At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 268.87 points or 0.33% to 81,182.14. The Nifty 50 index fell 65.70 points or 0.27% to 24,683.40.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.31% and the S&P BSE Small-Cap index added 0.44%.

The market breadth was positive. On the BSE, 2,027 shares rose and 1,928 shares fell. A total of 191 shares were unchanged.

Economy:

India's GDP growth touched a four-quarter high of 7.4% in Q4 FY25, with full-year growth ending at 6.5%, according to data released by the government post-market hours Friday. The GDP growth, higher than the previous quarter's 6.4%, was lower than the 8.4% growth logged in Q4 FY24.

Meanwhile, India's fiscal deficit for FY25 stood at 4.8% of GDP, meeting the revised estimate, according to data released by the Comptroller General of Accounts on Friday. The central government's fiscal deficit stood at Rs 15.77 lakh crore, or 100.5% of the revised annual target, compared with 95.4% a year before.

Further, the seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) declined to 57.6 in May 2025, down from 58.2 in April 2025, highlighting the weakest improvement in operating conditions since February. The headline figure was nevertheless well above both the neutral mark of 50.0 and its long-run average of 54.1.

Panelists suggested that demand strength continued to support sales and production, though competition, inflation, and the India-Pakistan conflict had reportedly weighed on growth.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 6.28% to 17.09. The Nifty 26 Jun 2025 futures were trading at 24,775.50, at a premium of 92.1 points as compared with the spot at 24,683.40.

The Nifty option chain for the 26 June 2025 expiry showed a maximum call OI of 49.8 lakh contracts at the 26,000 strike price. A maximum put OI of 50.8 lakh contracts was seen at a 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index rose 2.08% to 7,121.30. The index rallied 5.02% in the past two trading sessions.

PSU Bank index, Bank of Maharashtra (up 6.28%), Indian Overseas Bank (up 5.47%), Union Bank of India (up 3.99%), Punjab & Sind Bank (up 3.72%), Central Bank of India (up 3.7%), Indian Bank (up 3.7%), UCO Bank (up 3.42%), Punjab National Bank (up 2.5%), Bank of India (up 2.44%) and Bank of Baroda (up 2.11%) advanced.

Stocks in Spotlight:

Apollo Hospitals Enterprise added 1.65% after the company reported a 53.5% jump in consolidated net profit to Rs 389.60 crore on a 13.1% increase in revenue from operations to Rs 5,592.20 crore in Q4 FY25 over Q4 FY24.

Piramal Pharma shed 0.10%. The company announced that the United States Food and Drug Administration (USFDA) has completed a general good manufacturing practices (GMP) inspection at its manufacturing facility in Aurora, Canada.

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