An evening walk down Dalal Street | Indices end with cuts, Nifty below 11K at the end of September series

At the close of market hours, the Sensex closed down 218.1 points or 0.6% at 36324.1, while the Nifty was lower by 76.3 points or 0.6% at 10977.5.

It’s a negative close for Nifty in September series and it has ended below 11,000-mark as well. The Sensex has concluded the session over 200 points lower.

Sentiment could have been soured after US Federal Reserve’s decision to hike interest rates by 25 basis points came through. Additionally, financials saw selloff again after CNBC-TV18 reported that the Reserve Bank of India had cancelled its meeting with shareholders of IL&FS ahead of its annual general meeting (AGM).

There was selling across sectors, with maximum cuts visible among banks, automobile, infrastructure, metals and pharmaceuticals. Additionally, there was immense selling in the midcaps space as well. The Nifty Midcap ended over 2 percent lower.

It was a subdued start to the market as benchmarks gave up gains quickly and hovered around the flat terrain. But some more selling towards the afternoon, led by a fall in index heavyweights such as RIL and Maruti Suzuki, among others, dragged the market. But the weakness in banks, due to the reasons mentioned earlier, pulled the market down.

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At the close of market hours, the Sensex closed down 218.1 points or 0.6% at 36324.1, while the Nifty was lower by 76.3 points or 0.6% at 10977.5. The market breadth is negative as 767 shares advanced, against a decline of 1,793 shares, while 167 shares were unchanged.

Shares of Tata Consultancy Services (TCS), Infosys, and Bharti Infratel were the top gainers, while Yes Bank, Maruti, and Indiabulls Housing have lost the most.

Stocks in the News

Titan rose ended a percent higher as investors were relieved about the government not hiking import duty on gold.

Aviation stocks tumbled 1-4 percent after the government introduced an import duty of 5 percent on jet fuel or aviation turbine fuel (ATF).

Srei Infrastructure Finance share price fell as much as 15 percent despite the management reassuring stakeholders about its timely meeting liability commitments.

Shares of Voltas, Havells India, Blue Star and Whirlpool of India have reacted post the hike in basic custom duty by up to 20 percent. The government has hiked import duty on high-end consumer items including washing machines, air conditioner, footwear, diamonds, jet fuel as a part of its plan to get foreign funds flowing back to India and to reduce current account deficit (CAD) as it seeks to stabilise the domestic currency,

Global Update

European stocks were under pressure as investors kept an eye on global political developments. STOXX 600 was posting solid losses, off 0.44 percent, with almost all of the region's sectors dipping into negative territory.

Meanwhile, Asia markets were largely negative after US Federal Reserve Chairman Jerome Powell's gave his views on inflation. The US central bank decided to increase interest rates. Nikkei 225 ended lower by 0.99 percent at 23,796.74.

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