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The two key equity benchmarks closed into losses on Thursday amid monthly derivatives (F&O) expiry, rising crude oil price, and weakness in IT stocks. The S&P BSE Sensex plunged 610 points to 65,508. On the other hand, the NSE Nifty50 ended at 19,524, down 193 points.
Meanwhile, data shared by the National Stock Exchange (NSE) showed that the total number of unique investors directly investing in the stock market has surged to 80 million for the first time, with the latest 10 million additions taking place in just eight months.
In another news, RBI said that the government securities market, foreign exchange market, money market, and rupee interest rate derivatives market will be operational on September 29, in addition to being operational on September 28. This after the Government of Maharashtra declared September 29, 2023, as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. The public holiday on September 28, 2023, declared earlier has been cancelled.
“Settlement of the auction of Government of India treasury bills conducted on September 27, 2023 will take place on September 29, 2023. The auction of Government of India Dated Securities scheduled on September 29, 2023 will now be conducted on September 28, 2023, with settlement on September 29, 2023. The underwriting auction for sale of Government Securities will also be conducted on September 28, 2023,” the RBI said.
Market Ahead
According to a Moneycontrol report, analysts predict that the Nifty 50 may fall further due to global turmoil, with some expecting the index to test the 19,400 level. Nifty experienced a significant correction on Thursday and was unable to hold above 19,750. Analysts say that the weakness in the market is likely to extend till the worries over the elevated oil prices and higher interest rates remain.
Further, concerns over China’s beleaguered property market also dented investors’ sentiment.
IPO Update
Vishnusurya Projects and Infra and Plaza Wires will also launch their maiden public issues on September 29. Master Components will make its debut on the NSE Emerge on September 29, while the listing of Techknowgreen Solutions will take place on the BSE SME on September 29.