Mid Session

Domestic equity barometers were trading with modest losses in early trade. The Nifty traded below the 19,850 mark. PSU bank, realty and media stocks advanced while IT, FMCG and financial services shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 330.08 points or 0.49% to 66,470.76 . The Nifty 50 index lost 81.45 points or 0.41% to 19,819.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index gained 0.25%.

The market breadth was positive. On the BSE, 1,551 shares rose and 1,007 shares fell. A total of 114 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,110.69 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 573.02 crore in the Indian equity market on 20 September, provisional data showed.

After a two-day Federal Open Market Committee (FOMC) meeting, the US Federal Reserve announced its interest rate decision and kept the benchmark interest rates unchanged at 5.25% to 5.50%, while indicating that the majority of officials still anticipate one more quarter percentage point increase in interest rates before the end of the year.

The US central bank also updated its forecast for the benchmark interest rate, indicating that rates will now remain higher for longer than previously anticipated.

Stocks in Spotlight:

Infosys shed 0.51%. Infosys and NVIDIA announced that they have expanded their strategic collaboration with the aim to help enterprises worldwide, drive productivity gains with generative AI applications and solutions.

SJVN slipped 8.20%. The government will offload a 4.92% stake in SJVN at a floor price of Rs 69 per share through a two-day offer for sale. OFS opens for non-retail investors on September 21 and retail investors on September 22.

Cipla declined 0.09%. An inspection was conducted by the United States Food and Drug Administration (USFDA) at the manufacturing facility of InvaGen Pharmaceuticals Inc., wholly owned subsidiary of the company from 11 to 19th September 2023. On conclusion of the inspection, InvaGen has received 5 inspectional observations in Form 483.

Zydus Lifesciences rose 1.04%. The company has received final approval from the United States Food and Drug Administration (USFDA) for Clindamycin Phosphate Gel USP, 1%. Clindamycin Phosphate Gel is used to treat acne.

Numbers to track:

The yield on India's 10-year benchmark federal paper gained 0.39% to 7.181 from previous close of 7.153.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1125, compared with its close of 83.1100 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement declined 0.55% to Rs 59,076.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.38% to 105.56.

The United States 10-year bond yield advanced 1.98% to 4.433

In the commodities market, Brent crude for November 2023 settlement fell 65 cents or 0.69% to $92.88 a barrel.

Global Markets:

Asian stocks fell across the region after the U.S. Federal Reserve held its benchmark policy rate, but said it will raise interest rates one more time this year, according to the central bank's projections. Projections showed the central bank expects to hike rates to a median of 5.6% by the end of 2023, up from the current range between 5.25% and 5.5%.

US stocks ended lower on Wednesday as investors digested the Fed's moves. The Federal Reserve left interest rates unchanged at the conclusion of its two-day meeting Wednesday. However, the central bank signaled it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. The final increase, if realized, would be the last in this cycle, according to the Fed's projections.

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