SSPL WEALTH PVT LTD

Mid - Session

Market behaviours during the course of the trading session.

Market extends losses; Nifty slides below 19,750

21-Sep-23 12:38 Hrs IST

The benchmark indices extended losses and traded near the day's low in early afternoon trade. The Nifty slipped below the 19,750 level. Auto stocks declined for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 614.42 points or 0.92% to 66,186.42. The Nifty 50 index lost 167.25 points or 0.84% to 19,734.15.

In the broader market, the S&P BSE Mid-Cap index declined 0.63% while the S&P BSE Small-Cap index lost 0.46%.

The market breadth was positive. On the BSE, 1,451 shares rose and 2,046 shares fell. A total of 184 shares were unchanged.

After a two-day Federal Open Market Committee (FOMC) meeting, the US Federal Reserve announced its interest rate decision and kept the benchmark interest rates unchanged at 5.25% to 5.50%, while indicating that the majority of officials still anticipate one more quarter percentage point increase in interest rates before the end of the year.

The US central bank also updated its forecast for the benchmark interest rate, indicating that rates will now remain higher for longer than previously anticipated.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.10% to 11.10. The Nifty 28 September 2023 futures were trading at 19,770.45, at a premium of 36.3 points as compared with the spot at 19,734.15.

The Nifty option chain for the 28 September 2023 expiry showed maximum Call OI of 72.1 lakh contracts at the 20,000 strike price. Maximum Put OI of 57.1 lakh contracts were seen at 19,750 strike price.

Buzzing Index:

The Nifty Auto index declined 1.41% to 16,247.35. The index slipped 1.92% in two trading sessions.

Mahindra & Mahindra Ltd (down 2.63%), Hero MotoCorp Ltd (down 1.83%), Samvardhana Motherson International Ltd (down 1.67%), Tata Motors Ltd (down 1.33%), Ashok Leyland Ltd (down 1.29%), Bajaj Auto Ltd (down 1.18%), Maruti Suzuki India Ltd (down 0.89%), Balkrishna Industries Ltd (down 0.88%), Bosch Ltd (down 0.73%) and TVS Motor Company Ltd (down 0.64%) edged lower.

Stocks in Spotlight:

Kalpataru Projects International declined 0.54% after the company informed that its board is scheduled to meet on Monday, 25 September 2023 to mull the proposal for the raising of funds by way of issuance of non-convertible debentures (NCDs) on private placement basis.

Jammu & Kashmir Bank rose 0.71% after CARE Ratings reaffirmed its rating on the Tier-II (Basel III) bonds of the bank at 'CARE A+' and revised the outlook on the same to 'positive' to 'stable'.

Apollo Tyres fell 2.64% after the Bias and OTR tyres production at its manufacturing facility in Limda, Gujarat has been stopped due to certain concerns amongst shop floor employees relating to renewal of long-term settlement agreement.