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The key equity indices traded with minor losses in morning trade. The Nifty slipped below the 19,650 mark. IT stocks declined for the fifth consecutive trading session.
The barometer index, the S&P BSE Sensex, was down 174.53 points or 0.26% to 65,834.62. The Nifty 50 index shed 50.60 points or 0.26% to 19,623.65.
In the broader market, the S&P BSE Mid-Cap index lost 0.47% while the S&P BSE Small-Cap index rose 0.08%.
The market breadth was positive. On the BSE, 1,765 shares rose and 1,628 shares fell. A total of 213 shares were unchanged.
Buzzing Index:
The Nifty PSU Bank index fell 0.78% to 5,174.25. The index rose 3.51% in the past trading session.
Central Bank of India (down 2.95%), UCO Bank (down 2.67%), Bank of Maharashtra (down 2.67%), Punjab & Sind Bank (down 2.27%), Canara Bank (down 2.17%), Indian Overseas Bank (down 2.17%), Bank of India (down 1.47%), Punjab National Bank (down 1.1%), State Bank of India (down 1.06%) and Union Bank of India (down 0.93%) declined.
Buzzing Index:
The Nifty IT index fell 0.94% to 32,595.70. The index declined 2.28% in five trading sessions.
LTIMindtree (down 1.18%), Infosys (down 1.09%), Persistent Systems (down 0.89%), Wipro (down 0.87%), HCL Technologies (down 0.84%), Tata Consultancy Services (down 0.72%), Coforge (down 0.37%) and Tech Mahindra (down 0.03%) edged lower.
On the other hand, L&T Technology Services (up 0.69%), Mphasis (up 0.34%) advanced.
Stocks in Spotlight:
Life Insurance Corporation of India declined 0.38%. The state-run life insurer announced that it has received an order from Bihar Additional Commissioner State Tax demanding Rs 290 crore in goods and service tax (GST), along with interest and penalty. The life insurer said that it will file an appeal before the GST Appellate Tribunal and against the order within prescribed timelines.
Religare Enterprises fell 4.59% after the the Burman family, which holds a controlling stake in Dabur, on Monday (25 September) announced an open offer for a 26% stake in Religare Enterprises for upto Rs 2,116 crore.
Strides Pharma Science rallied 5.99% after the company's wholly owned subsidiary, Strides Pharma Global, Singapore has received US Food and Drug Administration (USFDA) approval for Icosapent Ethyl Capsules 0.5 gram and 1 gram.
KFin Technologies added 1.19% after the company announced that a meeting of its board is scheduled to be held on Wednesday, September 27, 2023, to consider and approve buyback of non-convertible redeemable preference shares of the company.
Karnataka Bank rose 2.61% after the bank announced that its board has approved raising capital up to Rs 1,500 crore, in one or more tranches by way to preferential issue / rights issue / QIP or any other permissible mode.
Sterling and Wilson Renewable Energy declined 0.06%. The company announced that its board will meet on Wednesday, 27 September 2023 to consider raising of funds via non-convertible debt instruments or equity shares.
Vaibhav Global rose 2.01% after the company's wholly owned subsidiary, Shop TJC (UK) has executed an asset sale agreement with Ideal World to acquire its assets.
Global Markets:
Asian stocks were trading mixed as investors look toward inflation data from across the region this week. Singapore and Australia are expected to report inflation figures for August this week, while Japan will release inflation data for the Tokyo region.
US stocks ended lower on Friday as investors continued to grapple with signals from the Federal Reserve that it intended to keep interest rates higher for longer.
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