At 11:26 IST, the barometer index, the S&P BSE Sensex declined 520.63 points or 0.67% to 77,057.75. The Nifty 50 index lost 185.60 points or 0.79% to 23,332.90.

The dollar index spiked to a one-week high and regained strength to a yearly high in the previous session tracking higher yields amid rising geo-political tensions between Russia and Ukraine. Uptrend in the counter stays intact, supported by the economy’s resilience and limited expectations of aggressive Fed easing. Last week, Powell downplayed the need for aggressive easing, emphasizing the economy’s strength. He suggested slowing the pace of rate cuts to increase chances of achieving the right balance. The dollar index that measures the greenback against a basket of currencies is quoting at 106.55, off yesterdays sharp spike and marginally lower on the day. Investors look forward to US data this week including US Initial Jobless Claims, S&P Global Flash PMIs, and the University of Michigan (UoM) final reading of Consumer Sentiment for November. Among basket currencies, EURUSD and GBPUSD are staying mildly positive at $1.0557 and $1.2650 respectively.

PSP Projects dropped 8.60% to Rs 614 amid allegations that US prosecutors have indicted Gautam Adani and his associates for a $250 million bribery scheme.

Dhanorkar has been associated with the Company since 1983 in various roles and was Managing Director until 2012 when he retired. He is a qualified Chartered Accountant and has contributed significantly to the expansion of the Company from a Rs. 2 crore pipes manufacturing company to a multi-location petrochemicals and plastics processing giant.
He retired as Managing Director in 2016 and has been associated with the Company as a Non-Executive Director for the past eight years.

Rites said that it has signed a memorandum of understanding (MoU) with the National Institute of Solar Energy (NISE) to collaborate for quality assurance (QA) services for solar and renewable energy projects.