Indices trim early losses, Sensex slides 207 pts, Nifty above 16,900 level

28 Sep 2022 , 10:31 AM

The domestic equity benchmarks came off initial lows and traded with modest losses in the morning trade. The Nifty traded above 16,900 level after hitting the days low of 16,825.40 in the early trade. Auto shares witnessed bargain hunting after declining in the past three sessions. Investors were cautious ahead of Reserve Bank of India (RBI)s policy announcement later this week. At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 207.4 points or 0.36% to 56,900.12. The Nifty 50 index declined 79.30 points or 0.47% to 16,928.10. In the broader market, the S&P BSE Mid-Cap index shed 0.03% while the S&P BSE Small-Cap index rose 0.06%. The market breadth was negative. On the BSE, 1,517 shares rose and 1,527 shares fell. A total of 153 shares were unchanged. Foreign portfolio investors (FPIs) sold shares worth Rs 2,823.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,504.76 crore in the Indian equity market on 27 September, provisional data showed. Meanwhile, 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 RBIs 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%. Buzzing Index: The Nifty Auto index rose 0.72% to 12,619.75. The index witnessed bargain hunting after declining nearly 6% in the past three trading sessions. Tube Investments of India (up 4.18%), Escorts Kubota (up 1.88%), Sona BLW Precision Forgings (up 1.58%), Mahindra & Mahindra (up 1.12%), Balkrishna Industries (up 0.83%), Tata Motors (up 0.65%), Eicher Motors (up 0.63%), MRF (up 0.47%), Bajaj Auto (up 0.13%) and TVS Motor Company (up 0.01%) edged higher. On the other hand, Hero MotoCorp (down 0.73%), Bosch (down 0.59%) and Ashok Leyland (down 0.4%) declined. Stocks in Spotlight: Torrent Pharmaceuticals slipped 2.87%. The pharmaceutical company said that it has entered into definitive agreements to acquire 100% of Curatio Healthcare (Curatio) for Rs 2,000 crore. The consideration includes Rs 115 crore (on the date of signing) of cash and cash equivalents in the acquired business indicating an enterprise value of Rs 1,885 crore. The acquisition offers the pharma company the opportunity to enhance its presence in dermatology with a differentiated portfolio and is a strong strategic fit. The company will add a field force of 600 medical representatives and a distribution network of 900 stockists. Godrej Properties gained 1.10% after the company on Wednesday announced that it has acquired a land parcel that is strategically located in the immediate vicinity of Indiranagar and is close to the Old Airport Road and within the Outer Ring Road limits. Based on the current business assumptions, the project will have an estimated booking value potential of approximately Rs 750 crore. Motherson Sumi Wiring India advanced 2.67% after the company said its board will consider the proposal for issue of bonus shares to the equity shareholders of the company on 30 September 2022. Powered by Capital Market – Live News