As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 316.31 points or 0.48% to 65,512.10. The Nifty 50 index lost 109.55 points or 0.56% to 19,528.75.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index added 0.61%.

The market breadth was positive. On the BSE, 1,914 shares rose and 1,846 shares fell. A total of 196 shares were unchanged.

World Bank on Tuesday forecast India's GDP growth at 6.3% for FY23-24 from 7.2 percent in the previous financial year. The World Bank also projected that India's service sector activity will remain strong with growth at 7.4%, and added that investment growth will remain robust at 8.9% in the current fiscal year.

Investor sentiment took a hit after top Federal Reserve officials, including Fed Governor Michelle Bowman, Vice Chair Michael Barr, Fed Chair Jerome Powell, and New York Fed Chief John Williams, have indicated their willingness to support an increase in the federal funds rate if economic data suggests a sluggish approach towards the central bank's 2% inflation target.

Despite considerable progress, these officials agreed that inflation remains elevated, hinting at the possibility of further rate increases. The current policy rate stands between 5.25% and 5.50%.

They also underscored the need for a restrictive monetary policy over an extended period to achieve their objectives.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) registered 57.5 in September, down from 58.6 in August. Although the lowest for five months, the latest reading remained firmly above the no-change mark of 50.0 and its long-run average (53.9), therefore signaling a sharp rate of expansion.

New Listing:

Shares of Manoj Vaibhav Gems N Jewellers were currently trading at Rs 216.05 on the BSE, representing a premium of 0.49% as compared with the issue price of Rs 215. The scrip was listed was listed at Rs 215, matching the initial public offer (IPO) price.

So far, the stock has hit a high of 221.90 and a low of 210. On the BSE, over 2.04 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers was subscribed 2.25 times. The issue opened for bidding on 22 September 2023 and it closed on 26 September 2023. The price band of the IPO was fixed at Rs 204-215 per share.

Shares of JSW Infrastructure were currently trading at Rs 157.30 on the BSE, representing a premium of 32.18% as compared with the issue price of Rs 119. The scrip was listed at Rs 143, exhibiting a premium of 20.17% to the issue price.

So far, the stock has hit a high of 154.90 and a low of 141.75. On the BSE, over 27.50 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of JSW Infrastructure was subscribed 37.37 times. The issue opened for bidding on 25 September 2023 and it closed on 27 September 2023. The price band of the IPO is fixed at Rs 113-119 per share.

Stocks In Spotlight:

Adani Ports and Special Economic Zone (APSEZ) added 0.79%. The company has recorded a 26% year-on-year jump in cargo volumes in September 2023, reaching 32.8 million metric tons (MMT). This growth was observed across all key ports, with double-digit growth in dry bulk (+32%), containers (+20%) and liquids & gas (+21%) cargo types.

Vedanta advanced 3.73%. The company on Friday announced the creation of independent verticals through demerger of various companies, mainly its metals, power, aluminium, and oil and gas businesses to unlock value. The demerger will result in the formation of six separate companies, and each will be listed.

Coal India (CIL) shed 1.05%. CIL produced about 333 million tonnes (MTs) of coal ending first half of the current financial year posting a strong 11.3% year-on-year growth. Output for the month of September 2023 was 51.4 MTs, a 5.8 MTs jump or a growth of 12.6%.

Mahindra & Mahindra (M&M) declined 1.14%. The auto major announced that its overall auto sales for the month of September 2023 stood at 75,604 vehicles, registering the growth of 17.24% as against 64,486 vehicles sold in September 2022.

Hero MotoCorp fell 1.30%. The two-wheeler major's total sales increased by 3.17% to 536,499 units in September 2023 from 519,980 units in September 2022. Meanwhile, the automobile maker also announced that it will increase the ex-showroom prices of its select motorcycles and scooters, effective from 3 October 2023.

Tata Motors declined 1.58%. The auto major announced that its domestic sales for September 2023 stood at 82,023 vehicles, registering growth of 2% as compared to 80,633 units sold in September 2022. Tata Motors sales in the domestic & international market decline marginally to 2,43,024 vehicles in Q2 FY24 as compared with 2,43,387 units during Q2 FY23.

Bajaj Auto shed 1%. The auto major's total auto sales fell marginally to 3,92,558 units in September 2023 as against 3,94,747 units sold in September 2022.

TVS Motor Company added 0.60%. The auto maker said that its total sales jumped 6% in September 2023, with sales of 402,553 units as compared with 379,011 units sold in the month of September 2022.

UltraTech Cement rose 0.49%. The cement major said that it has reported 16% increase in consolidated cement sales volume to 26.69 million tons (MT) in Q2 FY24 as against 23.10 MT in Q2 FY23.

Escorts Kubota slipped 1.93% after the company's Agri machinery business division in September 2023 sold 10,861 tractors as against 12,232 tractors sold in September 2022, recording 11.2% de-growth.

Global Markets :

Markets in Europe declined while Asian stocks ended mixed on Tuesday after Federal Reserve officials cemented the view that U.S. interest rates are likely to remain elevated for some time, while the yen slid to near a one-year low, putting traders on watch for intervention from Japanese authorities. Chinese markets are closed for the week because of the Golden Week Holiday.

US stocks ended on a mixed note on Tuesday. U.S. Federal Reserve officials said that monetary policy will need to stay restrictive for some time to bring inflation back down to the Fed's 2% target.

The World Bank forecasts growth in in the developing East Asia and Pacific region to remain strong at 5% in 2023. However, its expects growth to ease in the second half of 2023 and fall to 4.5% in 2024, according to its regional update published on Sunday.

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