Nifty below 10,400 mark; PSU Bank Index slips

Indices inched lower at the start of the session, mirroring the subdued trend seen across most global markets, and weighed by weakness in public sector banks and metal stocks.

PSU bank stocks were among the worst hit after the RBI directed the banks to discontinue issuing letters of undertaking and letters of comfort for trade credits for imports. The Nifty PSU Bank index slumped nearly 2%, with all constituents falling 1.2-3.2%.

At 10:52 AM, the BSE Sensex was trading at 33,741, down 113 points, while the Nifty50 index was trading at 10,389, down 38 points.

The BSE Midcap and the BSE Smallcap indices down 0.11% and 0.07%, respectively.

Barring the Nifty IT index, up 0.6%, all other sectoral and thematic indices were in the red in early session. After slumping over 5% on Tuesday, shares of Tata Consultancy Services, up 1%, led the gainers on the Nifty50.

Shares of Strides Shasun gained 1.5% as it has received USFDA approval for Efavirenz Tablets.

The Indian Rupee opened marginally higher at 64.87 per dollar against yesterday's close of 64.89.

Volatility index India VIX added 1.38% to 14.6775.

Tech Mahindra (+1.7%), Ambuja (+1.3%), GAIL (+1%), TCS (+0.99%) and HCL Tech (+0.93%) were the top gainers on Nifty50.

Infratel (-1.9%), BPCL (-1.6%), HPCL (-1.5%), Adani Ports (-1.4%) and ICICI Bank (-1.4%) were the top losers in today’s trade.

Out of 2,002 stocks traded on the NSE, 614 advanced, 956 declined and 432 remained unchanged today.

A total of 10 stocks registered a fresh 52-week high in trade today, while 38 stocks touched a new 52-week low on the NSE.


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