The volatility index was up 3.22 per cent to 12.79.
PSU Bank stocks soared over 2 per cent after Finance Minister Nirmala Sitharaman on Friday asked public sector banks to take advantage of RBI’s jumbo 50 bps rate cut to increase lending toward productive sectors of the economy, according to a PTI report. The Minister also pushed for monetisation of subsidiary investments.
Shares of Bank of Maharashtra, Union Bank, PNB, Canara Bank and Bank of Baroda gained 3-4 per cent, leading the gainers on the index.
Realty, FMCG, private bank, auto, oil & gas and metal indexes dipped.
Top gainers & losers intraday
Shares of State Bank of India, Shriram Finance, Jio Financial, Bharat Electronics, HDFC Life and Eternal gained 1-2 per cent among the Nifty 50 pack, while Tata Consumer Products, Dr Reddy’s Laboratories, Hero Motocorp, Maruti and Apollo Hospitals declined 1-3 per cent.
Among midcaps, Waaree Energies, BDL and a few PSU banking stocks soared 3-6 per cent. In the smallcap basket, Natco Pharma, Kaynes, Zen Tech, KVB and IDBI soared 4 per cent.
Of the 2,948 stocks that were traded on the National Stock Exchange, about 1,755 stocks advanced and 1,094 declined.
123 stocks such as E2E Networks and Best Agrolife hit the upper circuit, while 54 stocks including Thomas Scott hit the lower circuit.
Affle 3i, City Union Bank, Dalmia Bharat and EID Parry were among 79 shares that hit 52-week highs, while 18 hit 52-week lows.
On the BSE, shares of Alembic Pharma rallied 13 per cent. Cartrade, RattanIndia, Force Motors and Aditya Birla Sun Life AMC gained 6-8 per cent. Meanwhile, JB Chemicals, Narayana Hrudayalaya, Karnataka Bank and JK Cement depreciated 5-7 per cent.