As of 1:26 p.m. IST, the barometer index, the S&P BSE Sensex, was down 657.45 points or 1.13% at 57,441.47. The Nifty 50 index fell 223.30 points or 1.29% to 17,104.50.
The market as a whole underperformed the benchmarks. The S&P BSE Mid-Cap Index fell 2.31% while the S&P BSE Small-Cap Index lost 2.87%
Sellers outnumbered buyers. On BSE, 575 stocks rose and 2,930 stocks fell. A total of 124 stocks remained unchanged.
The six-member Monetary Policy Committee of the Reserve Bank of India (RBI) is due to meet this week from September 28-30, 2022. RBI Governor Shaktikanta Das will announce the decision of the MPC on September 30, 2022, latest date of the meeting. The RBI is generally expected to maintain the balance between growth and inflation.
Over the past three policy reviews, the RBI’s rate-setting panel has increased by a total of 140 basis points since May this year.
Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%.
Tata Motors (down 5.07%), Eicher Motors (down 4.71%), Hindalco Industries (down 4.58%), Maruti Suzuki India (down 4.37%) and Adani Ports and Special Economic Zone (down 4.03%) were major drags.
Asian Paints (up 1.95%), Infosys (up 1.93%), Divi’s Laboratories (up 1.59%), HCL Technologies (up 1.17%) and Tech Mahindra ( up 1.15%) are Nifty’s top gainers.
Shares of Harsha Engineers International were currently trading at Rs 487.60 on BSE, a 47.76% premium to the issue price of Rs 330.
The certificate was listed at Rs 444, a 34.55% premium to the initial public offering (IPO) price. So far, the certificate has reached a high of Rs 486 and a low of Rs 431. Over 16.07 lakh shares of the company have changed hands in the counter so far.
The Harsha Engineers IPO was subscribed 74.70 times. The issuance was opened between September 14-16, 2022. The IPO price range was set at Rs 314-330 per share.
Actions in the spotlight:
The State Bank of India (SBI) fell 0.84%. The state-run lender announced on Friday (September 23, 2022) the allotment of Tier 2 non-convertible and unsecured Basel III compliant, Series I bonds of Rs 4,000 crore on the basis of a private placement.
Britannia Industries rose 0.01%. The company said on Friday that its board had elevated Varun Berry to executive vice president and chief executive with immediate effect and also named Rajneet Singh Kohli as executive director and chief executive.
Hester Biosciences jumped 8.57%. The company said it has sufficient supply of goatpox vaccine in India to immunize cattle against lumpy skin disease.
Most stocks in Europe advanced while Asian stocks traded sharply lower on Monday. Investors are cautious as worries about the outlook for global growth increase, as inflation remains elevated and central banks resort to aggressive interest rate hikes in an attempt to rein in rising prices.
Growth in industrial activity in Japan hit a 20-month low in September. The Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) slipped to a seasonally adjusted 51 in September from the previous month’s close of 51.5.
U.S. stocks fell on Friday as fears grew that a central bank prescription to raise interest rates to tame inflation could push major economies into recession.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)