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Indices drop in early trade

Capital Market 

A bout of volatility was seen in early trade as the domestic benchmark indices reversed initial gains and dipped in negative zone. The Nifty index held its 17,600 level. Asian markets are trading mixed.

At 9:30 IST, the barometer index, the S&P BSE Sensex, dropped 485.66 points or 0.81% at 59,150.35. The Nifty 50 index lost 145.70 points or 0.82% at 17,619.10.

In the broader market, the S&P BSE Mid-Cap index declined 1.52% while the S&P BSE Small-Cap index slipped 1.64%.

The market breadth was weak. On the BSE, 923 shares rose and 1652 shares fell. A total of 139 shares were unchanged.

Among stocks, Wipro (up 0.65%) will replace Bajaj Auto (down 0.77%) in the 30-share benchmark S&P BSE Sensex effective Monday, 20 December 2021.

Further, Biocon (down 1.10%), Power Finance Corp (down 1.20%), Torrent Pharmaceuticals (down 0.77%) and REC (down 0.70%) will be excluded from the S&P BSE 100 index and the S&P BSE SENSEX Next 50 index. They will be replaced by Adani Transmission (up 1.67%), Adani Total Gas (down 0.83%), SRF (down 2.03%) and Max Financial Services (down 0.62%). In the S&P BSE Bankex, Bank of Baroda (down 0.99%) will replace City Union Bank (down 0.61%).

Stocks in News:

Reliance Industries (RIL) declined 3.83% after Saudi Aramco on Friday (19 November 2021) decided to re-evaluate the proposed Investment by Aramco in the oil-to-chemical (O2C) business in light of the RIL's new energy forays. Hence, the current application with National Company Law Tribunal (NCLT) for segregating the O2C business from RIL is being withdrawn, RIL said in a statement.

Oil & Natural Gas Corporation (ONGC) rose 0.10%. The state-run firm denied media reports suggesting that it was offering its prominent fields through Expression of Interest (EoI). In its clarification to the bourses on 18 November, ONGC said: "This release is in the context of the news carried in a certain segment of the media about ONGC offering its prominent fields through Expression of Interest (EoI). The 'news' about ONGC is incorrect. This release aims to clarify the position in this regard, in the interest of corporate governance of a listed company."

Indian Railway Catering and Tourism Corporation (IRCTC) advanced 2.31% after the company said that the Ministry of Railways has conveyed the decision to resume the services of cooked food in trains.

Global Markets:

Asian stocks are traded 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 Dow Jones Industrial Average fell 268.97 points, or 0.75%, to 35,601.98. The S&P 500 ticked 0.14% lower to 4,697.96. The Nasdaq Composite advanced 0.40% to 16,057.44. The Nasdaq Composite Index closed above 16,000 points for the first time on Friday, in its second-straight record finish powered by technology stocks.

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. 09:25 IST