The domestic equity benchmarks traded with deep cuts in morning trade. Negative global cues, persistent recession worries and fears of interest rates hikes dampened the investor sentiments. The Nifty traded below 18,250 mark. PSU bank shares extending losses for the fourth consecutive trading session.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 634.22 points or 1.03% to 61,171.97. The Nifty 50 index lost 193.65 points or 1.05% to 18,226.80.
In the broader market, the S&P BSE Mid-Cap index slipped 0.84% while the S&P BSE Small-Cap index declined 0.44%.
The market breadth was negative. On the BSE, 1,337 shares rose and 1,891 shares fell. A total of 147 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 538.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 687.38 crore in the Indian equity market on 19 December, provisional data showed.
Buzzing Index:
Also Read
The Nifty PSU Bank index declined 1.31% to 4,271.90, extending losses for the fourth session. The index tumbled 6.12% in four trading sessions.
UCO Bank (down 5.06%), Punjab & Sind Bank (down 4.94%), Indian Overseas Bank (down 4.11%), Bank of Maharashtra (down 2.67%), Punjab National Bank (down 2.14%), Central Bank of India (down 1.8%), Union Bank of India (down 1.47%), Bank of India (down 1.22%), Indian Bank (down 0.7%) and Canara Bank (down 0.69%) slumped.
Stocks in Spotlight:
Life Insurance Corporation of India (LIC) rose 1.03% and IRCTC fell 0.91%. The life insurer disclosed that it increased its stake in Indian Railway Catering and Tourism (IRCTC) to 7.278% from 5.005% earlier. LIC bought 1,81,80,323 shares, or 2% equity, at an average cost of Rs 692.28 via open market purchase during the period from 17 October 2022 to 16 December 2022.
Just Dial declined 1.74% after Reliance Retail Ventures (RRVL), company's promoter intended to sell equity shares of the company through open market for the purpose of complying with the requirements of minimum public shareholding. As on 30 September 2022, the promoter and promoter group held 76.98% stake in Just Dial, of which RRVL held 66.40%. As per regulatory norms, the total promoter holding in a company must not exceed 75%.
Ramco Systems added 0.47% after the company said its board will consider fund raising on Thursday, 22 December 2022.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content