Barometers trade with major cuts; Sensex drops 681 pts

The key equity benchmarks continued to trade with major losses in the morning trade. Weak global cues dented the investor sentiments. The Nifty traded a tad above the 17,100 mark. All the sectoral indices on the NSE traded in the red.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 681.20 points or 1.17% to 57,510.09. The Nifty 50 index lost 205.75 points or 1.19% to 17,108.90.

In the broader market, the S&P BSE Mid-Cap index declined 1.15% while the S&P BSE Small-Cap index slipped 0.63%.

The market breadth was weak. On the BSE, 1073 shares rose and 2147 shares fell. A total of 164 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,250.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 545.25 crore in the Indian equity market on 7 October, provisional data showed.

Tata Consultancy Services (TCS) (up 0.21%) is the only Nifty 50 company to announce its Q2 results today.

Buzzing Index:

The Nifty FMCG index fell 1.75% to 43,047.65, continuing its declining streak to the third day. The index shed 2.8% in the past three sessions.

Among the components of the Nifty FMCG index, Varun Beverages (down 2.28%), Tata Consumer Products (down 2.23%), Dabur India (down 2.22%), Hindustan Unilever (down 2.12%), United Breweries (down 1.95%), Godrej Consumer Products (down 1.9%), ITC (down 1.83%), United Spirits (down 1.54%), Marico (down 1.43%) and Colgate-Palmolive (India) (down 1.2%) were the top losers.

On the other hand, Procter & Gamble Hygiene and Health Care (up 0.3%) ,Radico Khaitan (up 0.22%) edged higher.

Stocks in Spotlight:

Sterlite Technologies (STL) declined 0.55%. The digital networks integrator announced its collaboration with Vocus Group for Project Horizon in Western Australia. Under the partnership, Sterlite Technologies (STL) will provide high strength optical fibre cables for Vocus's inter capital network extension program.

Deep Industries advanced 3.15% after the company said that it has received letter of award (LoA) from Oil India for a contract with an total estimated value of Rs 71.64 crore. The contract is for charter hiring of two 550-750 horsepower (HP) capacity workover rigs for a period of three years.

One 97 Communications (Paytm) rose 0.73% after its lending business witnessed a 224% year on year (YoY) growth during the quarter ending September 2022. The number of loans disbursed through the company's platform zoomed 224% YoY to 9.2 million loans in the quarter ended September 2022, while the value of loans disbursed grew 482% YoY to Rs 7,313 crore ($894 million).

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