The Nifty traded below 25,950 mark. PSU Bank shares extended losses for the second consecutive trading session.
At 12:30 IST, the barometer index, the S&P BSE Sensex, tanked 597.72 points or 0.70% to 84,363.42. The Nifty 50 index declined 208.95 points or 0.81% to 25,928.70.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.37% and the S&P BSE Small-Cap index declined 1.43%.
The market breadth was weak. On the BSE, 1,090 shares rose and 2,859 shares fell. A total of 207 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.31% to 10.78. The Nifty 27 January 2026 futures were trading at 26,039, at a premium of 110.30 points as compared with the spot at 25,928.70.
The Nifty option chain for the 27 January 2026 expiry showed a maximum call OI of 55.2 lakh contracts at the 27,000 strike price. Maximum put OI of 64.9 lakh contracts was seen at 26,000 strike price.
Buzzing Index:
The Nifty PSU Bank index dropped 1.56% to 8,631.20. The index fell 1.81% in two consecutive trading sessions.
Indian Bank (down 3.62%), Union Bank of India (down 3.46%), Indian Overseas Bank (down 2.68%), Bank of India (down 2.63%), Central Bank of India (down 2.27%), Bank of Maharashtra (down 2.1%), Punjab & Sind Bank (down 2.06%), UCO Bank (down 2.01%), Punjab National Bank (down 1.93%) and Bank of Baroda (down 1.74%) declined.
Stocks in Spotlight:
Madhya Bharat Agro Products (MBAPL) slipped 2.80%. The company has reported a sharp 77.47% rise in standalone net profit to Rs 31.75 crore on a robust 115.84% jump in revenue from operations to Rs 612.38 crore in Q3 FY26 over Q3 FY25.
Refex Industries declined 2.36%. The company announced that it has received a work order worth Rs 34.61 crore from an entity based in Maharashtra.
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