The key equity indices traded with deep cuts in morning trade. The Nifty traded below the 19,800 level. IT stocks declined for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 525.15 points or 0.79% to 66,275.69. The Nifty 50 index lost 146.15 points or 0.73% to 19,755.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.12% while the S&P BSE Small-Cap index added 0.05%.

The market breadth was positive. On the BSE, 1,705 shares rose and 1,544 shares fell. A total of 197 shares were unchanged.

After a two-day Federal Open Market Committee (FOMC) meeting, the US Federal Reserve announced its interest rate decision and kept the benchmark interest rates unchanged at 5.25% to 5.50%, while indicating that the majority of officials still anticipate one more quarter percentage point increase in interest rates before the end of the year.

The US central bank also updated its forecast for the benchmark interest rate, indicating that rates will now remain higher for longer than previously anticipated.

New Listing:

Shares of EMS were currently trading at Rs 271.30 at 10:21 IST on the BSE, representing a premium of 28.58% as compared with the issue price of Rs 211.

The scrip was listed at Rs 281.55, exhibiting a premium of 33.44% to the issue price.

So far, the stock has hit a high of 288.70 and a low of 268.60. On the BSE, over 8.82 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index slipped 1.09% to 32,605.10. The index fell 2.25% in three trading sessions.

HCL Technologies (down 2.21%), LTIMindtree (down 2.09%), Coforge (down 2.07%), Tata Consultancy Services (down 1.94%), Wipro (down 1.36%), Infosys Ltd (down 0.73%), Mphasis (down 0.71%), Persistent Systems (down 0.66%) declined.

Stocks in Spotlight:

Biocon declined 0.62%. The biopharmaceuticals company said that its subsidiary Biocon Biologics has been granted marketing authorization in the European Union (EU) by European Commission (EC) for YESAFILI, a biosimilar of Aflibercept.

DCB Bank rallied 3.18% after HDFC Asset Management Company secured the Reserve Bank of India's approval to acquire upto 9.5% of the paid-up share capital or voting rights of the bank.

Kalpataru Projects International shed 0.22%. A meeting of the Executive Committee of the Board of Directors of the Company is scheduled to be held on 25th September 2023, to consider and approve the proposal for the raising of funds by way of issuance of Non-Convertible Debentures on private placement basis.