At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 185.07 points or 0.30% to 60,721.02. The Nifty 50 index lost 55.95 points or 0.31% to 18,026.90.
In the broader market, the S&P BSE Mid-Cap index rose 0.06% while the S&P BSE Small-Cap index shed 0.04%.
The market breadth was negative. On the BSE, 1,655 shares rose, and 1,752 shares fell. A total of 144 shares were unchanged.
An additional meeting of the Reserve Bank of India's Monetary Policy Committee (MPC) has been scheduled for 3 November 2022. The meeting with its rate-setting panel could be held to discuss RBI's reply to the government, explaining the reasons of its failure to contain inflation up to 6%, as per reports.
The RBI's rate-setting panel last met on 28 - 30 September 2022 and was slated to meet for the last time this calendar year on 5 - 7 December. The MPC had on 30 September 2022, increased the policy repo rate by 50 basis points (bps) to 5.9%.
The US Fed on Wednesday announced a 75 basis points hike in interest rates as widely expected. Federal Reserve Chair Jerome Powell said, We still have some ways to go and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected.
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The yield on India's 10-year benchmark federal paper rose to 7.476 as compared with 7.404 at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9075, compared with its close of 82.8000 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement lost 0.92% to Rs 50,140.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 1.21% to 112.69.
The United States 10-year bond yield rose 2.27% to 4.153.
In the commodities market, Brent crude for January 2023 settlement declined $1.37 or 1.42% at $94.79 a barrel.
Buzzing Index:
The Nifty Auto index declined 0.56% to 13,244.30. The index has declined 1.3% in two trading sessions.
Among the components of the Nifty Auto index, Balkrishna Industries Ltd (down 1.94%), Eicher Motors Ltd (down 1.47%), Mahindra & Mahindra Ltd (down 1.38%), Tata Motors Ltd (down 1.37%), Ashok Leyland Ltd (down 1.3%), Sona BLW Precision Forgings Ltd (down 0.78%), Maruti Suzuki India Ltd (down 0.44%), MRF Ltd (down 0.13%) and Samvardhana Motherson International Ltd (down 0.08%) were the top losers.
On the other hand, Bajaj Auto Ltd (up 1.28%),Tube Investments of India Ltd (up 1.06%) and TVS Motor Company Ltd (up 0.97%) edged higher.
Stocks in Spotlight:
Devyani International declined 1.79%. On consolidated basis, Devyani International's (DIL) net profit surged 28.6% to Rs 58.76 crore on 44.8% jump in revenue from operations to Rs 747.43 crore in Q2 FY23 over Q2 FY22. The company's store network continues to expand across metro and non-metro cities. DIL opened 88 net new stores in Q2 FY23, which is the highest store openings recorded in a quarter, taking the total count to 1,096 as of 30 September 2022.
Dalmia Bharat rose 3.13% after the company's consolidated net profit from continuing operations tumbled 76.7% to Rs 50 crore despite 15.11% rise in revenue from operations to Rs 2,971 crore in Q2 FY23 over Q2 FY22. Profit before exceptional items and tax dropped 90.7% to Rs 29 crore in Q2 FY23 as against Rs 313 crore posted in Q2 FY22. The company reported net exceptional loss of Rs 6 crore in Q2 FY22.
Alembic Pharmaceuticals jumped 5.25% after the company said that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Ketorolac Tromethamine Injection USP.
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