The bond yields rose to 16-month high as investors feared rising inflation. As per Bloomberg survey, CPI inflation rose to 4.28% last month. The 10-Year benchmark bond is currently trading at 7.23%, 6 bps higher than previous close.
At 11:30 AM, the Nifty50 Index was down 53 points or 0.51% at 10,270 points, and the BSE Sensex was at 33,313, down 0.43%.
Shares of Dr.Reddy's Laboratories gained 3% after the USFDA cleared the company's unit-3 in Hyderabad.
Punjab National Bank shares rise 0.58%. The bank has launched a share sale to qualified institutions to raise at least Rs3,000cr with an upsize option for another Rs2,000cr.
MT Educare stock dropped 5% after the company said it reported a loss for September quarter to Rs42.28 lakh against a profit of Rs15.9cr.
Oil marketing and aviation companies were trading lower after crude oil prices surged past the $65 per barrel mark for the first time since June 2015. Hindustan Petroleum Corp. Ltd fell 1.8%, Bharat Petroleum Corp. Ltd (-0.9%), and Indian Oil Corp was down 1%. Aviation stocks, Jet Airways India fell 1.5%, SpiceJet (-1.8%) and InterGlobe Aviation (-1.6%).
The BSE MidCap Index and S&P BSE SmallCap Index traded lower by 0.47% and 0.10% respectively.
On the sectoral front, only Metal Index is in green. Pvt Bank, FMCG, Financial services, PSU Bank, Pharma and Realty Index were the top losers on the NSE.
Dr.Reddy’s (+3.3%), GAIL (+2.3%), Vedanta (+2.2%), ONGC (+1.5%) and Hindalco (+1.3%) were the top gainers on the Nifty50.
HPCL (-3.3%), BPCL (-2.4%), IOC (-2.3%), Infratel (-2.2%) and Eicher Motors (-1.9%) were the top losers in today’s trade.
India VIX gained 2.98%.
Out of 1,985 stocks traded on the NSE, 653 advanced, 960 declined and 372 remained unchanged today.
A total of 69 stocks registered a fresh 52-week high in trade today, while 10 stocks touched a new 52-week low on the NSE.
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