The domestic equity benchmarks ended with minor cuts on Thursday, extending losses to the seventh trading day in a row. The Nifty settled below 16,850 mark after hitting the day's high of 17,026.05 in the early trade. Trading was volatile due to monthly F&O expiry. The September 2022 F&O contracts expired today, 29 September 2022. Healthcare, pharma and media shares advanced. On the other hand, IT, auto and financial stocks were under pressure.

Sentiment continue to be affected by weak global cues amid persisted worries about high interest rates and its impact on economic growth. Investors were also tensed ahead of the RBI's monetary policy outcome on Friday, 30 September 2022.

The barometer index, the S&P BSE Sensex, fell 188.32 points or 0.33% to 56409.96. The Nifty 50 index lost 40.50 points or 0.24% to 16818.10. In seven consecutive sessions, the Sensex has slipped 5.54% while the Nifty has tumbled 5.60%.

Asian Paints (down 5.22%), TCS (down 1.32%), Kotak Mahindra Bank (down 1.49%) and ICICI Bank (down 0.61%) were major drags.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.31% while the S&P BSE Small-Cap index gained 0.63%.

The market breadth was positive. On the BSE, 1884 shares rose and 1543 shares fell. A total of 135 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 3.58% to 21.30.

The Reserve Bank of India (RBI)'s six-member Monetary Policy Committee began on 28 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision on 30 September 2022, the last date of the meeting. The RBI is widely expected to maintain the balancing act between growth and inflation.

In the past three policy reviews, the RBI's rate-setting panel has raised 140 basis points in total since May this year. Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.3841 as compared with 7.333 at close in the previous trading session.

In the foreign exchange market, the rupee rose against the dollar. The partially convertible rupee was hovering at 81.80, compared with its close of 81.93 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement fell 0.05% to Rs 49,727.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.58% to 113.25.

The United States 10-year bond yield advanced 3.59% to 3.84.

In the commodities market, Brent crude for November 2022 settlement rose 36 cents, or 0.41% at $88.41 a barrel.

Global Markets:

The Dow Jones index futures were down 253 points, indicating a negative opening in the US market today.

Shares in Europe declined while Asian stocks ended mixed on Thursday on economic concerns surrounding inflation and the growth outlook.

The Bank of England said on Wednesday that it would buy as many long-dated government bonds as needed between now and October 14 to stabilise financial markets, and added that it would postpone next week's start of its gilt sale programme.

Buzzing Segment:

The Nifty Healthcare index rose 1.39% to 8,157.50. The index has risen 3.14% in three sessions.

Abbott India (up 5.84%), Zydus Lifesciences (up 3.62%), Apollo Hospitals Enterprise (up 2.79%), Granules India (up 2.45%), Dr. Reddy's Laboratories (up 2.37%), Cipla (up 2.08%), Aurobindo Pharma (up 1.6%), Syngene International (up 1.59%), Laurus Labs (up 1.55%), Sun Pharmaceutical Industries (up 1.54%), IPCA Laboratories (up 1.5%), Metropolis Labs (up 1.42%), Biocon (up 1.27%), Pfizer (up 1.26%) and Glenmark Pharmaceuticals (up 0.74%) rose.

Torrent Pharmaceuticals advanced 3.49% after the pharma company said that the United States Food and Drug Administration (US FDA) had inspected its manufacturing facility at Indrad, Gujarat from 19 September 2022 to 28 September 2022. At the end of the inspection, the company was issued a “Form 483” with 3 observations.

Lupin fell 2.46% after the company said its Tarapur facility in Maharashtra has received US drug regulator's warning letter. This action follows the inspection of the unit by the US Food and Drug Administration (USFDA) from 22 March 2022 to 4 April 2022. Lupin said it believes that the USFDA warning letter will not impact the supplies or the existing revenues from operations of this facility.

Stocks in Spotlight:

Adani Enterprises (AEL) slipped 2.17%. The company announced that its wholly owned subsidiaries, Budaun Hardoi Road (BHRPL), Hardoi Unnao Road (HURPL) and Unnao Prayagraj Road (UPRPL) have achieved financial closure for the access-controlled six lane (expandable to eight lane) greenfield Ganga Expressway project (Group-II, III & IV) in Uttar Pradesh respectively on design, build, finance, operate, transfer (DBFOT) (Toll) basis under public private partnership (PPP) mode. The project concession period is for 30 years with traffic link extension provision of 6 years, including three years construction period, the company stated. Adani Enterprises has secured Rs 10,238 crore from the lenders to finance the construction of the Ganga Expressway.

FSN E-Commerce Ventures (NYKAA) rose 0.48% after the company announced that its board will consider bonus share issue on Monday, 3 October 2022.

C.E. Info systems (MapMyIndia) gained 2.51%. The company entered into a MoU with Government of National Capital Territory (NCT) of Delhi to develop a web-application tool for ensuring effective sighting of EV charging stations.

Genesys International Corporation added 0.28% after the company announced collaboration with Bentley Systems to provide 3D mapping capabilities for major cities across India. The company announced that its 3D City Digital Twin Solution for Urban India will be powered by OpenCities 365, Bentley Systems' infrastructure digital twin solution for cities and campuses. This massive mapping and surveying project has begun and will capture most of urban India.

Bayer Cropscience rose 1.19%. The company said that its board has approved the sale of its Environmental Science Business to 2022 ES Discovery India on a slump sale basis, for a consideration of Rs 111.1 crore. The company's Environmental Science Business offers solutions to control pests, diseases and weeds in non-agricultural areas such as vector control and professional pest management.

The Ramco Cements gained 1.14% after the company said that it has commissioned its fifth cement plant at Kolumigundla, Andhra Pradesh. The plant has a clinkerisation capacity of 2.25 million tonnes per annum. The project cost of the plant is Rs 3,000 crore. The company said that the plant is equipped with facilities to ensure operational efficiency and pollution free environment. The plant is capable of manufacturing various types of cement as per BIS specifications.

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