As per provisional closing data, the barometer index, the S&P BSE Sensex, was down 286.06 points or 0.44% to 65,226.04. The Nifty 50 index declined 92.65 points or 0.47% to 19,436.10.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index lost 1.52% while the S&P BSE Small-Cap index fell 0.96%.

The market breadth was weak. On the BSE, 1,302 shares rose and 2,373 shares fell. A total of 120 shares were unchanged.

The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for 4 to 6 October 2023. The MPC of the Reserve Bank of India (RBI) is likely to maintain a status quo on interest rates, as per reports.

Stocks in Spotlight:

HDFC Bank added 1.74% after the private lender's advances aggregated to approximately Rs 23,54,500 crore as of 30 September 2023, recording a growth of around 57.7% as against Rs 14,93,300 crore as of 30 September 2022.

Bajaj Finance declined 1.41%. The company announced that the new loans booked during Q2 FY24 grew by 26% to 8.53 million as compared to 6.76 million in Q2 FY23.

Maruti Suzuki India declined 2.24%. The company has received draft Assessment Order for the FY 2019-20 wherein certain additions/ disallowances amounting to Rs 2159.7 crore with respect to returned income (the income disclosed by the Company in its Income Tax return) have been proposed. The company will file its objections before the Dispute Resolution Panel.

Larsen & Toubro fell 1.56%. The EPC major announced that it has secured a 'significant' order for its power business, L&T Energy - Power from West Bengal Power Development Corporation. As per Larsen & Toubro's (L&T) classification, the value of the 'significant' project is Rs 1,000 crore to Rs 2,500 crore.

Avenue Supermarts jumped 3.54%. The company's standalone revenue from operations for the quarter ended 30 September 2023 stood at Rs 12,307.72 crore. Revenue from operations stood at Rs 10,384.66 crore in the previous year. The total number of stores as of 30 September 2023 stood at 336.

Vedanta slipped 3.01%. The miner announced that its total aluminum production jumped 2% to 5,94,000 tonnes in Q2 FY24 as compared with 5,84,000 tonnes in Q2 FY23.

APL Apollo Tubes tumbled 2.28%. The structural steel tube company said that it has registered a sales volume of 6,74,761 ton in Q2 FY24, recording a growth of 12.03% from 6,02,283 ton in Q2 FY23.

AU Small Finance Bank (SFB) shed 0.13%. The bank announced that its total deposits jumped 30% to Rs 75,743 crore in Q2 FY24 as against Rs 58,335 crore in Q2 FY23.

Yes Bank rose 0.23%. The private lender's net advances improved to Rs 2,10,576 crore as on 30 September 2023, registering a growth of 9.5% as compared to Rs 1,92,300 crore as on 30 September 2022.

Global Markets:

European stocks advanced while most of the Asian stocks traded lower on Wednesday after the U.S. 10-year Treasury yield hit its highest level in 16 years. China's markets remain closed for a weeklong holiday.

The Reserve Bank of New Zealand left its key interest rate unchanged at 5.5%. The Central bank noted that the country's growth outlook remains subdued even though GDP growth in the June quarter was stronger than forecast.

US stocks tumbled on Tuesday as Treasury yields hit their highest levels since 2007, raising concern higher interest rates would freeze the housing market and tip the economy into a recession.

The 10-year Treasury yield touched 4.8% and 30-year Treasury yield hit 5%, reaching its highest level in 16 years, triggering global bond sell-off and affecting stocks and currencies. The surge in the bond rates is fueled by strong US job openings, hinting at prolonged tight monetory policy from US Fed.

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