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Barometers drift lower in early trade; Nifty holds 16,200

Published on Jan 04, 2023 09:28

The key equity benchmarks traded with tiny losses in early trade. The Nifty traded below the 18,250 mark. Media, PSU bank and pharma shares advanced while metal, IT and auto stocks declined.

At 09:24 IST, the barometer index, the S&P BSE Sensex, was down 35.86 points or 0.06% to 61,258.34. The Nifty 50 index lost 5.5 points or 0.03% to 18,227.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was positive. On the BSE, 1,439 shares rose and 989 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 628.07 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 350.57 crore in the Indian equity market on 3 January, provisional data showed.

Stocks in Spotlight:

NTPC rose 0.36%. India`s largest power generator commissioned India`s first green hydrogen blending project. The green hydrogen blending has been started in the piped natural gas (PNG) network of NTPC Kawas township, Surat. The project is a joint effort of NTPC and Gujarat Gas Limited (GGL).

Avenue Supermarts declined 0.09%. Avenue Supermarts has reported a standalone revenue of Rs 11,304.58 crore in quarter ended 31 December 2022 from Rs 9,065.02 crore reported in the corresponding quarter previous year. The total number of stores as of 31 December 2022 stood at 306.

Godrej Properties slipped 0.40%. The real estate developer announced the enhancement in CP limits to Rs 1750 crore from Rs 1500 crore by ICRA and CRISIL. Ratings for Commercial Paper (CP) have been reaffirmed/assigned at [ICRA] A1+ and CRISIL A1+, respectively.

Global markets:

Asian stocks were trading mostly higher as investors look ahead to the Federal Reserve`s meeting minutes for December.

Wall Street`s main indices closed lower on the first trading day of 2023 with the biggest drags from Tesla and Apple, while investors worried about the Federal Reserve`s interest-rate hiking path as they awaited minutes from its December meeting.

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