The key equity barometers traded with sigficant loses in the early afternoon trade as a weakening rupee, higher crude oil prices and elevated global bond yields weighed on sentiment. The Nifty slipped below the 23,350 level.

PSU Bank shares declined after advancing in the past trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex declined 427.78 points or 0.58% to 74,477.91. The Nifty 50 index declined 140.10 points or 0.60% to 23,338.50.

In the broader market, the BSE 150 MidCap Index fell 0.52% and the BSE 250 SmallCap Index dropped 0.59%.

The market breadth was negative. On the BSE, 1,474 shares rose and 2,651 shares fell. A total of 256 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 4.23% to 12.30. The Nifty 29 September 2026 futures were trading at 23,399.20 at a premium of 60.7 points as compared with the spot at 23,338.50.

The Nifty option chain for the 29 September 2026 expiry showed a maximum call OI of 85.7 lakh contracts at the 24,000 strike price. A maximum put OI of 61.8 lakh contracts was seen at the 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 0.87% to 8,329.05. The index rose 0.01% in the past trading session.

Bank of India (down 1.48%), State Bank of India (down 1.33%), Indian Bank (down 1.24%), Canara Bank (down 0.96%), Bank of Baroda (down 0.53%), Union Bank of India (down 0.49%), Central Bank of India (down 0.39%) and Punjab & Sind Bank (down 0.13%) declined.

Stock in Spotlight:

Diamond Power Infrastructure rose 2.27% after the company announced that it had completed its exit from the resolution framework under the Insolvency and Bankruptcy Code (IBC). The company said it has prepaid the entire Rs 501 crore cash consideration payable to its erstwhile lenders under the NCLT-approved resolution plan, along with redeemable bonds worth Rs 1,900 crore. The cash component was originally payable over five years, with the final instalment due on 30 September 2027. The company said it discharged the cash obligation in September 2026, one year ahead of schedule.