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Indian bourses continued to trade in deep red in the noon session, with the Sensex losing over 700 points and Nifty falling below the 17450 level amid fears of global economic health with the aggressive interest rate hikes. Traders were cautious after Russian President Vladimir Putin signaled annexation of parts of Ukraine adding to geopolitical concerns. Sentiments were also undermined as foreign institutional investors (FIIs) have net sold shares worth Rs 2,509.55 crore on September 22, as per provisional data available on the NSE. Losses in Bankex, PSU and Utilities shares pulled the headline indices lower. The overall market breadth on BSE remained in the favour of declines which thumped advances in the ratio of 2238:1084, while 143 shares remained unchanged. On the global front, Asian markets were trading lower as investors continue to weigh the Federal Reserve’s aggressive stance.

The BSE Sensex is currently trading at 58399.67, down by 720.05 points or 1.22% after trading in a range of 58378.99 and 59143.32. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 1.22%, while Small cap index was down by 0.86%.

The few gaining sectoral indices on the BSE were Healthcare up by 0.45%, IT up by 0.24% and TECK was up by 0.12%, while Bankex down by 2.40%, PSU down by 1.92%, Utilities down by 1.74%, Power down by 1.69% and Auto was down by 1.46% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 1.66%, Tata Steel up by 1.30%, Infosys up by 0.97%, ITC up by 0.70% and HCL Tech was up by 0.16%. On the flip side, Power Grid down by 4.89%, Mahindra & Mahindra down by 3.43%, Indusind Bank down by 2.86%, Axis Bank down by 2.74% and HDFC was down by 2.73% were the top losers.

Meanwhile, Union Coal and Mines Minister Prahlad Joshi has said that the government is aiming at more explorations for underground mineral deposits to augment the non-petroleum and iron ore sectors' contribution to GDP within a decade. He also said a total 430 blocks at the G2, G3 and G4 levels have been explored across the country and the reports about the exploration have been handed over to states concerned.

The minister said ‘the contribution of the mining sector to GDP is less than one per cent and I am talking about minerals other than petroleum products and (iron) ore. As envisioned by Prime Minister Narendra Modi we have to take it (contribution) to at least 2.5 per cent by 2030. I told the GSI to expedite its exploration projects.’ He also said in early 2021 the prime minister had directed to bring some major reforms in the mining sector and ensure that every stakeholder was informed about the changes.

He further said ‘within 16-17 months (of the PM's direction), 100 blocks have already been auctioned after being delineated by GSI.’ Talking about the ambitious Deocha Pachami coal block project of the West Bengal government, he said ‘If there is any issue, let them (the state) come to us (mining department). We are willing to play our part to settle the issues’.

The CNX Nifty is currently trading at 17420.85, down by 208.95 points or 1.19% after trading in a range of 17413.50 and 17642.15. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 2.96%, Sun Pharma Inds up by 1.63%, Tata Steel up by 1.40%, Infosys up by 0.95% and ITC was up by 0.77%. On the flip side, Power Grid down by 5.04%, Mahindra & Mahindra down by 3.46%, Indusind Bank down by 2.97%, HDFC Bank down by 2.86% and Axis Bank was down by 2.81% were the top losers.

Asian markets were trading lower; Hang Seng decreased 82.67 points or 0.46% to 18,065.28, Taiwan Weighted dropped 166.25 points or 1.16% to 14,118.38, KOSPI fell 42.29 points or 1.81% to 2,290.02, Straits Times trembled 34.07 points or 1.04% to 3,229.00, Shanghai Composite declined 8.38 points or 0.27% to 3,100.53 and Jakarta Composite was down by 31.04 points or 0.43% to 7,187.87.

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