:::LALKAR GROUP::::

The key equity indices continued to trade with deep cuts in the afternoon trade. Weak Asian cues played the spoilsport. The Nifty hovered near the 17,100 level. Barring the Nifty IT index, all the other sectoral indices on the NSE were in the red.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was down 657.45 points or 1.13% to 57,441.47. The Nifty 50 index declined 223.30 points or 1.29% to 17,104.50.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 2.31% while the S&P BSE Small-Cap index lost 2.87%

Sellers outnumbered buyers. On the BSE, 575 shares rose, and 2,930 shares fell. A total of 124 shares were unchanged.

The Reserve Bank of India (RBI)'s six-member Monetary Policy Committee is scheduled to meet this week during 28-30 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision on 30 September 2022, the last date of the meeting. The RBI is widely expected to maintain the balancing act between growth and inflation.

In the past three policy reviews, the RBI's rate-setting panel has raised 140 basis points in total since May this year. Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%.

Tata Motors (down 5.07%), Eicher Motors (down 4.71%), Hindalco Industries (down 4.58%), Maruti Suzuki India (down 4.37%) and Adani Ports and Special Economic Zone (down 4.03%) were major drags.

Asian Paints (up 1.95%), Infosys (up 1.93%), Divi's Laboratories (up 1.59%), HCL Technologies (up 1.17%) and Tech Mahindra (up 1.15%) were top Nifty gainers.

New Listing:

Shares of Harsha Engineers International were currently trading at Rs 487.60 on the BSE, a premium of 47.76% compared with the issue price of Rs 330.

The scrip was listed at Rs 444, a premium of 34.55% over the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 486 and a low of Rs 431. Over 16.07 lakh shares of the company have changed hands in the counter till now.

The IPO of Harsha Engineers was subscribed 74.70 times. The issue was open between 14th and 16th September 2022. The price band of the IPO was fixed at Rs 314-330 per share.

Stocks in Spotlight:

State Bank of India (SBI) fell 0.84%. The state-run lender on Friday (23 September 2022) announced the allotment of non-convertible, unsecured Basel III compliant Tier 2 bonds Series I of Rs 4,000 crore on private placement basis.

Britannia Industries rose 0.01%. The company on Friday said that its board has elevated Varun Berry as executive vice‐chairman and managing director with immediate effect and also appointed Rajneet Singh Kohli as executive director and chief executive officer.

Hester Biosciences surged 8.57%. The company said it has adequate supply of Goat Pox Vaccine in India to immunize cattle against Lumpy Skin disease.

Global markets:

Most of the stocks in Europe advanced while Asian stocks were trading sharply lower on Monday. Investors are cautious as concern for the global growth outlook has been increasing, since inflation remains high and central banks resort to aggressive interest rate hikes to try to tame rising prices.

Japan's factory activity growth hit a 20-month low in September. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) slipped to a seasonally adjusted 51 in September from the prior month's final of 51.5.

US stocks tumbled on Friday as fears grew that a central bank prescription of raising interest rates to tame inflation will drag major economies into recession.