The domestic equity barometers were trading at the day's low in mid-morning trade. The Nifty was trading below the 17,100 mark. IT shares witnessed selling pressure for the second consecutive session.
At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 397.73 points or 0.69% to 57,298.73. The Nifty 50 index lost 114.95 points or 0.67% to 17,081.75.
In the broader market, the S&P BSE Mid-Cap index fell 0.18% while the S&P BSE Small-Cap index declined 0.02%.
The market breadth was positive. On the BSE, 1661 shares rose and 1540 shares fell. A total of 192 shares were unchanged.
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%.
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Buzzing Index:
The Nifty IT index fell 1.56% to 35,288.05, extending the decline for the second day. The index has lost 2.41% in two sessions.
Larsen & Toubro Infotech (down 3.05%), Coforge (down 2.38%), HCL Tech (down 1.98%), L&T Technology Services (down 1.93%), Mphasis (down 1.78%), Infosys (down 1.58%), Wipro (down 1.46%), TCS (down 1.21%) and MindTree (down 1.14%) declined.
Tech Mahindra fell 1.54% to Rs 1,568.70. The IT firm announced has the acquisition of 100% stake in US-based Activus Connect, a provider of work at home customer experience management solutions. For the financial year ended 31 December 2020, it recorded revenue of $17 million.
Stocks in Spotlight:
Eris Lifesciences rose 2.48% to Rs 722.60. The company said it has formed a joint venture (JV) with Mumbai-based MJ Biopharm to enter the Indian insulin segment. The JV will primarily engage in the marketing and distribution of human and analogue insulins (Glargine, Aspart, Lispro) and GLP-1 agonists (Liraglutide) among other biopharma products in India.
Ramkrishna Forgings shed 0.30% to Rs 962.40. 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.
Global markets:
Most Asian stocks were trading higher on Monday. 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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