FIRST TRADE: Sensex down over 500 pts; Nifty slips below 20,000; HDFC Bank cracks 3%

Stock market today: The domestic benchmark indices on Wednesday, September 20, opened lower after HDFC Bank said in its update that its net interest margin (NIM) is expected to remain under pressure for some time due to its merger with HDFC Ltd. The stock was the top Nifty loser in the morning trade, down over 3 per cent.

Further, investors were on tenterhooks ahead of the US Federal Reserve's policy decision, due later today.

Last seen, the S&P BSE Sensex was down 451.41 points, or 0.67 per cent at 67,145.43, and the NSE Nifty was down 122.1 points, or 0.61 per cent at 20,011.20.

Among the Nifty 50 stocks, 40 declined and 10 advanced. The Nifty Mid Cap 100 and Small Cap 100 opened lower.

On the sectoral front, Nifty Bank was down 0.77 per cent at 45,627.7.

BUZZING STOCKS

HDFC Bank shares were down over 2 per cent after the lender flagged an impact on its asset quality post-merger.

NHPC shares were down over 1 per cent after the public sector hydropower company approved the appointment of Raj Kumar Chaudhary as director.

FSN E-Commerce Ventures Ltd, the parent company of Nykaa, was down over 1 per cent despite its investor presentation projecting that the demand for its beauty and personal products would grow more than three times by 2030.

Conversely, B.L. Kashyap and Sons' shares were up nearly 4 per cent after the company secured an order aggregating to Rs 167 crore, approx.

NBCC shares were up nearly 3 per cent after the company received a Rs 150 crore order from the Khadi & Village Industries Commission.

GMR Airport shares were up over 1 per cent as the total air passenger traffic increased 27 per cent year-on-year to 97.85 lakh.

BPCL shares were down over 1 per cent after Jefferies downgraded the stock to 'Underperform'.

GLOBAL MARKETS

Asian stocks struggled for headway on Wednesday while 10-year US Treasury yields stood at 16-year highs as surging oil prices drove inflation and set the scene for the Federal Reserve to project interest rates staying higher for longer.

(With agency inputs)

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