Market extend losses; Nifty slips below 17,000

The key equity indices traded near the day`s low with modest losses in the mid-morning trade. Negative global cues dented the sentiments. The Nifty slipped below the 17,000 mark. All the sectoral indices on the NSE traded in the red.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 408.2 points or 0.71% to 57,217.71. The Nifty 50 index lost 129.35 points or 0.76% to 16,994.25.

In the broader market, the S&P BSE Mid-Cap index fell 0.78% while the S&P BSE Small-Cap index declined 0.44%.

The market breadth was weak. On the BSE, 1166 shares rose and 2025 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Bank index slipped 1.47% to 38,545. The index rose 1.50% in the past trading session.

Among the components of the Nifty Bank index, Bank of Baroda (down 1.77%), HDFC Bank (down 1.41%), AU Small Finance Bank (down 1.33%), IDFC First Bank (down 1.27%) and ICICI Bank (down 1.22%) were the top losers.

Among the other losers were State Bank of India (down 1.11%), Punjab National Bank (down 1.1%), Axis Bank (down 0.89%), Bandhan Bank (down 0.88%) and IndusInd Bank (down 0.58%).

On the other hand, Federal Bank (up 0.24%) advanced.

Yes Bank declined 1.56%. The bank said that CARE Ratings has upgraded its rating on the long-term instruments of the bank worth Rs 145.28 crore. The agency has upgraded the rating of the bank`s infrastructure bonds, lower tier-II bonds, tier-II bonds (Basel-III) to �CARE A- / Positive� from �CARE BBB+ / Positive�. It has also upgraded the rating on the bank`s upper tier-II bonds to �CARE BBB / Positive� from �CARE BBB- /Positive�.

Stocks in Spotlight:

Sterling and Wilson Renewable Energy slipped 3.15% after the company reported a consolidated net loss of Rs 296.95 crore in Q2 FY23 as against a net loss of Rs 284.63 crore in Q2 FY22. Net sales dropped by 78.3% YoY to Rs 312.69 crore during the quarter.

Adani Wilmar fell 2.55% after the edible oil major said its overall revenue is expected to grow at low single digit year-on-year in the July-September quarter. Adani Wilmar markets its edible oils and other food items under the Fortune brand.

Global markets:

Most of the Asian stocks were trading lower on Thursday as investors await inflation data from the U.S. due later stateside.

US stocks ended a choppy session slightly lower on Wednesday after minutes from the last Federal Reserve meeting showed policymakers agreed they needed to maintain a more restrictive policy stance.

The Federal Reserve`s September meeting minutes, released Wednesday, show that the central bank expects to continue increasing interest rates and hold them higher until inflation shows signs of abating.

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