Market extends drop; Nifty below 17,400

The benchmark indices extended fall and attained fresh intraday low in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, tumbled 1,332.43 points or 2.23% at 58,303.58. The Nifty 50 index lost 390.75 points or 2.20% at 17,374.05.

In the broader market, the S&P BSE Mid-Cap index declined 3.04% while the S&P BSE Small-Cap index skid 3.32%.

The market breadth was weak. On the BSE, 815 shares rose and 2,535 shares fell. A total of 179 shares were unchanged.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.336% as compared with 6.345% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.4225, compared with its close of 74.30 during the previous trading session.

MCX Gold futures for 3 December 2021 settlement rose 0.06% to Rs 48,855.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.12% to 96.15.

In the commodities market, Brent crude for January 2022 settlement rose 22 cents at $79.11 a barrel.

Buzzing Index:

The Nifty Auto index dropped 3.20% to 11,371.45. The index lost 5.72% in two trading sessions.

Bosch (down 5.85%), Bharat Forge (down 5.24%), Tata Motors (down 4.44%), Ashok Leyland (down 4.38%) and Exide Industries (down 3.52%) were the top losers in the Auto segment.

Global Markets:

European stocks were trading higher on Monday, 22 November 2021 shrugging off concerns over COVID-19 restriction measures on the continent. Investors would keep an eye on the spread of COVID-19 across the continent after Germany and Austria re-imposed strict containment measures last week.

Asian stocks ended mixed on Monday, 22 November 2021, as China kept its benchmark lending rate unchanged. China on Monday kept the one-year Loan Prime Rate (LPR) unchanged at 3.85%. The five-year LPR was also left steady at 4.65%.

U.S. stocks ended mixed on Friday as the House passed a $1.75 trillion social spending bill while concern about a new coronavirus wave in Europe rattled investors.

The House of Representatives voted Friday to pass President Biden's $1.7 trillion social safety net bill, sending it to the Senate. Biden's spending measure was approved on a 220-213 vote.

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