Mid Session

The domestic equity barometers continued to trade with limited losses in afternoon trade. The Nifty traded below the 19,750 level. Markets in Europe and Asia edged lower today.

At 13:23 IST, the barometer index, the S&P BSE Sensex, was down 560.79 points or 0.84% to 66,240.05. The Nifty 50 index lost 154.75 points or 0.78% to 19,746.65.

In the broader market, the S&P BSE Mid-Cap index declined 0.74% while the S&P BSE Small-Cap index lost 0.54%.

The market breadth was negative. On the BSE, 1,392 shares rose and 2,150 shares fell. A total of 184 shares were unchanged.

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.

Economy:

The Organisation for Economic Cooperation and Development (OECD) has revised its GDP growth projection for India in the FY24 to 6.3% from earlier projection of 6%.

According to RBI, Indian households saved 19% less in FY23 compared to FY22 on a net basis, with the net savings falling to just 5.1% of GDP in FY23 from 7.2% of GDP in FY22.

The RBI has directed credit information companies (CICs) to set out a common data quality index (DQI) for commercial and microfinance segments, which will help in assessing the quality of data submissions by credit institutions (CIs) to CICs.

Stocks in Spotlight:

Infosys rose 0.56%. 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 tumbled 11.20%. 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 2.13%. 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.

Biocon fell 1.46%. The biopharmaceuticals company said that its subsidiary Biocon Biologics has been granted marketing authorization in the European Union (EU) by European Commission (EC) for YESAFILI, a biosimilar of Aflibercept.

DCB Bank added 1.45%. HDFC Asset Management Company secured the Reserve Bank of India's approval to acquire upto 9.5% of the paid-up share capital or voting rights of the bank.

Equitas Small Finance Bank advanced 1.82%. The bank informed that the RBI has granted approval to HDFC Asset Management Company for acquiring up to 9.5% stake in the bank.

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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