Market Commentary     24-Feb-25
Mid-Session
Benchmarks turn rangebound; Bank shares drops for 3rd day
The key equity benchmarks traded in rangebound with substantial losses in mid-morning trade as investors remained cautious amid negative global sentiment and FII selling. The Nifty traded below the 22,600 level. Bank shares declined for third consecutive trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex, declined 739.65 points or 0.98% to 74,566.92. The Nifty 50 index dropped 216.10 points or 0.95% to 22,579.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.92% and the S&P BSE Small-Cap index slipped 0.90%.

The market breadth was weak. On the BSE, 1,106 shares rose and 2,644 shares fell. A total of 168 shares were unchanged.

New Listing:

Shares of Quality Power Electrical Equipments were currently trading at Rs 406.30 at 11:19 IST on the BSE, representing a discount of 4.4%, compared with the issue price of Rs 425.

The scrip was listed at Rs 432, exhibiting a premium of 1.65% to the issue price.

So far, the stock has hit a high of 432.05 and a low of 397. On the BSE, over 3.08 lakh shares of the company were traded in the counter so far.

The initial public offering (IPO) of Quality Power Electrical Equipments was subscribed 1.29 times. The issue opened for bidding on 14 February 2025, and it closed on 18 February 2025. The price band of the IPO was fixed between Rs 401 to 425 per share.

Buzzing Index:

The Nifty Bank index dropped 1.18% to 48,402.30. The index fell 2.36% in the three trading sessions.

HDFC Bank (down 1.75%), ICICI Bank (down 1.63%), IndusInd Bank (down 1.55%), IDFC First Bank (down 1.39%), Bank of Baroda (down 1.29%), Canara Bank (down 1.28%), State Bank of India (down 0.93%), Punjab National Bank (down 0.86%), AU Small Finance Bank (down 0.64%) and Axis Bank (down 0.63%) declined.

Stocks in Spotlight:

Bajaj Auto shed 0.94%. The company said its board has approved an investment of up to Euro 150 million (Rs 1,364) crore in its wholly-owned arm, Bajaj Auto International Holdings BV, Netherlands, to fund the needs of the latter towards investment opportunities.

NTPC fell 0.92%. The company and EDF India, a subsidiary of Électricité de France (EDF), have signed a non-binding term sheet to develop pumped storage, hydropower, and other renewable energy projects, as well as explore opportunities in the distribution business.

Easy Trip Planners declined 1.55%. The company has announced that its wholly owned subsidiaries, YoloBus and Easy Green Mobility, have successfully secured Madhya Pradesh Government’s first inter-city electric buses tender, issued by Sagar City Transport Services (SCTSL).

Previous News
  Bajaj Auto to hold board meeting
 ( Corporate News - 01-Jul-25   10:26 )
  Bajaj Auto sells 3.60 lakh auto units in June'25; exports rise by 21% YoY
 ( Hot Pursuit - 01-Jul-25   09:29 )
  Bajaj Auto sells 3.60 lakh units in June 2025
 ( Corporate News - 01-Jul-25   09:24 )
  NTPC announces declaration of commercial operation of 660 MW Unit 3 of Barh STPP
 ( Corporate News - 26-Jun-25   16:05 )
  Volumes spurt at NTPC Ltd counter
 ( Hot Pursuit - 24-Jun-25   11:00 )
  NTPC changes Directorate
 ( Corporate News - 19-Jun-25   12:11 )
  NTPC management changes
 ( Corporate News - 17-Jun-25   10:41 )
  NTPC to hold board meeting
 ( Corporate News - 17-Jun-25   10:21 )
  Indices edge higher in early trade; breadth positive
 ( Market Commentary - Mid-Session 16-Jun-25   09:38 )
  Stock Alert: NTPC, Arkade Developers, ITC, Spicejet, Sun Pharma, Syngene Intl
 ( Market Commentary - Stock Alert 16-Jun-25   08:03 )
  NTPC to raise Rs 4,000 cr via 10-Year NCDs at 6.89%
 ( Hot Pursuit - 14-Jun-25   09:01 )
Other Stories
  Benchmarks trade with tiny cuts; consumer durables shares under pressure
  04-Jul-25   14:41
  Market trade lower; European mrkt decline
  04-Jul-25   13:42
  Nifty below 25,400 level; metal shares decline
  04-Jul-25   12:30
  Nifty slides below 25,400 level; auto shares decline
  04-Jul-25   11:31
  Indices trade near flat line; media shares advance
  04-Jul-25   10:37
  Barometers nudge higher; breadth strong
  04-Jul-25   09:36
  Barometers pare all gains; Nifty slides below 25,450
  03-Jul-25   14:37
  Indices trade in positive terrain; European mrkt advance
  03-Jul-25   13:40
  Nifty tad above 25,500 level; consumer durables shares rally for 4th day
  03-Jul-25   12:32
  Indices trade higher; auto shares rally for 2nd day
  03-Jul-25   11:37
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