At 13:30 IST, the barometer index, the S&P BSE Sensex, skid 411.49 points or 0.71% at 57,284.02. The Nifty 50 index lost 121.60 points or 0.71% at 17,075.55.
In the broader market, the S&P BSE Mid-Cap index declined 0.16% while the S&P BSE Small-Cap index slipped 0.21%.
The market breadth was almost even. On the BSE, 1,671 shares rose and 1,676 shares fell. A total of 176 shares were unchanged.
Economy:
The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) is scheduled to meet during 6 to 8 December 2021. MPC's interest rate decision will be disclosed on Wednesday, 8 December 2021. In the previous meeting, MPC kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.
Gainers & Losers:
UPL (up 1.72%), Bharat Petroleum Corporation (up 0.82%), Tata Steel (up 0.74%), HDFC (up 0.6%) and ICICI Bank (up 0.52%) were top gainers in Nifty 50 index.
HCL Technologies (down 2.51%), Tata Consumer Products (down 2.2%), IndusInd Bank (down 2.17%), Bajaj Finserv (down 2.13%) and TCS (down 2%) were top losers in Nifty 50 index.
Stocks in Spotlight:
Godrej Properties fell 1.73%. The real estate company on Monday announced that it will a develop a 'luxurious' residential project in Delhi through a joint venture with TDI Group. The project is estimated to have a developable potential of approximately 125,000 square feet saleable area comprising primarily of residential apartments of various configurations.
Ramkrishna Forgings fell 0.6%. The company said it won a domestic order worth Rs 72 crore from an Indian OEM in the MHCV segment to be executed over a four-year period.
Cheviot Company surged 7.27% after the company's board approved a proposal to buyback equity shares worth upto Rs 43.12 crore. The company has proposed to buyback up to 2,50,000 equity shares, comprising 3.99% of the total paid-up equity capital of the company, at Rs 1,725 per share, for an aggregate amount not exceeding Rs 43.12 crore. The buyback price represents 25.96% premium as compared to Friday's closing price of Rs 1369.45 per share.
Global Markets:
Most Asian stocks were trading lower. China's government bonds rallied amid bets the central bank will soon ease monetary policy to aid growth. The yield on the actively traded 10-year sovereign notes dropped five basis points, the most since mid-July, to 2.85%.
Wall Street's major indices closed lower on Friday, with the Nasdaq leading the declines as investors bet that a strong jobs report would not slow the Federal Reserve's withdrawal of support while they grappled with uncertainty around the Omicron coronavirus variant.
US employers added 210,000 jobs last month, a U.S. Labor Department report showed Friday. But average hourly earnings over the past 12 months rose 4.8%, the unemployment rate dropped to 4.2%, and the workforce grew by the most in 13 months.
Meanwhile, the World Health Organization on Friday said the Covid omicron variant has been detected in 38 countries, up from 23 two days ago, with early data suggesting the strain is more contagious than delta.
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