Nifty below 17,650; Rupee hits fresh all time low

The key equity benchmarks traded with moderate losses in the morning trade tracking negative global cues. The Nifty slipped below the 17,650 level. Media, FMCG and Auto stocks advanced while financial services and bank shares declined.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 263.94 points or 0.44% to 59,192.84. The Nifty 50 index declined 82.50 points or 0.47% to 17,635.85.

In the broader market, the S&P BSE Mid-Cap index gained 0.03% while the S&P BSE Small-Cap index rose 0.41%

The market breadth was strong. On the BSE, 1,794 shares rose and 1,339 shares fell. A total of 150 shares were unchanged.

Indian Rupee on Thursday hit a fresh record low against US dollar. The currency opened at 80.2775 and touched a fresh all time low of 80.61 and is currently trading at 80.5375

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.

Buzzing Index:

The Nifty Financial Services index fell 1.04% to 18,467.70. The index added 2.06% in the past two trading sessions.

Among the components of the Nifty Financial Services index, SBI Life Insurance Company (down 2.07%), Bajaj Finserv (down 1.64%), Housing Development Finance Corporation (down 1.58%), Shriram Transport Finance Company (down 1.19%), ICICI Bank (down 1.11%), Muthoot Finance (down 1.1%), HDFC Bank (down 1.08%), SBI Cards & Payment Services (down 0.94%), ICICI Prudential Life Insurance Company (down 0.92%) and HDFC Asset Management Company (down 0.89%) were the top losers.

On the other hand, Cholamandalam Investment & Finance Company (up 0.93%) ,Indian Energy Exchange (up 0.66%) and Bajaj Finance (up 0.4%) edged higher.

Stocks in Spotlight:

Heritage Foods rose 0.55%. The board of the dairy enterprises is scheduled to meet on Friday, 30 September 2022, to consider raising funds by issuing equity shares on a rights basis.

Ashoka Buildcon jumped 2.49% after the company announced that it received a letter of acceptance (LOA) from the South Western Railway (SWR) for a construction project worth Rs 258.12 crore. The completion period is 24 months from the date of appointed date.

KPI Green Energy advanced 2.81% after the company announced the receipt of a new order of 5.40 MW under wind-solar hybrid power project under CPP segment. The power producer said that it has received a new order for executing wind-solar hybrid power project of 5.40 MW (comprising of 5.40 MW wind turbine and 4 MWdc solar) capacity from Surat-based Greenlab Diamonds LLP under the `captive power producer (CPP)` business segment of the company.

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