Nifty below 23,300 level; private bank shares decline

The headline equity indices trade with major cuts in the morning trade, mirroring sharp declines in global markets following the US Federal Reserve?s policy outcome. Investor sentiment remained subdued amid concerns over elevated crude oil prices, which continued to weigh on risk appetite. The Nifty traded below the 23,300 level. Private bank shares declined after advancing over the past three trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,635.40 points or 2.13% to 75,068.73. The Nifty 50 index lost 500.40 points or 2.10% to 23,275.50.

In the broader market, the BSE 150 MidCap Index slipped 2.01% and the BSE 250 SmallCap Index fell 1.69%.

Sellers outnumbered buyers. On the BSE, 936 shares rose and 2,686 shares fell. A total of 162 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 14.16% to 21.38.

New Listing:

Shares of Rajputana Stainless were currently trading at Rs 114.50 at 10:05 IST on the BSE, representing a discount of 6.15% as compared with the issue price of Rs 122.

The stock was listed at Rs 123.95, reflecting a premium of 1.60% to the issue price.

So far, the stock has hit a high of Rs 123.95 and a low of Rs 111.25. On the BSE, over 2.63 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty private bank index dropped 2.98% to 25,511.95. The index added 3.08% in the past three trading sessions.

HDFC Bank (down 4.63%), IDFC First Bank (down 3.52%), Axis Bank (down 3.21%), IndusInd Bank (down 2.99%), Kotak Mahindra Bank (down 2.78%), RBL Bank (down 2.67%), Yes Bank (down 2.53%), Federal Bank (down 2.34%), Bandhan Bank (down 2.29%) and ICICI Bank (down 2.19%) declined.

HDFC Bank fell 4.21% after the bank announced the resignation of its part-time chairman and independent director, Atanu Chakraborty, triggering investor concerns over leadership transition.

Stocks in Spotlight:

Ahluwalia Contracts (India) shed 0.45%. The company said that it has secured a construction order worth Rs 393.04 crore from the Airports Authority of India for the development of a new greenfield airport at Bundi in Kota district, Rajasthan.

Glenmark Pharmaceuticals fell 1.90%. The company received final approval from the United States Food and Drug Administration for its Fluticasone Propionate Nasal Spray (OTC), marking its entry into the US over-the-counter nasal spray segment.

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