The frontline indices traded with major losses in early afternoon trade, as escalating tensions between India and Pakistan'intensified by the ongoing Operation Sindoor'kept investors on edge. Market sentiment is likely to remain volatile in the near term, driven by uncertainty surrounding geopolitical developments and upcoming U.S. trade policy updates. The Nifty slipped below the 24,050 mark.
PSU bank shares advanced after retreating in the previous trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, dropped 799.19 points or 0.99% to 79,535.62. The Nifty 50 index tumbled 256.45 points or 1.06% to 24,018.
In the broader market, the S&P BSE Mid-Cap index fell 0.58% and the S&P BSE Small-Cap index dropped 0.99%.
Sellers outnumbered buyers. On the BSE, 845 shares rose and 2,816 shares fell. A total of 167 shares were unchanged.
India-Pakistan Tensions Escalate:
Amid rising tensions with Pakistan, India has ramped up security in New Delhi by deploying additional forces and intensifying police surveillance. The move follows India's successful neutralization of multiple Pakistani drone and missile attacks targeting military sites in Jammu, Pathankot, and Udhampur, along with similar threats in 15 other northern and western locations. No casualties were reported.
A major infiltration attempt along the international border in Samba was also foiled. Meanwhile, Pakistan conducted heavy shelling along the Line of Control in Poonch, Rajouri, Uri, and Chowkibal Kupwara, resulting in property damage and the reported death of a woman in Uri. The developments come in the aftermath of the April 22 Pahalgam terror attack, which claimed 26 lives.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.46% to 21.53. The Nifty 29 May 2025 futures were trading at 24,061.10, at a premium of 43.1 points as compared with the spot at 24,018.
The Nifty option chain for the 29 May 2025 expiry showed a maximum call OI of 50.2 lakh contracts at the 25,000 strike price. A maximum put OI of 70.5 lakh contracts was seen at a 24,000 strike price.
Buzzing Index:
The Nifty PSU Bank index rose 1.60% to 6,267.25. The index rallied 1.6% in the past trading session.
Union Bank of India (up 6.72%), Canara Bank (up 3.07%), Bank of India (up 2.77%), Bank of Baroda (up 1.08%), Indian Bank (up 1.01%), State Bank of India (up 0.99%) and Punjab National Bank (up 0.93%) advanced.
On the other hand, Bank of Maharashtra (down 3.85%), Indian Overseas Bank (down 2.18%) and UCO Bank (down 1.78%) edged lower.
Stocks in Spotlight:
Aarti Industries added 1.82% after the company's consolidated net profit surged 108.7% to Rs 96 crore during the quarter as compared with Rs 46 crore posted in Q3 FY25. Revenue from operations increased 8.64% to Rs 2,214 crore in Q4 FY25 as compared with Rs 2,038 crore in Q3 FY25.
Pidilite Industries added 1.15% after the company's consolidated net profit soared 40.50% to Rs 422.34 crore on 8.24% rise in revenue from operations to Rs 3,141.14 crore in Q4 FY25 over Q4 FY24.
REC fell 1.20%. The company reported a consolidated net profit rose 5.66% to Rs 4,309.98 crore in Q4 FY25 as against Rs 4,079.09 crore posted in Q4 FY24. Total income stood at Rs 15,348.37 crore in the quarter ended 31 March 2025, up 20.78% from Rs 12,706.66 crore reported in the same period a year ago.
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