Nifty slides below 24,950 mark, PSU bank stocks decline; VIX rallies 6.56%

The equity benchmarks traded with major losses in morning trade. The Nifty traded below the 24,950 mark. PSU bank shares declined after advancing in the past consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, tumbled 658.83 points or 0.81% to 81,524.86. The Nifty 50 index slipped 205.10 points or 0.82% to 24,940.

In the broader market, the S&P BSE Mid-Cap index fell 0.81% and the S&P BSE Small-Cap index shed 0.36%.

The market breadth was weak. On the BSE, 1,304 shares rose and 2,344 shares fell. A total of 123 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 6.56% to 14.90.

New Listing:

Shares of Baazar Style Retail were currently trading at Rs 405.40 at 10:13 IST on the BSE, representing a premium of 4.22% as compared with the issue price of Rs 389.

The scrip was listed at Rs 389, matching the issue price.

So far, the stock has hit a high of 416.95 and a low of 378.15. On the BSE, over 9.36 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU bank index declined 2.11% to 6,755.30. The index rose 0.32% in the past consecutive trading sessions.

State Bank of India (down 2.74%), Canara Bank (down 2.71%), Indian Overseas Bank (down 2.65%), Punjab & Sind Bank (down 2.12%), Punjab National Bank (down 2.04%), UCO Bank (down 1.91%), Bank of Maharashtra (down 1.76%), Central Bank of India (down 1.74%), Bank of Baroda (down 1.58%) and Indian Bank (down 1.39%) declined.

Stocks in Spotlight:

Medplus Health Services fell 0.23%. The company's subsidiary, Optival Health Solutions has received two suspension orders for drug licenses for stores situated in Bangalore, Karnataka.

Aptus Value Housing Finance declined 1.43%. The company's board approved the alloment of 10,000 non convertible debentures (NCDs) of Rs 1 lakh each amounting to Rs 100 crore through private placement.

Camlin Fine Sciences fell 1.75%. The company's board will meet on 10 September 2024, to consider raising funds via right issue of equity shares.