BENCHMARKS TRADE WITH MINOR CUTS; PSU BANKS DECLINE

The key equity barometers continued to trade with limited losses in mid-morning trade. The Nifty traded below the 19,650 mark. PSU banks saw a bit of selling pressure after gaining in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 214.97 points or 0.33% to 65,794.18. The Nifty 50 index shed 60.95 points or 0.31% to 19,613.30.

In the broader market, the S&P BSE Mid-Cap index lost 0.33% while the S&P BSE Small-Cap index rose 0.03%.

The market breadth was negative. On the BSE, 1,729 shares rose and 1,801 shares fell. A total of 206 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index fell 0.78% to 5,174.25. The index rose 3.51% in the past trading session.

Central Bank of India (down 2.95%), UCO Bank (down 2.67%), Bank of Maharashtra (down 2.67%), Punjab & Sind Bank (down 2.27%), Canara Bank (down 2.17%), Indian Overseas Bank (down 2.17%), Bank of India (down 1.47%), Punjab National Bank (down 1.1%), State Bank of India (down 1.06%) and Union Bank of India (down 0.93%) declined.

Stocks in Spotlight:

Life Insurance Corporation of India declined 0.38%. The state-run life insurer announced that it has received an order from Bihar Additional Commissioner State Tax demanding Rs 290 crore in goods and service tax (GST), along with interest and penalty. The life insurer said that it will file an appeal before the GST Appellate Tribunal and against the order within prescribed timelines.

Religare Enterprises fell 4.59% after the the Burman family, which holds a controlling stake in Dabur, on Monday (25 September) announced an open offer for a 26% stake in Religare Enterprises for upto Rs 2,116 crore.

Strides Pharma Science rallied 5.99% after the company`s wholly owned subsidiary, Strides Pharma Global, Singapore has received US Food and Drug Administration (USFDA) approval for Icosapent Ethyl Capsules 0.5 gram and 1 gram.

Global Markets:

Asian stocks were trading mixed as investors look toward inflation data from across the region this week. Singapore and Australia are expected to report inflation figures for August this week, while Japan will release inflation data for the Tokyo region.

US stocks ended lower on Friday as investors continued to grapple with signals from the Federal Reserve that it intended to keep interest rates higher for longer.

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