Sensex down 238 pts, PSU banks in demand

The key equity barometers continue to trade with modest losses in the mid-morning trade. The Nifty hovered below the 16,140 mark. PSU banks extended gains for the fifth successive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 238.37 points or 0.44% to 54,156.86. The Nifty 50 index fell 85.70 points or 0.53% to 16,130.30.

In the broader market, the S&P BSE Mid-Cap index shed 0.01% while the S&P BSE Small-Cap index rose 0.10%.

The market breadth was positive. On the BSE, 1,690 shares rose and 1,337 shares fell. A total of 177 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index rose 0.70% to 2,677.55, extending its winning run for the fifth trading session. The index jumped 7.61% in five consecutive trading sessions.

Indian Bank (up 4.07%), Bank of Maharashtra (up 1.86%), Canara Bank (up 1.64%), UCO Bank (up 1.32%) and Indian Overseas Bank (up 1.12%), Union Bank of India (up 0.82%), Central Bank of India (up 0.55%), State Bank of India (up 0.36%), Punjab National Bank (up 0.32%) and Bank of India (up 0.22%) advanced.

Global Markets:

Most of the Asian stocks were trading lower on Tuesday after Wall Street slipped overnight. Also the prospect of further monetary policy tightening by central banks, China's renewed COVID outbreak and Europe's energy shortage impacted sentiment.

U.S. equities fell Monday as Wall Street braced for big company earnings reports slated for later in the week which could signal how inflation is impacting businesses.

Twitter shares dropped sharply after Elon Musk terminated a deal worth $44 billion to buy the social media company. The billionaire took issue with the number of bots and fake accounts on the platform and said Twitter wasn't being truthful about how authentic activity on the platform was. However, the company said it gave Musk the information he needed to assess the claims.

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