At 13:22 IST, the barometer index, the S&P BSE Sensex, was down 161.62 points or 0.42% at 37,872.45. The Nifty 50 index lost 58.85 points or 0.52% at 11,191.70.

The broader market tumbled. The S&P BSE Mid-Cap index fell 1.32% while the S&P BSE Small-Cap index declined 1.39%.

Sellers outweighed buyers. On the BSE, 657 shares rose and 1817 shares fell. A total of 151 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 539.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 517.95 crore in the Indian equity market on 21 September, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 31,322,314 with 964,765 deaths. India reported 975,861 active cases of COVID-19 infection and 88,935 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Gainers & Losers:

Grasim (up 2.42%), TCS (up 2.4%), Tech Mahindra (up 1.76%), Bharti Airtel (up 1.58%) and Cipla (up 1.61%) were top gainers in Nifty 50 index.

Zee Entertainment (down 5.32%), GAIL (down 3.85%), Adani Ports (down 2.85%) and Tata Motors (down 2.4%) were top losers in Nifty 50 index.

Stocks in Spotlight:

SBI rose 0.38%. The state-run lender on Monday said it has raised Rs 7,000 crore by issuing Basel III compliant bonds. SBI said its committee of directors for capital raising on Monday (21 September) approved allotting 70,000 Basel III compliant non-convertible, taxable, redeemable, subordinated, unsecured, fully paid-up debt instruments in the nature of debentures. The bonds qualify as tier II capital of the bank, and has face value of Rs 10 lakh each, bearing coupon rate of 6.24% per annum payable annually for a tenor of 10 years, it said. There is call option after 5 years and on anniversary thereafter, it added. The allotment of bonds to the subscribers took place on 21 September 2020.

Sun Pharma Advanced Research Company (SPARC) rose 2.96% after the company said it licensed commercialization rights of Elepsiatm XR to US-based Tripoint Therapeutics. The drug is indicated as adjunctive therapy for the treatment of partial onset seizures in patients 12 years of age and older. Under terms of the license agreement, SPARC will be eligible to receive tiered royalties ranging from 15% to 50% on net sales. Tripoint will be responsible for all US regulatory submissions and payment of annual PDUFA fees for Elepsia XR 1000 mg and Elepsia XR 1500 mg. The initial term of the agreement shall be 5 years and may be further extended as per mutual agreement between the parties.

Strides Pharma Science jumped 3.11%. The company's Singaporean subsidiary, Strides Pharma Global, has received approval for Butalbital, Acetaminophen, and Caffeine Tablets USP, 50 mg/325 mg/40 mg from the United States Food & Drug Administration (USFDA). The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD) Butalbital, Acetaminophen, and Caffeine Tablets USP, 50 mg/325 mg/40 mg, of Actavis Laboratories FL, Inc. According to IQVIA MAT July 2020 data, the US market for Butalbital, Acetaminophen, and Caffeine tablets USP, 50 mg/325 mg/40 mg is approximately US$ 40 million.

Jindal Steel & Power (JSPL) dropped 3.39%, following reports that Deutsche Bank Trust Company Americas filed Suspicious Activity Reports on fund transfers by the company for two consecutive years. The media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network (FinCen). According to reports, SARs showed that JSPL received $2.48 million in 2015 and $16.8 million in 2016. During the period, the company sent money to firms based in Mauritius, Germany, and the UK and received funds from firms in Dubai and Switzerland.

Global Markets:

European markets opened on a positive note while most Asian shares declined on Tuesday as concerns over coronavirus induced lockdowns resurfaced. Shares of HSBC and Standard Chartered continued to see drops on Tuesday, following sharp declines on Monday on the back of reports that they allegedly moved large sums of suspicious funds.

The Down Jones 30 Futures were trading 55 points lower, indicating a weak start in US markets today.

European countries are likely to impose more restrictions on public life in the coming days. France reported 10,569 new cases Sunday while the U.K., reported almost 4,000 new cases. Italy saw close to 1,000 new infections and Germany reported 1,345 new cases Sunday, and a further 922 cases Monday.

The US stocks declined for fourth straight session on Monday, 21 September 2020, with the major averages finished deeply into negative territory, amid concerns over potential worsening of the coronavirus pandemic. Meanwhile, uncertainty on further U.S. fiscal stimulus and tensions between the U.S. and China nudged investors away from risk assets.

In addition to coronavirus news, the death of Supreme Court Justice Ruth Bader Ginsburg also appeared to be weighing on the markets as it is feared a fight over the nomination of her replacement could lead to further delays in the passage of another coronavirus relief bill. Republicans and Democrats have been in a stalemate since July after provisions from the previous stimulus bill expired.

Shares of banks and financials declined after a report found that a number of global banks moved allegedly illicit funds.

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