Key indices are currently with small to minor losses, recovering from an initial slide. At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 30.77 points or 0.05% to 59,268.55. The Nifty 50 index lost 2.40 points or 0.01% to 17,688.85.
Among the Nifty 50 stocks, ONGC (up 4.20%), IOC (up 2.89%), UPL (up 1.29%), Maruti Suzuki (up 1.19%) and Coal India (up 0.87%) were the top index gainers.
Concurrently, Cipla (down 1.83%), HCL Tech (down 0.98%), Bajaj Finserv (down 0.95%), Tech Mahindra (down 0.91%) and Dr Reddy's Lab (down 0.81%) edged lower.
In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index gained 0.38%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1707 shares rose and 774 shares fell. A total of 122 shares were unchanged.
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ICICI Lombard General Insurance Company shed 0.38% to Rs 1570.75. On the BSE, over 1.80 crore shares of the company were traded in the counter so far as against an average trading volume of 0.48 lakh shares in the past two weeks.
On the NSE, over 17.63 lakh shares of the company changed hands in the counter so far as against an average trading volume of 7.34 lakh shares in the past three months.
As per media reports, Societe Beaujon, AXA Group's French investment holding company, was to sell 1.75 crore shares (representing 3.8% stake) of ICICI Lombard.
Shares of Srei Infrastructure Finance were locked in 5% lower circuit at Rs 8.17. The Reserve Bank of India (RBI) on Monday superseded the board of directors of Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL), wholly owned subsidiary of SIFL, and has appointed Bank of Baroda's former chief general manager Rajneesh Sharma as the administrator.
The RBI also intends to shortly initiate the process of resolution of the above two NBFCs under the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 and would also apply to the NCLT for appointing the administrator as the insolvency resolution professional.
HFCL hit an upper circuit of 5% at Rs 79. The company has bagged an order amounting to approximately Rs 287.96 crore from RailTel Corporation of India for setting up of secured optical packet switched network for the defence forces.
Global markets:
Asian stocks are trading lower on Tuesday following overnight losses on Wall Street, with the tech-heavy Nasdaq Composite falling more than 2%. Markets in mainland Chinese are closed through Thursday for the Golden Week holidays.
U.S. stock benchmarks end lower Monday as concerns about sticker-than-expected inflation grow on rising oil prices. A selloff for stocks deepened Monday, with markets succumbing to pressure in technology and tech-related stocks.
On Monday, the Organization of the Petroleum Exporting Countries and its allies kept their current agreement to gradually raise crude production each month, including a 400,000 barrels a day increase in November.
In U.S.-China relations, President Biden's top trade negotiator, U.S. Trade Rep. Katherine Tai, was reportedly quoted on Monday as saying that China has failed to live up to its commitments under an agreement signed last year.
New orders for US-made goods accelerated in August. The Commerce Department said on Monday that factory orders increased 1.2% in August. Data for July was revised higher to show orders rising 0.7% instead of gaining 0.4% as previously reported.
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