At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 247.47 points or 0.48% at 52,093.28. The Nifty 50 index fell 80 points or 0.51% at 15,603.
In broader market, the S&P BSE Mid-Cap index was down 0.45% while the S&P BSE Small-Cap index was up 0.04%.
The market breadth was positive. On the BSE, 1657 shares rose and 1382 shares fell. A total of 139 shares were unchanged.
Economy:
India's unemployment rate declined to 8.7% in the week ended June 13 from the monthly unemployment rate of 14.7% in May as COVID cases continue to decline. Data from the Center for Monitoring Indian Economy (CMIE) indicate that the improvement in the unemployment rate over the past weeks is due to the easing of restrictions in various parts of the country.
According to CMIE, the monthly unemployment rate in May was 14.7%. The current urban employment rate has come down 8.18 percentage points from 17.88% in the last week of May to 9.7% in the week ended on June 13.
Rural India has also seen a decline in the unemployment rate. By the end of the second week of June, this rate has come down to 8.4% as compared to 10.63% in May.
Also Read
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 178,433,377 with 3,864,702 global deaths.
India reported 702,887active cases of COVID-19 infection and 388,135 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Media index added 1.07% to 1,873.70. The index declined 2.8% in the past three days.
TV18 Broadcast (up 7.18%), Network 18 (up 4.05%), Dish TV (up 3.38%), Jagran Prakshan (up 0.74%) and Sun TV Network (up 0.58%) advanced.
Stocks in Spotlight:
PNB Housing Finance hit a lower circuit of 5% at Rs 702.40 after the Sebi restrained the company from going ahead with its proposed Rs 4,000-crore share allotment to a clutch of companies led by the Carlyle Group.
The Securities and Exchange Board of India (Sebi) has directed PNB Housing Finance (PNBHF) to carry out the valuation process as per the relevant legal provisions. The market regulator said the resolution regarding the deal, which was to be put for shareholders' vote on 22 June 2021, was "ultra-vires" of the company's articles of association (AoA).
ICICI Bank fell 1.66%. S&P Global Ratings has revised its rating outlook on ICICI Bank to stable from negative. "We affirmed our 'BBB-' long-term and 'A-3' short-term issuer credit ratings on the India-based bank. We also affirmed our 'BBB-' long-term issue rating on ICICI Bank's senior notes," the credit ratings agency said in a statement. S&P Global Ratings has revised the rating outlook to reflect its view that ICICI Bank will maintain its strong capital position over the next 24 months. The bank will benefit from the sale of stake in subsidiaries and gradual normalization of earnings, which should reduce risks associated with its capital position.
Global Markets:
Asian stocks dropped on Monday as investors mulled the implications of a surprise hawkish shift last week by the U.S. Federal Reserve.
Meanwhile, China kept its benchmark lending rate unchanged. China on Monday announced that the one-year Loan Prime Rate (LPR) was kept unchanged at 3.85% while the five-year LPR was also held steady at 4.65%.
US stocks fell sharply on Friday as traders worried the Federal Reserve could start raising rates sooner than expected.
St. Louis Federal Reserve President Jim Bullard offered a fresh dose of hawkishness, saying Friday that he thinks the Fed should lift its benchmark interest rate as early as late 2022.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content