MARKET EXTENDS LOSSES, EUROPEAN MKT OPENS LOWER

The headline equity indices continued to decline further and hit a fresh intraday low in afternoon trade. The Nifty traded below the 19,550 mark after hitting the day`s high of 19,604.85 in morning trade. Pharma, healthcare and oil & gas stocks were in demand while metal, PSU bank and realty shares witnessed a bit of a selling pressure

At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 253.73 points or 0.39% to 65,526.53. The Nifty 50 index lost 31.10 points or 0.16% to 19,543.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index fell 0.24%.

The market breadth was negative. On the BSE, 1,745 shares rose and 1,825 shares fell. A total of 151 shares were unchanged.

Gainers & Losers:

Divis Laboratories (up 1.07%), Cipla (up 0.97%), Sun Pharmaceutical Industries (up 0.84%), Titan Company (up 0.77%), Britannia Industries (up 0.73%) were major Nifty gainers.

Hindalco Industries (down 2.12%), Tata Steel (down 2.01%), IndusInd Bank (down 1.69%), NTPC (down 1.60%), Grasim Industires (down 1.50%) were top Nifty losers.

Stocks in Spotlight:

GAIL (India) rose 1.01%. The Central Bureau of Investigation (CBI) has taken into custody an executive director of GAIL (India) following a bribery case involving a sum of Rs 50 lakh. No quantifiable impact on the financial, operational, or other activities of GAIL can be determined at this stage, stated the company.

The arrest was made on 5 September 2023. As reported in the CBI arrest cum search memo, several individuals have been implicated, including K B Singh, executive director (ER & projects), GAIL; Surendra Kumar Sharma, CEO of Advance Infrastructures.; Harsh Yadav; Suryavesh; Davinder Singh, CGM, GAIL; Sunil Kumar, Sr. GM, Mecon, along with other unidentified public servants and private persons.

Tata Power Company rose 1.10% while Tata Motors declined 0.45%. Tata Motors and Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power have entered into a Power Purchase Agreement (PPA) to develop a new 12MWp on-site solar project at Tata Motors` Pune commercial vehicle manufacturing facility.

Jio Financial Services (JIOFIN) fell 1.31%, following its exclusion from the Nifty 50 and other NSE indices effective from 7 September 2023.

Union Bank of India lost 1.85% while Bank of Baroda shed 0.54%. The Indian Renewable Energy Development Agency (IREDA) has signed memorandum of understanding with Union Bank of India (UBI) and Bank of Baroda (BoB) to co-finance renewable energy projects, including both established and emerging RE technologies.

Global Markets:

Markets in Europe declined across the board while Asian stocks traded mixed on Wednesday after Saudi Arabia and Russia extended voluntary oil production cuts to the end of the year.

Saudi Arabia will extend its cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.

Australia`s gross domestic product expanded 2.1% in the second quarter from a year ago, lower than the 2.3% year-on-year growth recorded in the first quarter.

US stocks ended lower on Tuesday as the rise in crude oil prices weighed on stocks.

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