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Barometers extend losses; PSU banks tumble

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The domestic equity indices further extended losses in mid-morning trade. The Nifty was trading below 17,600 mark. PSU banks stocks were under pressure.

The sentiment was weak amid fresh COVID-19 cases in Europe and lockdowns in countries like Austria. The dollar index climbing over 96 mark also spooked investors. However, the decline in crude oil prices is a positive for India.

At 11:30 IST, the barometer index, the S&P BSE Sensex, skid 698.48 points or 1.17% at 58,937.53. The Nifty 50 index lost 199.90 points or 1.13% at 17,564.90.

Selling was broad based. The S&P BSE Mid-Cap index declined 1.58% while the S&P BSE Small-Cap index slipped 1.79%.

The market breadth was weak. On the BSE, 1,006 shares rose and 2,212 shares fell. A total of 180 shares were unchanged.


Prime Minister (PM) Narendra Modi, on Friday, 19 November 2021, announced that the government has decided to repeal all three farm laws in the upcoming Winter Session of Parliament.

The three farm bills were: Farmers' Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020; Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020; and Essential Commodities (Amendment) Bill 2020.

These bills were passed by Parliament during the monsoon session last year. All three agricultural reform laws have sparked almost a year of massive protests by farmers from Punjab, Haryana and Uttar Pradesh.

PM Narendra Modi said the three laws were in farmers' benefit but government could not convince a section of farmers despite best efforts. PM Narendra Modi said the goal of three farm laws was to empower farmers, especially the small farmers. He appealed to protesting farmers to call off their agitation and return to their homes.

During his address, PM Narendra Modi highlighted his government's measures to benefit small farmers. He said the agriculture budget has risen by five times and over Rs 1.25 lakh crore are being spent annually.

PM Narendra Modi said the government not only increased minimum support price (MSP) but also set up record procurement centers. He added that procurement by his government broke the record of past several decades.

Buzzing Index:

The Nifty PSU Bank index declined 2.80% to 2,733.40. The index added 0.11% in the past two trading sessions.

Indian Bank (down 3.87%), Bank of Baroda (down 3.43%), State Bank of India (SBI) (down 2.79%), Union Bank of India (down 2.77%) and Jammu & Kashmir Bank (down 2.68%) declined.

Stocks in Spotlight:

Laurus Labs rose 0.90%. The company said that it has signed an investment agreement with Immunoadoptive Cell Therapy to acquire 26.62% stake for a cash consideration of approximately Rs 46 crore. The acquisition is subject to the fulfilment of certain conditions, the company said. Additionally, senior management of Laurus Labs would also invest in ImmunoACT for a 5.64% stake for approximately Rs 9.75 crore, at same price and terms.

JBM Auto jumped 5.42% after the auto component maker's board will consider a stock split on 8 December 2021. The board of JBM Auto will consider the proposal of sub-division of the company's equity shares having face value of Rs 5 each.

Shree Ganesh Remedies declined 2.18%. The drug maker's board has approved the proposal for raising up to Rs 45 crore through rights issue of equity shares. The board of Shree Ganesh Remedies at its meeting held on 19 November 2021, approved the proposal for raising of funds by issuance of equity shares of the company for an amount not exceeding Rs 45 crore by way of a rights issue to the eligible equity shareholders. The record date will be determined and notified subsequently. The detailed terms in relation to the rights issue, including the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course.

Global Markets:

Most Asian stocks advanded 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, November 22 2021. 11:34 IST