The headline equity indices traded with modest losses in the mid-afternoon trade. Domestic sentiments were dented amid negative global cues. Investors turned cautious ahead of Reserve Bank of India (RBI)'s policy announcement later this week. The Nifty traded below 16,950 mark after hitting the day's high of 17,037.60 in early afternoon trade. Metal shares extended losses for the fourth consecutive trading session.
At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 301.42 points or 0.53% to 56,806.10. The Nifty 50 index lost 86.20 points or 0.51% to 16,921.20.
In the broader market, the S&P BSE Mid-Cap index fell 0.11% while the S&P BSE Small-Cap index shed 0.09%.
The market breadth was negative. On the BSE, 1,521 shares rose and 1,841 shares fell. A total of 119 shares were unchanged.
The Reserve Bank of India (RBI)'s six-member Monetary Policy Committee meeting will begin today, 28 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision on 30 September 2022, the last date of the meeting. The RBI is widely expected to maintain the balancing act between growth and inflation.
In the past three policy reviews, the RBI's rate-setting panel has raised 140 basis points in total since May this year. Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.337 as compared with 7.292 at close in the previous trading session.
In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 81.9250, compared with its close of 81.53 during the previous trading session.
MCX Gold futures for 5 October 2022 settlement declined 0.37% to Rs 49,137.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.41% to 114.57.
The United States 10-year bond yield added 0.69% to 3.990.
In the commodities market, Brent crude for November 2022 settlement declined 22 cents or 0.26% at $86.05 a barrel.
Buzzing Index:
The Nifty Metal index fell 0.94% to 5,674.85. The index lost 6.98% in four trading sessions.
JSW Steel (down 2.39%), Hindalco Industries (down 1.82%), National Aluminium Company (down 1.67%), Hindustan Copper (down 1.58%), Jindal Stainless (down 1.51%), Hindustan Zinc (down 1.37%), Welspun Corp (down 1.16%), Vedanta (down 1.07%), Tata Steel (down 0.92%) and MOIL (down 0.75%) declined.
On the other hand, Ratnamani Metals & Tubes (up 1.6%), Jindal Steel & Power (up 1.33%) and APL Apollo Tubes (up 0.99%) advanced.
Stocks in Spotlight:
Krsnaa Diagnostics rose 0.80% after the company said that it has planned to launch 600 diagnostics centers across India to offer specialized healthcare services. The company said it will set up these centres in Maharashtra, Himachal Pradesh, Punjab, West Bengal, Rajasthan, metros, tier 2 and tier 3 cities. The centers will be equipped to offer specialized services in precision medicine, genetics, genomics, and molecular diagnostics, along with the routine investigations of biochemistry and serology, which are commonly used in routine diagnostics tests.
NTPC added 0.03%. The state-run power major on Wednesday (28 September 2022) declared commercial operation of first part capacity of 150 megawatt (MW) out of 300 MW Shambu ki Burj-2 Solar PV project at Bikaner, Rajasthan. NTPC said that the project was declared on commercial operation with effect from 00:00 hrs of 29 September 2022.
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