The frontline traded with decent gains in morning trade. The Nifty traded above the 22,450 mark. PSU bank shares extended losses for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 237.99 points or 0.34% to 74,126.85. The Nifty 50 index added 12 points or 0.05% to 22,487.85.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.02% and the S&P BSE Small-Cap index declined 0.84%.

The market breadth was weak. On the BSE, 1,202 shares rose and 2,368 shares fell. A total of 213 shares were unchanged.

Economy:

In the third consecutive weekly decline, India?s forex reserves dropped $2.412 billion to $637.922 billion during the seven days ended April 26, according to the RBI data.

For the week ended April 26, the foreign currency assets ? a major component of the reserves ? decreased $1.159 billion to $559.701 billion, the data released on Friday showed.

Gold reserves decreased $1.275 billion to $55.533 billion during the week. The special drawing rights (SDRs) were up $15 million to $18.048 billion, said the RBI.

India?s reserve position with the IMF was also up $8 million to $4.639 billion in the reporting week, the apex bank data showed.

Results Today :

Lupin (down 0.20%), Marico (up 1.50%), Arvind (up 0.31%), CarTrade Tech (down 1.23%), CG Power and Industrial Solutions (up 0.23%), DCM Shriram (up 1.20%), Godrej Consumer Products (up 0.28%), Gujarat Gas (up 0.66%) Happiest Minds Technologies (up 0.11%), Indian Bank (down 1.66%), Muthoot Microfin (up 0.04%), Route Mobile (up 1.01%) and Uttam Sugar Mills (down 1.75%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty PSU Bank index slipped 3.95% to 7,231.55. The index fell 4.91% in three consecutive trading sessions.

Punjab National Bank (down 5.52%), Bank of India (down 5.14%), Canara Bank (down 5.04%), Bank of Baroda (down 4.32%), Union Bank of India (down 4.16%), Bank of Maharashtra (down 3.44%), Indian Overseas Bank (down 3.4%), Punjab & Sind Bank (down 3.21%), UCO Bank (down 3.16%) and Central Bank of India (down 2.99%) declined.

Stocks in Spotlight:

Ujjivan Small Finance Bank shed 1.74%. The bank said that Reserve bank of India (RBI) has approved the appointment of Sanjeev Nautiyal as the managing director (MD) & chief executive officer (CEO) of the bank for the period of 3 years with effect from 1 July 2024.

Dr Reddy's Laboratories shed 0.87%. The pharma major said that it has launched Doxycycline Capsules in the U.S. market, which is a therapeutic generic equivalent of ORACEA Capsules of Galderma Laboratories.

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