Market trade lower; PSU Bank shares tumbles for 2nd day

The key equity indices traded with moderate losses in mid-morning trade. The Nifty traded below the 24,700 level. PSU bank shares extended losses for second consecutive trading session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, declined 245.69 points or 0.30% to 80,905.58. The Nifty 50 index fell 88.65 points or 0.36% to 24,692.45.

In the broader market, the S&P BSE Mid-Cap index dropped 1.24% and the S&P BSE Small-Cap index tumbled 2.17%.

The market breadth was weak. On the BSE, 770 shares rose and 2,994 shares fell. A total of 104 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Deepak Builders & Engineers India received bids for 5,77,59,133 shares as against 89,67,061 shares on offer, according to stock exchange data at 11:18 IST on Tuesday (22 October 2024). The issue was subscribed 6.44 times.

The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 192 to Rs 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.

The initial public offer (IPO) of Waaree Energies received bids for 10,45,57,221 shares as against 2,10,79,384 shares on offer, according to stock exchange data at 11:18 IST on Tuesday (22 October 2024). The issue was subscribed 4.96 times.

The issue opened for bidding on Monday (21 October 2024) and it will close on Wednesday (23 October 2024). The price band of the IPO is fixed between Rs 1,427 to Rs 1,503 per share. An investor can bid for a minimum of 9 equity shares and in multiples thereof.

Buzzing Index:

Nifty PSU Bank index declined 1.79% to Rs 6,481.55. The index fell 2.84% in two consecutive trading sessions.

Indian Overseas Bank (down 3.78%), Central Bank of India (down 3.74%), Punjab & Sind Bank (down 3.43%), UCO Bank (down 3.41%) and Bank of Maharashtra (down 3.24%) were the top losers. Among the other losers were Bank of India (down 3.07%), Punjab National Bank (down 2.93%), Bank of Baroda (down 2.07%), Canara Bank (down 2%) and Indian Bank (down 1.9%) declined.

Stock in Spotlight:

Union Bank of India fell 1.07%. The company's standalone net profit jumped 34.41% to Rs 4,719.74 crore on 13.27% increase in total income to Rs 32036.46 crore in Q2 FY25 over Q2 FY24.

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