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The domestic equity benchmarks pared some losses in morning trade. The Nifty traded above the 22,700 level after hitting the day's low 22,389.85 in early trade. PSU bank shares witnessed profit booking after advancing in the past two consecutive trading sessions.
At 10:30 IST, the barometer index, the S&P BSE Sensex was tumbled 1,710.25 points or 2.24% to 74,758.53. The Nifty 50 index fell 520.85 points or 2.24% to 22,743.05.
In the broader market, The S&P BSE Mid-Cap index dropped 2.48% and the S&P BSE Small-Cap index declined 2.19%.
The market breadth was weak. On the BSE, 722 shares rose and 2,743 shares fell. A total of 138 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, spurts 14.86% to 24.05.
Buzzing Index:
The Nifty PSU Bank index dropped 5.33% to 7,579.75. The index rallied 3.94% in past two trading sessions.
Bank of Baroda (down 7.09%), Indian Bank (down 6.56%), Central Bank of India (down 6.22%), Canara Bank (down 6.2%), Punjab National Bank (down 6.09%), Union Bank of India (down 5.32%), Punjab & Sind Bank (down 5.3%), State Bank of India (down 5.2%), UCO Bank (down 5.02%) and Bank of India (down 4.98%) declined.
Stocks in Spotlight:
MOIL declined 3.13%. The company said that it has recorded monthly managanese ore sales of 2.15 lakh tones in May 2024, registering a growth of 41% over May 2023.
Kalyan Jewellers India advanced 1.42% after the company said that it has signed definitive agreement with Rupesh Jain to acquire 15% stake in Enovate Lifestyles for total consideration of Rs 42 crore.
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