Key benchmarks continued trading lower in mid-afternoon trade. Index heavyweight Reliance Industries supported the indices while private banks dragged.

At 14:27 IST, the barometer index, the S&P BSE Sensex was down 215.55 points or 0.59% at 36,522.66. The Nifty 50 index was down 72.05 points or 0.67% at 10,741.75.

The broader market was trading lower. The S&P BSE Mid-Cap index fell 0.86% while the S&P BSE Small-Cap index slipped 0.63%.

Sellers outnumbered buyers. On the BSE, 892 shares rose and 1,689 shares fell. A total of 151 shares were unchanged. In Nifty 50 index, 13 stocks advanced while 37 stocks declined.

Foreign portfolio investors (FPIs) bought shares worth Rs 212.77 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 803.39 crore in the Indian equity market on 9 July, provisional data showed.

Buzzing Segment:

Shares of two power companies fell 1% to 4% after the Gujarat government reportedly withdrew a resolution that allowed private power companies to charge higher tariffs for their imported coal-based projects.

Tata Power Company fell 4.28% to Rs 50.30 while Adani Power lost 1.41% to Rs 35.05.

Stocks in Spotlight:

Reliance Industries (RIL) surged 2.75%. RIL and BP on Thursday (9 July) announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility (RBML). BP has paid RIL $1 billion for a 49% stake in the JV, with RIL holding 51%. RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years

Container Corporation of India rose 0.6%. The company's total throughput volumes declined 20.95% to 7,32,711 twenty foot equivalent units (TEUs) (provisional) in Q1 FY21 from 9,26,923 TEUs in Q1 FY20. While the export import (EXIM) volumes have fallen 20.16%, domestic (DOM) volumes witnessed a larger contraction of 25.39% in Q1 FY21 over Q1 FY20.

Punjab National Bank tumbled 5.8%. The public sector lender declared its Rs 3,688.58 crore exposure to mortgage financier Dewan Housing Finance (DHFL) as fraud. Meanwhile, PNB on Thursday said its board has approved a proposal to raise Rs 10,000 crore through a mix of both equity and debt. The board also approved the bank to seek shareholders' nod for raising of equity capital for an amount up to Rs 7,000 crore in the forthcoming annual general meeting. Besides, the board has cleared opening balance sheet of the amalgamated bank as on 1 April 2020, which is post amalgamation of Oriental Bank of Commerce and United Bank of India into PNB, the bank said in a regulatory filing. State-run PNB amalgamated Oriental Bank of Commerce and United Bank of India with itself effective April 1 this year. Government of India held 83.19% stake in PNB as on 31 March 2020.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 5.76% compared with previous closing of 5.772% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged lower to 75.205 compared with its previous closing 74.995.

In the commodities market, Brent crude for September 2020 settlement fell 66 cents to $41.69 a barrel.

MCX Gold futures for 5 August 2020 settlement rose 0.36% to Rs 49,056.

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