Domestic equity indices were trading with minor losses in early trade. The Nifty traded below the 19,600 level. PSU bank, media and realty shares advanced while metal, IT and FMCG stocks declined.
The barometer index, the S&P BSE Sensex, was down 164.03 points or 0.25% to 65,716.49. The Nifty 50 index shed 47.75 points or 0.24% to 19,563.30.
In the broader market, the S&P BSE Mid-Cap index added 0.40% while the S&P BSE Small-Cap index rose 0.37%.
The market breadth was strong. On the BSE, 1,756 shares rose and 876 shares fell. A total of 102 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,245.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 247.46 crore in the Indian equity market on 6 September, provisional data showed.
Buzzing Index:
The Nifty FMCG index declined 0.31% to 51,901.70. The index advanced 1.74% in past two trading sessions.
Tata Consumer Products (down 2.26%), Radico Khaitan (down 0.88%), Hindustan Unilever (down 0.69%), Nestle India (down 0.6%), Britannia Industries (down 0.44%), ITC (down 0.38%), Marico (down 0.25%) and United Spirits (down 0.15%) slipped.
On the other hand, United Breweries (up 2.05%) ,Godrej Consumer Products (up 1.43%) and Procter & Gamble Hygiene and Health Care (up 1.28%) edged higher.
Stocks in Spotlight:
Biocon rose 0.17%. The biopharmaceutical company announced that its subsidiary, Biocon Biologics (BBL) has completed the integration of the acquired biosimilars business from Viatris in North America (United States and Canada), effective 1 September 2023.
REC advanced 1.56% after the company announced that it has signed a foreign currency term loan agreement for $100 million with Export Import Bank of India (Exim Bank).
Force Motors hit an upper limit of 5% to Rs 3633.25 after the firm reported August output at 3,032 units with domestic sales of 2,601 units.
Vedanta declined 1.12%. A wholly owned subsidiary of the company, in the name of Sesa Iron and Steel has been incorporated on 6 September 2023 for growth projects and to undertake expansion of its operations.
Lupin added 0.40%. The pharma major forged a unique collaboration with Mark Cuban Cost Plus Drug Company (Cost Plus Drugs), a pioneer in affordable medicines, and the COPD Foundation, dedicated to enhancing the lives of COPD patients. This collaboration aims to bolster access to healthcare by expanding the availability of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, to COPD patients in the US.
AU Small Finance Bank rose 0.44%. AU Small Finance Bank has entered into bancassurance tie-up with: Star Health and Allied Insurance Company for Health Insurance solution to Bank's customers. The bank has also entered into bancassurance tie-up with Bajaj Allianz Life Insurance Company for Life Insurance solution to bank's customers.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper fell 0.35% to 7.185 from its previous close of 7.210.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1525, compared with its close of 83.13 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement shed 0.07% to Rs 59,048.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.05% to 104.81.
The United States 10-year bond yield declined 0.02% to 4.292.
In the commodities market, Brent crude for November 2023 settlement lost 19 cents or 0.21% to $90.41 a barrel.
Global Markets:
Asian stocks are trading mixed on Thursday, following a sell off on Wall Street and ahead of trade data from China and Australia.
US stocks saw a sell off on Wednesday as concerns mounted that the Federal Reserve may not be done hiking interest rates.
The Institute for Supply Management's U.S. services index climbed to a six-month high in August, while the price segment ticked up to 58.9%, a report Wednesday showed. The ISM index's price barometer hit a four-month high.
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