Sensex slides 304 pts; financial services shares decline

The headline equity benchmarks traded with modest losses in morning trade on Wednesday, weighed down by weak global cues. Renewed strength in crude oil prices and a sharp rise in global bond yields dampened investor sentiment. The Nifty traded below the 24,100 level. Financial services shares extended losses for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex slipped 303.85 points or 0.39% to 76,931.61. The Nifty 50 index lost 89.40 points or 0.37% to 24,066.70.

In the broader market, the BSE 150 MidCap Index declined 0.25% and the BSE 250 SmallCap Index fell 0.32%.

The market breadth was negative. On the BSE, 1,664 shares rose and 2,068 shares fell. A total of 247 shares were unchanged.

New Listing:

Shares of Shiprocket were currently trading at Rs 135.35 at 10:11 IST on the BSE, representing a premium of 39.70% as compared with the issue price of Rs 97.

The stock debuted at Rs 129.50 on the BSE, a premium of 33.51% over its issue price.

So far, the stock has hit a high of Rs 143.90 and a low of Rs 129.50. On the BSE, over 55.22 lakh shares of the company were traded in the counter so far.

Shares of Behari Lal Engineering were currently trading at Rs 474 at 10:10 IST on the BSE, representing a premium of 66.32% as compared with the issue price of Rs 285.

The stock debuted at Rs 458, marking a premium of 60.7% to the issue price.

So far, the stock has hit a high of Rs 489.35 and a low of Rs 458. On the BSE, over 10.75 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Financial Services Index declined 0.46% to 25,988.85. The index fell 0.87% in two consecutive trading sessions.

SBI Life Insurance Company (down 1.24%), Bajaj Finance (down 0.82%), Max Financial Services (down 0.81%), Muthoot Finance (down 0.81%), HDFC Bank (down 0.62%), Axis Bank (down 0.53%), ICICI Bank (down 0.52%), Bajaj Finserv (down 0.44%), Power Finance Corporation (down 0.36%) and Shriram Finance (down 0.33%) declined.

On the other hand, BSE (up 1.45%), Kotak Mahindra Bank (up 0.48%) and LIC Housing Finance (up 0.15%) advanced.

Stocks in Spotlight:

RailTel Corporation of India rallied 3.88% after the company received a work order worth Rs 166.80 crore from the Employees Provident Fund Organisation (EPFO).

Interarch Building Solutions rose 0.68%. The company received Rs 128 crore contract from a domestic FMCG player of international repute to construct a manufacturing facility for homecare/beauty and wellness products.

Jubilant Ingrevia shed 0.95%. The company said that its board has approved the company's entry into a binding term sheet with Zettaone Technologies India for the acquisition of a 40% strategic equity stake in Zettaone for a total consideration of Rs 189.2 crore.

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