The domestic equity benchmarks traded with significant cuts in the early afternoon trade, weighed down by concerns over potential U.S. trade actions. Sentiment turned cautious after the United States issued a draft notice proposing tariffs of up to 50% on Indian goods, set to take effect from Wednesday.
The Nifty traded below the 24,850 mark. PSU Bank shares witnessed selling pressure for the fifth consecutive trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, declined 554.45 points or 0.68% to 81,081.46. The Nifty 50 index dropped 165.65 points or 0.66% to 24,802.80.
In the broader market, the S&P BSE Mid-Cap index slipped 0.81% and the S&P BSE Small-Cap index fell 1.08%.
The market breadth was weak. On the BSE, 1,258 shares rose and 2,658 shares fell. A total of 166 shares were unchanged.
The domestic equity market will remain closed tomorrow on account of Ganesh Chaturthi.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.55% to 12.06. The Nifty 28 August 2025 futures were trading at 24,802.90, at a premium of 0.1 points as compared with the spot at 24,802.80.
The Nifty option chain for the 28 August 2025 expiry showed a maximum call OI of 205.1 lakh contracts at the 25,000 strike price. Maximum put OI of 135.5 lakh contracts was seen at 24,800 strike price.
Buzzing Index:
The Nifty PSU Bank index declined 1.20% to 6,896.70. The index dropped 3.17% in five consecutive trading sessions.
Union Bank of India (down 2.49%), Canara Bank (down 1.81%), Bank of Baroda (down 1.54%), Bank of India (down 1.51%), Punjab National Bank (down 1.42%), Central Bank of India (down 1.12%), Punjab & Sind Bank (down 1.07%), Bank of Maharashtra (down 0.99%), Indian Bank (down 0.96%) and UCO Bank (down 0.94%) declined.
On the other hand, Indian Overseas Bank (up 0.08%) edged higher.
Stocks in Spotlight:
Protean eGov Technologies jumped 8.49% after the company secured an order worth Rs 1,160 crore from the Unique Identification Authority of India (UIDAI) to set up Aadhaar Kendras across the country.
Vodafone Idea tumbled 9.46% after media reports said the Telecom Ministry clarified that no additional relief is being considered on the company’s massive adjusted gross revenue (AGR) dues.