The domestic equity indices traded with major losses in the mid- afternoon trade. The Nifty traded below the 25,600 level. Private bank shares declined after advancing for third consecutive trading session.
At 14:28 IST, the barometer index, the S&P BSE Sensex, slumped 587.21 points or 0.70% to 83,357.23. The Nifty 50 index fell 179.40 points or 0.70% to 25,596.60.
In the broader market, the S&P BSE 150 MidCap Index fell 0.57% and the S&P BSE 250 SmallCap Index tanked 0.97%.
The market breadth was negative. On the BSE, 1,574 shares rose and 2,483 shares fell. A total of 189 shares were unchanged.
RBI MPC:
The Reserve Bank's rate-setting panel has started its three-day meeting for the next bi-monthly monetary policy on Wednesday. The decision of RBI Governor Sanjay Malhotra-headed six-member Monetary Policy Committee (MPC) will be announced on Friday.
Buzzing Index:
The Nifty Private bank index declined 0.92% to 28,662. The index jumped 1.62% in the previous three consecutive trading session.
IndusInd Bank (down 1.88%), Kotak Mahindra Bank (down 1.61%), Axis Bank (down 1.17%), Yes Bank (down 0.88%) and RBL Bank (down 0.59%), ICICI Bank (down 0.46%), HDFC Bank (down 0.26%), Bandhan Bank (down 0.2%), IDFC First Bank (down 0.18%) and Federal Bank (down 0.17%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.36% to 6.671 compared with previous session close of 6.695.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 90.2400 compared with its close of 90.4700 during the previous trading session.
MCX Gold futures for 2 April 2026 settlement rose 0.29% to Rs 153,493.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 97.70.
The United States 10-year bond yield shed 0.30% to 4.265.
In the commodities market, Brent crude for April 2026 settlement fell $1.36 or 1.96% to $68.19 a barrel.
Stocks in Spotlight:
Automotive Axles fell 6.78% after the company’s standalone net profit declined 1.94% to Rs 38.81 crore on a 5.94% increase in revenue from operations to Rs 562.29 crore in Q3 FY26, compared with Q3 FY25.
Uno Minda added 3% after the company reported an 18.13% jump in consolidated net profit to Rs 300.48 crore on a 19.93% rise in revenue from operations to Rs 5,018.06 crore in Q3 FY26 over Q3 FY25.
Timken India fell 2.56% after the company reported a 30.2% year-on-year decline in consolidated net profit to Rs 54.56 crore in Q3 FY26, compared with Rs 78.21 crore in the corresponding quarter last year. Revenue from operations rose 14.1% to Rs 779.67 crore in Q3 FY26 as against Rs 683.35 crore in Q3 FY25.