The headline equity indices were trading with moderate losses in early trade. The Nifty traded below the 19,650 mark. Pharma, healthcare and realty stocks were in demand while metal, financial services and bank shares declined.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 209.24 points or 0.32% to 65,736.23. The Nifty 50 index shed 58.40 points or 0.30% to 19,606.30.
In the broader market, the S&P BSE Mid-Cap index added 0.23% while the S&P BSE Small-Cap index rose 0.29%.
The market breadth was positive. On the BSE, 1,381 shares rose and 1,207 shares fell. A total of 142 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 693.47 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 714.75 crore in the Indian equity market on 26 September, provisional data showed.
Stocks in Spotlight:
Infosys shed 0.40%. The IT major announced that it is collaborating with Microsoft to jointly develop industry leading solutions that leverage Infosys Topaz, Azure OpenAI Service and Azure Cognitive Services. Both organizations are bringing together their respective artificial intelligence (AI) capabilities to enhance enterprise functions with AI-enabled solutions across multiple industries.
Century Textiles and Industries gained 2.53%. Birla Estates, a 100% wholly owned subsidiary of Century Textiles and Industries has sold out phase 1 of Birla Trimaya within 36 hours of its launch. With 556 units booked, accounting for an approximate Rs 500 crore booking value, the company has solidified its position as a leader in the luxury residential real estate market of Bengaluru.
Shyam Metalics and Energy rose 0.59%. The company announced its entry into energy storage sector with battery-grade Aluminum foil, a critical component in Lithium-ion cells.
Prataap Snacks slipped 3.64%. The GST Authority has conducted a search and seizure under the Central Goods and Services Tax Act, 2017 (CGST Act) and Rules made thereunder on 25 September 2023 in one of manufacturing units located at No. 260, Bommasandra Jigani Link Road, Jigani Hobli, Anekal Taluk, Bengaluru, Karnataka.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper added 0.03% to 7.148 from its previous close of 7.146.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2400, compared with its close of 83.2800 during the previous trading session.
MCX Gold futures for 5 October 2023 settlement declined 0.14% to Rs 58,350.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 106.27.
The United States 10-year bond yield slipped 0.95% to 4.520.
In the commodities market, Brent crude for November 2023 settlement advanced 91cents or 0.97% to $94.87 a barrel.
Global Markets:
Asian stocks were trading mixed ahead of China's industrial data and Australia's August inflation figures due on Wednesday.
Japan's central bank board was split over when should the Bank of Japan should start to raise interest rates, according to minutes from its monetary policy meeting in July.
US stocks saw a sell off on Tuesday after the latest home sales and consumer confidence reports stoked concern over the state of the U.S. economy,
August new home sales were down 8.7% from July, according to the Commerce Department. The Conference Board's consumer confidence index fell to 103 in September from 108.7 in August.
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