At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 290.13 points or 0.75% at 38,324.66. The Nifty 50 index dropped 69.50 points or 0.61% at 11,338.90. Both these indices rose about 2% in the previous three sessions.
The broader market continued to outperform the benchmarks. The S&P BSE Mid-Cap index gained 0.77% while the S&P BSE Small-Cap index rose 0.73%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1531 shares rose and 1080 shares fell. A total of 144 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 459.01 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 97.13 crore in the Indian equity market on 19 August, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 22,328,069 with 7,86,303 deaths. India reported 6,86,395 active cases of COVID-19 infection and 53,866 deaths while 20,96,664 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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Power Grid Corporation of India (up 5.61%), Zee Entertainment Enterprises (up 2.29%), Coal India (up 2.15%), Hindalco Industries (up 1.75%) and BPCL (up 1.76%) advanced.
ICICI Bank (down 2.58%), HDFC (down 1.91%), Axis Bank (down 1.89%), Wipro (down 1.88%) and Bharti Airtel (down 1.76%) declined.
Larsen & Toubro (L&T) shed 0.77% to Rs 1001.20 while NTPC surged 7.08% to Rs 101.35. L&T's subsidiary, L&T Hydrocarbon Engineering (LTHE), has signed a memorandum of understanding (MoU) with power utility major NTPC to build a carbon dioxide to methanol demonstration plant. The plant will comprise of three sub-units namely carbon dioxide capture from flue gas, hydrogen production by electrolysis of water and catalytic conversion of carbon dioxide (CO2), and hydrogen to methanol. Organized under offshore, onshore, construction services, modular fabrication and AdVENT (Advanced Value Engineering & Technology) verticals, LTHE delivers 'design to build' engineering and construction solutions across the hydrocarbon spectrum.
RBL Bank fell 1.08% to Rs 182.75. The bank in its board meeting has decided to create, issue, offer and allott 8.84 crore shares of face value of Rs 10 each on a preferential basis. The shares will be issued at a price of Rs 177 per share, which is a 4% discount to Wednesday's closing price. The bank will raise Rs 1,566 crore through the preferential issue of shares, the bank said in its exchange filing made during market hours today.
It further said that the shares will be issued to Maple II - funds affiliated with Baring PE Asia, ICICI Prudential Life, CDC Group, Gaja Capital Among others. Consequent to the preferential issue, the Capital Adequacy Ratio of the bank will rise to 18.6% with CET-1 ratio rising to 17.4%.
Global Markets:
Shares in Europe and Asia declined across the board on Thursday after the US Federal Reserve struck a pessimistic tone over the country's economic recovery prospects. Geopolitical tensions also spooked investors after US Secretary of State Mike Pompeo warned Russia and China not to contravene the reimposition of UN sanctions on Iran.
Markets in Indonesia and Malaysia are closed on Thursday for a holiday. Meanwhile, China announced no changes to its benchmark lending rate, with the one-year loan prime rate (LPR) kept at 3.85%, while the five-year LPR was on hold at 4.65%.
China on Thursday announced no changes to its benchmark lending rate, with the one-year loan prime rate (LPR) kept at 3.85%, while the five-year LPR was on hold at 4.65%.
In US, Wall Street finished lower on Wednesday after the Federal Reserve raised concerns that the US economic recovery from the devastating effects of the pandemic faced a highly uncertain path.
Apple became the first US-listed company to reach a $2 trillion market capitalisation on August 19, doubling in valuation in just over two years. The tech giant's shares have gained nearly 60% this year as the company overcame the shutdown of factories in China that produce the iPhone and the closure of its retail sales amid the coronavirus pandemic.
Federal Open Market Committee members agreed at their latest meeting in late July that the ongoing situation surrounding the coronavirus pandemic could weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term, according to the meeting minutes. The U.S. central bank kept rates unchanged last month.
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