Key equity indices extended losses and traded with modest cuts in morning trade. The Nifty slipped below the 19,300 level. IT shares declined for the second consecutive trading session.
The barometer index, the S&P BSE Sensex, was down 297.46 points or 0.46% to 64,853.56. The Nifty 50 index lost 93.05 points or 0.48% to 19,272.20.
In the broader market, the S&P BSE Mid-Cap index slipped 0.34% while the S&P BSE Small-Cap index declined 0.16%.
The market breadth was negative. On the BSE, 1,556 shares rose and 1,710 shares fell. A total of 168 shares were unchanged.
New Listing:
Shares of Concord Biotech were currently trading at Rs 922 at 10:32 IST on the BSE, representing a premium of 24.43% compared with the issue price of Rs 741.
The scrip was listed at a price of Rs 900.05, at a premium of 21.46% as compared to the issue price.
So far, the stock has hit a high of 926 and a low of 900. On the BSE, over 6.93 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty IT index fell 1.56% to 30,574.40. The index advanced 2.05% in two trading sessions.
Mphasis (down 2.7%), Wipro (down 2.05%), Tata Consultancy Services (down 1.7%), Persistent Systems (down 1.59%), LTIMindtree (down 1.48%), Tech Mahindra (down 1.45%), L&T Technology Services (down 1.26%), Infosys (down 1.22%), HCL Technologies (down 1.19%) and Coforge (down 0.72%) edged lower.
Stocks in Spotlight:
Confidence Petroleum India jumped 6.32% after the company said that it has unveiled the addition of 13 new Auto LPG Dispensing Stations (ALDS) to their network. The expansion is aimed at catering to the growing demand from car owners and auto rickshaw drivers seeking affordable and eco-friendly fuel alternatives.
Adani Enterprises rose 0.18% after the company said that its step down subsidiary Mundra Solar Energy has received the 'commercial operational date' certificate from Solar Energy Corporation of India (SECI) for solar PV cells and solar PV modules manufacturing plant.
Yatharth Hospital and Trauma Care Services (Yatharth Hospitals) rallied 6.62% after the company's consolidated net profit jumped 73% to Rs 190 crore in Q1 FY24 as compared with Rs 110 crore in Q1 FY23. Revenue from operations increased 39% to Rs 154.50 crore during the quarter as compared with Rs 111.10 crore posted in corresponding quarter last year.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper declined 0.25% to 7.232 from its previous close of 7.250.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.0900, compared with its close of 82.0950 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement added 0.22% to Rs 58,419.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.28% to 103.28.
The United States 10-year bond yield slipped 1.34% to 4.253.
In the commodities market, Brent crude for October 2023 settlement rose 5 cents or 0.06% to $84.17 a barrel.
Global Markets:
Asian stocks are trading lower on Friday as investors assessed Japan's July inflation data and fresh blows to China's real estate sector. Japan's core inflation for July fell to 3.1% from June's figure of 3.3%, in line with expectations. The headline inflation rate for July came in at 3.3%, unchanged from June's figure.
Meanwhile, embattled Chinese real estate giant Evergrande has filed for bankruptcy protection in a U.S bankruptcy court on Thursday as the real estate crisis in China deepens. With debts estimated to total more than $300 billion, it was the world's most heavily indebted property developer, as per reports.
US stocks ended lower on Thursday as investors continued to grapple with minutes from the U.S. Federal Reserve that showed it remains concerned about inflation, and more rate hikes may be needed.
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