The benchmark indices extended losses and hit the day's low in morning trade. The Nifty slipped below the 20,000 level. Financial services shares declined for the second day in a row.
The barometer index, the S&P BSE Sensex, was down 618.40 points or 0.91% to 66,978.44. The Nifty 50 index lost 174.10 points or 0.86% to 19,959.20.
In the broader market, the S&P BSE Mid-Cap index declined 0.24% while the S&P BSE Small-Cap index slipped 0.33%.
The market breadth was negative. On the BSE, 1,414 shares rose and 1,888 shares fell. A total of 184 shares were unchanged.
New Listing:
Shares of R R Kabel were currently trading at Rs 1,160.35 at 10:15 IST on the BSE, representing a premium of 12.11% as compared with the issue price of Rs 1,035.
The scrip was listed at Rs 1,179, exhibiting a premium of 13.91% to the issue price.
So far, the stock has hit a high of 1,198.05 and a low of 1,143.10. On the BSE, over 4.49 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Financial Services index declined 1.07% to 20,190.30. The index fell 1.66% in two trading sessions.
HDFC Bank (down 3.32%), ICICI Prudential Life Insurance Company (down 1.63%), Muthoot Finance (down 1.58%), HDFC Life Insurance Company (down 1.46%), Indian Energy Exchange (down 0.98%), SBI Life Insurance Company (down 0.85%), ICICI Lombard General Insurance Company (down 0.64%), Kotak Mahindra Bank (down 0.4%), Power Finance Corporation (down 0.38%) and State Bank of India (down 0.31%) edged lower.
On the other hand, HDFC Asset Management Company (up 1.98%), Axis Bank (up 1.71%) and Shriram Finance (up 0.89%) gained.
Stocks in Spotlight:
Bharat Dynamics added 0.33%. The missiles maker informed that it has signed contract with Indian Air Force (IAF) for supply of Surface to Air missiles order worth Rs 290.90 crore.
Prakash Industries jumped 5.61%. The company said that subsequent to the In-principle Stage-I approval under the Forest (Conservation) Act, 1980, the Ministry of Environment, Forest and Climate Change, Government of India has granted Environmental Clearance (EC) for its Bhaskarpara Commercial Coal Mine in Chhattisgarh.
Caplin Point Laboratories shed 0.36%. The drug maker informed that Caplin Steriles has been granted final approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) Norepinephrine Bitartrate injection. The said drug is used for restoration of blood pressure in adult patients with acute hypotensive states.
Aurobindo Pharma fell 0.60%. The pharmaceutical company announced that it has received a Form 483 from the United States Food and Drug Administration (US FDA) following an inspection of Unit IV formulation manufacturing facility situated Menakuru Village in Andhra Pradesh, from 13 to 19 September 2023. The Form 483 issued to its wholly owned subsidiary, APL Healthcare lists one observation.
Global Markets:
Asian stocks were mostly trading lower as China left its one-year and five-year loan prime rates unchanged. China's one-year and five-year loan prime rates were held at 3.45% and 4.2% respectively.
On Friday, the Bank of Japan will conclude its monetary policy meeting and traders will be looking for clarity on when the BOJ will start to shift its ultra-easy monetary policy. Elsewhere, the People's Bank of China is also expected to release its loan prime rate decisions on Friday.
US stocks ended lower on Tuesday ahead of the Fed's decision. The US Federal Reserve began its two-day policy meeting on Tuesday and will announce its interest rate decision on Thursday. The central bank is widely expected to hold rates steady, but investors will be paying close attention to the summary of economic projections and the press conference of Fed chair Jerome Powell for clues about what might happen in the months ahead.
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