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Nifty trades below 10,400 mark; Tata Steel, SBI stocks slip

Equity benchmarks continued to struggle, and were dragged down by losses in Larsen & Toubro, State Bank of India, HDFC Bank and IndusInd Bank.

Benchmark indices dragged down by losses in shares of public sector banks, metals and media companies.

At 12:32 PM, the BSE Sensex was trading at 33,794, down 216 points, while the Nifty50 index was trading at 10,383, down 69 points.

In the broader market, the BSE Midcap and the BSE Smallcap indices slipped 0.68% and 0.57%, respectively.

The Nifty PSU Bank index slumped as much as 4.3% to extend their losses for the sixth straight session today, weighed by index constituents Allahabad Bank, Union Bank, Punjab National Bank.

Shares of Gitanjali Gems have completely lost shine, as the stock has nosedived by ~50% in the past four trading session. The stock has fallen sharply since the PNB fraud case came into the open. The Enforcement Directorate conducted search operations at various stores of Gitanjali Gems located in shopping malls. In a recent development, according to media reports, the Company Secy has resigned post the PNB fraud case.

PNB extended its decline to fourth trading session after it informed exchanges of fraudulent transactions worth Rs11,300cr at one of its branches in Mumbai.

Tata Steel fell as much as much as 5%, while Bhushan Steel surged 20% after Tata Steel emerged as the highest bidder for debt-ridden Bhushan Steel and Bhushan Power and Steel, as per media reports.

Bhushan Steel hit 20% upper circuit on Monday as investors cheered developments surrounding its takeover bid.

Volatility index India VIX gained 5.40% at 17.2625.

Infratel (+0.79%), Coal India (+0.69%), Kotak Mahindra Bank (+0.6%), Infosys (+0.53%) and TCS (+0.50%) were the top gainers on Nifty50.

Tata Steel (-6%), SBI (-4%), Tech Mahindra (-2.4%), Adani Ports (-2.3%) and Cipla (-2.1%) were the top losers in today’s trade.

Out of 2020 stocks traded on Nifty, 447 advanced, 1,133 declined and 440 remained unchanged.