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Indices hit day's low; banks drag

·3-min read

Benchmark indices reversed trend and hit fresh intraday low in mid-afternoon trade, dragged by selling in banks shares. The Nifty slipped below 11,500 mark.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 256.59 points or 0.66% at 38,723.58. The Nifty 50 index rose 42.3 points or 0.37% at 11,473.35.

The broader market traded mixed. The S&P BSE Mid-Cap index was up 0.16% while the S&P BSE Small-Cap index down 0.07%.

The market breadth turned negative. On the BSE, 1244 shares rose and 1388 shares fell. A total of 188 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 249.82 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,067.83 crore in the Indian equity market on 17 September, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 30,071,314 with 9,44,887 deaths. India reported 10,17,754 active cases of COVID-19 infection and 84,372 deaths while 41,12,551 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.


The Reserve Bank has decided to conduct purchase of Government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 10,000 crores on 24 September 2020. Accordingly, RBI will purchase Government securities through a multi-security auction using the multiple price method. These include 6.97% GS 2026, 6.45% GS 2029 and 6.68% GS 2031 for Rs 10000 crores. The Reserve Bank reserves the right to decide on the quantum of purchase of individual securities.

Buzzing Index:

The Nifty Bank was down 1.77% at 21,924.30. It reversed trend after rising as much as 0.67% in morning trade.

Kotak Mahindra Bank (down 2.64%), HDFC Bank (down 2.31%) and State Bank of India (down 1.41%) declined.

The Nifty Metal index gained 1.02% to 2,387.50, bouncing from yesterday's 1.38% decline.

NALCO (up 2.03%), JSW Steel (up 1.38%), Steel Authority of India (up 0.26%), Hindustan Zinc (up 0.25%), Tata Steel (up 0.18%) and Vedanta (up 0.07%) were top gainers in metal space.

Hindalco Industries rose 3.24% while Hindustan Copper (HCL) was up 0.2%. Hindalco Industries on Thursday signed an agreement to procure copper concentrate from state-owned Hindustan Copper. HCL is the only producer of copper concentrate in India. Under this MoU, Hindalco will use about 60% of copper concentrate produced by Hindustan Copper. This partnership is a major step towards import substitution and reducing the nation's dependence on imported copper concentrate.

Hindustan Zinc rose 0.25% after the company proposed to raise Rs 4000 crore by offering debentures in one or more tranche. The company proposes to offer Rated, Unsecured, Redeemable, Non-Cumulative, Non-Convertible Debentures aggregating upto Rs 4,000 crore in one or more tranches.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 73.455 compared with its previous closing 73.66.

The yield on 10-year benchmark federal paper fell to 5.999% compared with previous closing of 6.033% in the previous trading session.

MCX Gold futures for 5 October 2020 settlement rose 0.32% to Rs 51,616.

In the commodities market, Brent crude for November 2020 settlement rose 17 cents to $43.47 a barrel. The contract rose 2.56% to settle at $43.3 in the previous trading sessions on Tuesday.