Indian equity indices ended with minor losses on Monday, sliding for the second day. The Nifty closed below 19,700 level after hitting the day's high of 19,756.45 in morning trade. IT, healthcare and PSU bank shares advanced while auto, media and metal stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 139.58 points or 0.21% to 65,655.15. The Nifty 50 index lost 37.80 points or 0.19% to 19,694.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.06% while the S&P BSE Small-Cap index gained 0.39%.

The market breadth was positive. On the BSE, 1,879 shares rose and 1,935 shares fell. A total of 166 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.70% to 12.15.

Economy:

India?s Forex kitty decreased by $462 million to $590.321 billion for the week ended November 10, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.672 billion to USD 590.783 billion.

Gold reserves were down by $608 million to $45.515 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $36 million to $18.011 billion, the apex bank said. India?s reserve position with the IMF (International Monetary Fund) was up by $3 million to $4.791 billion in the reporting week, the data showed.

Stocks in Spotlight:

Larsen & Toubro (L&T) shed 0.64%. The company announced that its Hydrocarbon Business arm (L&T Energy Hydrocarbon) has secured mega offshore order from a prestigious client in the Middle East. As per Larsen & Toubro's (L&T) classification, the value of the mega project lies between Rs 10,000 crore to Rs 15,000 crore.

Meanwhile, the EPC major said that it has received a total penalty of Rs 238.95 crore from General Tax Authority of Qatar for variation in the income as declared by the company. The company said that the penalty levied is arbitrary and unjustified. Hence it has filed an appeal.

Cipla declined 0.18%. The pharma major said that it has received a 'warning letter? from United States Food and Drug Administration (US FDA) for the routine current good manufacturing practices (cGMP) inspection conducted at its Pithampur manufacturing facility between 6 and 17 February 2023.

Vedanta rose 0.10%. CRISIL Ratings has downgraded its ratings on the long-term bank facilities and debt instruments of the company to ?CRISIL AA-? from ?CRISIL AA? and placed these ratings on ?Rating Watch with Developing Implications? from ?Rating Watch with Negative Implications? while reaffirming the ratings on the short-term debt instruments of the Company at ?CRISIL A1+? and placing these ratings also on ?Rating Watch with Developing Implications?.

Bank of Baroda rose 0.31%. The bank said that its capital raising committee has approved to raise Rs 15,000 crore through infra bonds and Tier II/sub debt bond.

Talbros Automotive Components was locked in an upper circuit of 20% after the firm received multi year orders worth Rs 580 crore from both domestic and overseas customers across its business divisions, product segments and joint ventures (JVs).

Zen Technologies was locked in an upper circuit of 5% after the company said that it has received an export order valued at approximately Rs 42 crore ($5.12 million).

Oberoi Realty added 0.83%. The firm has sealed a deal with Ireo Residences Company and other stakeholders to procure around 14.816 acres (59,956.20 square meters) of land in Sector 58, Gurugram, Haryana. The acquisition, valued at approximately Rs 597 crore, encompasses both financial considerations and area allocation for existing homeowners and other stakeholders.

Blue Dart Express fell 1.72%. The company said that it has partnered with India Post for introducing automated digital parcel lockers at selected post offices, offering customers an additional delivery method.

Global Markets:

Markets in Europe traded mixed while most Asian stocks ended higher on Monday as investors watched for changes to China?s benchmark lending rates.

The People?s Bank of China?s one-year loan prime rate is currently at 3.45%. The five-year benchmark loan rate stands at 4.2%. This is the third straight month that the People? Bank of China has held the one-year LPR after lowering it from 3.55% to 3.45% in August. The five year LPR meanwhile, has been held at 4.2% for five consecutive months, having been last lowered in June from 4.3%.

US stocks ended higher on Friday and clinched a third straight winning week amid a red-hot November rally. Those gains were sparked by tame U.S. inflation data that gave hope to investors that the Federal Reserve?s tough stance on rate policy may be in the rear view mirror.

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