Market opens lower amid negtive global cues; breadth strong

The key equity benchmarks were trading with modest losses in the early trade tracking negative global cues. The Nifty traded below the 17,700 level. Media, FMCG and PSU Bank stocks saw buying demand while oil & gas, IT and financial services shares saw a bit of selling pressure.

At 09:23 IST, the barometer index, the S&P BSE Sensex, was down 194.3 points or 0.33% to 59,262.48. The Nifty 50 index declined 60.05 points or 0.34% to 17,658.30.

In the broader market, the S&P BSE Mid-Cap index gained 0.19% while the S&P BSE Small-Cap index rose 0.55%

The market breadth was strong. On the BSE, 1,630 shares rose and 965 shares fell. A total of 120 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 461.04 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 538.53 crore in the Indian equity market on 21 September, provisional data showed.

Stocks in Spotlight:

PNB rose 2.12% after the bank said it has issued and allotted Basel III Compliant Additional Tier-I Bonds at a coupon of 8.30% p.a. aggregating to Rs.658 crore on private placement basis.

Ashoka Buildcon advanced 2.91% after the company submitted its bid to the South Western Railway (`SWR`) and the company has received a Letter of Acceptance (LOA) from SWR for the Project viz. `Construction of New BG Line. The accepted bid project cost for the project is Rs.258.12 crore. The completion period is 24 months.

PB Fintech increased 1.47%. The company informed that it has made investment of Rs 649.99 crore in subsidiary Policybazaar Insurance Brokers and investment of Rs 249.99 crore in subsidiary Paisabazaar Marketing And Consulting.

Global markets:

Asian stocks are trading lower across the board on Thursday after the U.S. Federal Reserve raised interest rates and signaled further hikes ahead. Australia`s market is closed for a holiday.

Japan`s central bank is expected to hold interest rates at ultra-low levels and maintain its yield curve control policy as its meeting concludes Thursday.

Wall Street`s main indexes dropped on Wednesday, as investors digested another supersized Federal Reserve hike and its commitment to keep up increases into 2023 to fight inflation.

The Federal Reserve raised benchmark interest rates by another three-quarters of a percentage point and indicated it will keep hiking well above the current level. That takes the bank`s benchmark overnight rate target range to 3-3.25%.

Federal Reserve Chair Jerome Powell vowed on Wednesday that he and his fellow policymakers would "keep at" their battle to beat down inflation.

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