Market extend losses; Nifty slips below 17,000

The key equity indices traded near the day's low with modest losses in the mid-morning trade. Negative global cues dented the sentiments. The Nifty slipped below the 17,000 mark. All the sectoral indices on the NSE traded in the red.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 408.2 points or 0.71% to 57,217.71. The Nifty 50 index lost 129.35 points or 0.76% to 16,994.25.

In the broader market, the S&P BSE Mid-Cap index fell 0.78% while the S&P BSE Small-Cap index declined 0.44%.

The market breadth was weak. On the BSE, 1166 shares rose and 2025 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Bank index slipped 1.47% to 38,545. The index rose 1.50% in the past trading session.

Among the components of the Nifty Bank index, Bank of Baroda (down 1.77%), HDFC Bank (down 1.41%), AU Small Finance Bank (down 1.33%), IDFC First Bank (down 1.27%) and ICICI Bank (down 1.22%) were the top losers.

Among the other losers were State Bank of India (down 1.11%), Punjab National Bank (down 1.1%), Axis Bank (down 0.89%), Bandhan Bank (down 0.88%) and IndusInd Bank (down 0.58%).

On the other hand, Federal Bank (up 0.24%) advanced.

Yes Bank declined 1.56%. The bank said that CARE Ratings has upgraded its rating on the long-term instruments of the bank worth Rs 145.28 crore. The agency has upgraded the rating of the bank's infrastructure bonds, lower tier-II bonds, tier-II bonds (Basel-III) to CARE A- / Positive from CARE BBB+ / Positive. It has also upgraded the rating on the bank's upper tier-II bonds to CARE BBB / Positive from CARE BBB- /Positive.

Stocks in Spotlight:

Sterling and Wilson Renewable Energy slipped 3.15% after the company reported a consolidated net loss of Rs 296.95 crore in Q2 FY23 as against a net loss of Rs 284.63 crore in Q2 FY22. Net sales dropped by 78.3% YoY to Rs 312.69 crore during the quarter.

Adani Wilmar fell 2.55% after the edible oil major said its overall revenue is expected to grow at low single digit year-on-year in the July-September quarter. Adani Wilmar markets its edible oils and other food items under the Fortune brand.

Global markets:

Most of the Asian stocks were trading lower on Thursday as investors await inflation data from the U.S. due later stateside.

US stocks ended a choppy session slightly lower on Wednesday after minutes from the last Federal Reserve meeting showed policymakers agreed they needed to maintain a more restrictive policy stance.

The Federal Reserve's September meeting minutes, released Wednesday, show that the central bank expects to continue increasing interest rates and hold them higher until inflation shows signs of abating.

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