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Nifty trades near 10,700 mark

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Key equity benchmarks hit a fresh intraday low in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, fell 414.48 points or 1.13% at 36,149.40. The Nifty 50 index also declined 124.30 points or 1.15% at 10,716.35.

On the BSE, shares 627 rose and 1,554 shares fell. A total of 116 shares were unchanged. The S&P BSE Mid-Cap index was down 0.89%. The S&P BSE Small-Cap index fell 0.94%.

Tata Motors (up 2.14%), Bharti Airtel (up 1.18%), Britannia Industries (up 1.16%), Asian Paints (up 0.89%) and Coal India (up 0.38%) advanced.

Zee Entertainment Industries (down 8.02%), Indiabulls Housing Finance (down 6.03%), Tata Steel (down 4.27%), Vedanta (down 3.81%) and IndusInd Bank (down 2.66%) declined.

State-run NTPC fell 1.31%. Media reports suggested that NTPC plans to build the world's largest single-location solar plant of 5,000 MW capacity with an investment of about Rs 25,000 crore in Gujarat's Kutch district by 2024. The plant will have a 32,000 MW of renewable capacity by 2024.

Yes Bank slumped 11.23% extending losses due to selling pressure. Shares of the bank tanked 17.05% in the past four trading session to its current price of Rs 56.90, from its close of Rs 68.60 on Friday, 13 September 2019.

Reliance Industries was down 2.23%. The company stated that it would collaborate with global operators to facilitate the functioning of 'O-RAN' testing and integration.

Overseas, European stocks advanced as investors keenly look forward to Bank of England's (BoE) policy meeting, which is expected to hold discussions on interest rates, ahead of Britain's exit from the European Union.

Asian stocks were mixed Thursday after the U.S. Federal Reserve cut interest rates as widely expected. The Bank of Japan (BoJ) is in focus on Thursday, with the central bank set to announce its interest rate decision and monetary policy statement.

U.S. stocks ended mixed Wednesday after Fed cut rates but cast doubt on future stimulus. The Fed announced it would cut the benchmark federal funds rate a quarter percentage point to a range of 1.75% to 2% on Wednesday, but said in an accompanying statement that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2% objective are the most likely outcomes.

The Fed also released a survey of Fed Board members and regional Fed bank presidents, which showed that the median respondent believes the Fed funds rate would be at present levels through the end of 2020.

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

First Published: Thu, September 19 2019. 13:05 IST