Nifty below 19,550; oil & gas shares slips

The key equity barometers traded with moderate losses in mid-afternoon trade. The Nifty continued to trade below the 19,550 mark. Oil& Gas shares declined after witnessing buying demand in the past trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 297.70 points or 0.45% to 65,530.71. The Nifty 50 index lost 105.85 points or 0.54% to 19,532.45.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index added 0.60%.

The market breadth was positive. On the BSE, 1,871 shares rose and 1,813 shares fell. A total of 187 shares were unchanged.

Investor sentiment took a hit after top Federal Reserve officials, including Fed Governor Michelle Bowman, Vice Chair Michael Barr, Fed Chair Jerome Powell, and New York Fed Chief John Williams, have indicated their willingness to support an increase in the federal funds rate if economic data suggests a sluggish approach towards the central bank`s 2% inflation target.

Despite considerable progress, these officials agreed that inflation remains elevated, hinting at the possibility of further rate increases. The current policy rate stands between 5.25% and 5.50%.

They also underscored the need for a restrictive monetary policy over an extended period to achieve their objectives.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers` Index (PMI) registered 57.5 in September, down from 58.6 in August. Although the lowest for five months, the latest reading remained firmly above the no-change mark of 50.0 and its long-run average (53.9), therefore signaling a sharp rate of expansion.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.11% to 7.218 from its previous close of 7.210.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1750, compared with its close of 83.0650 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement declined 1.57% to Rs 56,209.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.09% to 107.

The United States 10-year bond yield declined 0.13% to 4.681.

Buzzing stocks :

The Nifty Oil& Gas index declined 1.13% to 7,813.25. The index added 1.18% in the past trading session.

Oil & Natural Gas Corpn (down 3.54%), Oil India (down 1.57%), Bharat Petroleum Corporation (down 1.21%), Indian Oil Corporation (down 1.04%), Reliance Industries (down 0.98%), Petronet LNG (down 0.29%), GAIL (India) (down 0.28%), Adani Total Gas (down 0.24%) declined.

On the other hand, Mahanagar Gas (up 8.08%),Indraprastha Gas (up 1.4%) and Gujarat State Petronet (up 1.03%) advanced.

Stocks in Spotlight:

NCC rallied 3.45% after the company announced that it has received three orders worth Rs 4,205.94 crore in the month of September 2023.

Niyogin Fintech declined 2.10%. The fintech platform announced today that its gross loan book has increased by 115% to Rs 135.3 crore in Q2 FY24 from Rs 63 crore in Q2 FY23.

TVS Motor Company rose 0.26%. The company said that its total sales jumped 6% in September 2023, with sales of 402,553 units as compared with 379,011 units sold in the month of September 2022.

Marksans Pharma fell 0.73%. The pharmaceutical company announced that it has received final approval from US Food & Drugs Administration (US FDA) for its abbreviated new drug application (ANDA) for Esomeprazole Magnesium delayed-release capsules.

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