Nifty slips below 17,500 level; broader markets tumble

The key equity indices slumps and hit the day`s low in morning trade. The Nifty traded below the 17,500 level. Bank shares extended losses for third consecutive session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 598.93 points or 1.01% to 58,520.79. The Nifty 50 index declined 160.05 points or 0.91% to 17,469.75.

In the broader market, the S&P BSE Mid-Cap index fell 1.10% while the S&P BSE Small-Cap index lost 0.98%

The market breadth was positive. On the BSE, 1,044 shares rose, and 2,077 shares fell. A total of 145 shares were unchanged.

Investor sentiment sunk to extremely depressed levels of bullishness in the aftermath of the US Fed`s supersized rate hike and ultra-hawkish outlook to tame sticky inflation.

Buzzing Index:

The Nifty Bank index fell 2% to 39,817.05. The index has declined 3.98% in three sessions.

Bank of Baroda (down 2.56%), Federal Bank (down 2.12%), Punjab National Bank (down 2.1%), Kotak Mahindra Bank (down 2.06%) and Axis Bank (down 1.94%) were the top losers.

Among the other losers were IndusInd Bank (down 1.84%), HDFC Bank (down 1.82%), Bandhan Bank (down 1.69%), IDFC First Bank (down 1.68%) and State Bank of India (down 1.64%).

Stocks in Spotlight:

Cipla rose 0.99%. The company has received the establishment inspection report (EIR) indicating closure of the inspection. The company had earlier informed about the product specific pre-approval inspection (PAI) by the United States Food and Drug Administration (US FDA) at the Indore plant from 27th June 2022 to 1st July 2022.

The Bombay Dyeing and Manufacturing Company fell 1.46%. The board of directors of the company considered and approved raising of funds, through issuance and allotment of equity shares for an aggregate amount of up to Rs 940 crore on rights basis to the eligible equity shareholders of the company.

Century Textiles and Industries was down 0.06%. Birla Estates, a 100% wholly owned subsidiary and Century Textiles and Industries announced its acquisition of a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of 1 Mn sq. ft. with a revenue potential of Rs 900 crore.

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