Sensex slides 592 pts, broader mkt slumps, PSU bank shares tumbles

The key equity indices traded with major losses in morning trade. Weak global cues played the spoilsport. The Nifty traded below the psychological 18,000 level. PSU bank extended losses for the seventh consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 592.4 points or 0.97% to 60,233.82. The Nifty 50 index lost 181.70 points or 1% to 17,945.65.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index declined 1.95% while the S&P BSE Small-Cap index slipped 2.53%.

Sellers outnumbered buyers. On the BSE, 486 shares rose and 2,841 shares fell. A total of 95 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 928.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,206.59 crore in the Indian equity market on 22 December, provisional data showed.

New Listings:

Shares of Landmark Cars were currently trading at Rs 459.85 at 10:27 IST on the BSE, representing a discount of 9.12% as compared to the issue price of Rs 506.

The scrip was listed at a price of Rs 471.30, at a discount of 6.86% as compared to the issue price.

So far, the stock has hit a high of 473.25 and a low of 446.45. On the BSE, over 89,000 shares of the company were traded in the counter so far.

Shares of Abans Holdings were currently trading at Rs 226.45 at 10:28 IST on the BSE. representing at discount of 19.23% to the issue price of Rs 270.

The scrip was listed at its issue price of Rs 270. So far, the stock has hit a high of 272 and a low of 218.65. On the BSE, over 86,000 lakh shares of the company changed hands at the counter so far.

Shares of Droneacharya Aerial Innovations hit an upper circuit of 5% at Rs 107.10 at 10:28 IST on the BSE, a premium of 98.33% compared with the issue price of Rs 54.

The scrip was listed at Rs 102, representing a premium of 88.89% compared with the IPO price.

So far, the scrip hit a low of Rs 96.90. Over 25.94 lakh shares of the company have changed hands in the counter till now.

Buzzing Index:

The Nifty PSU Bank index slipped 3.45% to 3,996.50, extending losses for seven sessions. The index slumped 12.17% in the seven trading sessions.

UCO Bank (down 7.02%), Indian Overseas Bank (down 6.68%), Central Bank of India (down 6.28%), Punjab & Sind Bank (down 4.98%), Bank of Maharashtra (down 4.51%), Indian Bank (down 3.94%), Punjab National Bank (down 3.63%), Bank of India (down 3.25%), Canara Bank (down 3.09%) and Bank of Baroda (down 2.66%) tumbled.

Stocks in Spotlight:

Lupin rose 0.46%. The drug maker announced that it has voluntarily recalled four lots of Quinapril tablets due to the presence of a nitrosamine impurity observed in recent testing above the acceptable daily intake (ADI) level. Lupin said that till date, it has not received any reports of illness that appear related to this issue. Lupin however, discontinued the marketing of Quinapril tablets in September 2022.

Biocon added 1.37% after the company said that it has been issued a good manufacturing practice (GMP) certificate of compliance by the European Directorate for the quality of medicines & healthcare (EDQM), for its active pharmaceutical ingredient (API) manufacturing facility in Bangalore. This certification is based on a GMP inspection of the site that was conducted between the 12th and 14th of September 2022.

Rail Vikas Nigam (RVNL) locked in a lower circuit of 5%. RVNL said that it has received contract worth Rs 198 crore for construction of Bhesan Depot and workshop from Gujarat Metro Rail Corporation (GMRC). The work order entails construction of Bhesan Depot and workshop including DDC, BCC and associated electrical and mechanical (E&M) works under corridor - C2, Bhesan to Saroli, for Surat Metro Rail Project Phase-1, DC 2.

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