Indices further extend losses and hit fresh intraday low in the mid-morning trade. The Nifty descended towards 10,900 level amid weakness in bank and auto stocks. At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 258.68 points or 0.7% at 36,864.63. The Nifty 50 index was down 78.20 points or 0.71% at 10,925.30.
The S&P BSE Mid-Cap index was down 0.28%. The S&P BSE Small-Cap index was down 0.18%.
The market breadth, indicating the overall health of the market, turned negative. On the BSE, 969 shares rose and 1062 shares fell. A total of 124 shares were unchanged.
Tata Power announced the execution of a 'share purchase agreement' with Exxaro Resources as it plans to sell its entire stake in South African joint venture Cennergi for $106 million. Cennergi is a 50:50 joint venture between Exxaro Resources and Khopoli Investments (100% subsidiary of Tata Power). Tata Power was trading 1.24% lower at Rs 63.55.
BEML announced a strategic partnership with Wipro Infrastructure Engineering aimed at collaborating on Aerospace, Industrial Automation, 3D Printing, Artificial Intelligence and Hydraulic System Engineering. BEML was trading 0.22% higher at Rs 836.9.
Auto stocks witnessed selling. Hero MotoCorp (down 1.65%), Tata Motors (down 1.44%), TVS Motors Company (down 1.29%), Bajaj Auto (down 1.19%), Mahindra and Mahindra (down 0.94%) and Maruti Suzuki India (down 0.68%) tumbled. The S&P BSE Auto index was down 0.86% at 16,265.30.
Private sector banks also came under selling pressure. HDFC Bank (down 0.6%), ICICI Bank (down 0.5%), AU Small Finance Bank (down 0.49%) and Axis Bank (down 2.82%) edged lower.
PSU Banks stocks tumbled. Bank of India (down 2.05%), Union Bank of India (down 1.44%), Punjab National Bank (down 0.93%), Bank of Baroda (down 0.81%), Allahabad Bank (down 0.75%), State Bank of India (down 0.67%) and Oriental Bank of Commerce (down 0.47%) declined.
The S&P BSE Bankex was down 0.64% at 31,206.43. Bank Nifty was down 0.75% at 27,646.80.
Syndicate Bank was up 0.81% to Rs 31 after the bank announced that credit rating agency, S&P Rating Agency has revised the bank's long term issuer credit rating to positive from stable.
The announcement was made after market hours yesterday, 16 September 2019. In a press briefing on 30 August 2019, Finance Minister Nirmala Sitharaman announced that Canara bank and Syndicate Bank will be merged. The entity will be fourth largest public sector bank with business of Rs 15.20 lakh crore. The entity will have third largest branch network in India with 10,342 branches.
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