Barometers traded near the flat line; Nifty below 17,800

The benchmark indices traded near the flat line with small losses in the mid-morning trade. The Nifty traded below the 17,800 level. FMCG, media and consumer durables advanced while metal, private bank and realty shares declined. Negative global cues dented the investor sentiments.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 53.68 points or 0.09% to 59,666.06. The Nifty 50 index declined 34.10 points or 0.19% to 17,782.15.

In the broader market, the S&P BSE Mid-Cap index gained 0.04% while the S&P BSE Small-Cap index rose 0.01%

The market breadth was negative. On the BSE, 1,564 shares rose and 1,707 shares fell. A total of 161 shares were unchanged.

Buzzing Index:

The Nifty Metal index fell 0.64% to 6,116.10. The index added 1.56% in the previous trading session.

Adani Enterprises (down 2.17%), APL Apollo Tubes (down 1.45%), Welspun Corp (down 0.29%), Hindalco Industries (down 0.19%), MOIL (down 0.19%), Jindal Steel & Power (down 0.13%) and Hindustan Copper (down 0.04%) declined.

On the other hand, Jindal Stainless (up 1.18%),Tata Steel (up 0.76%) and Hindustan Zinc (up 0.59%) edged higher.

Stocks in Spotlight:

Hero MotoCorp rose 0.51% after the two-wheeler major said it has collaborated with state-run Hindustan Petroleum Corporation to establish charging infrastructure for electric vehicles (EVs) in the country. As a part of the initiative, the companies will set-up charging infrastructure for two-wheeled electric vehicles (EVs) across the country.

Piramal Enterprises declined 0.89%. The company`s board will meet on Friday, 23 September 2022 to consider issuing non-convertible debentures aggregating up to Rs 750 crore on private placement basis.

Hilton Metal Forging skid 3.55%. The company has been awarded an order based on a tender bid on 29 August 2022. Hilton Metal Forging said that it participates in tenders for supply of Railway Wheel to Railway Department of Wheel Monobloc- Rolled. The company received tender in its favor.

Global Markets:

Asian stocks were trading lower Wednesday, following Wall Street`s negative lead ahead of the Federal Reserve`s expected rate hike.

The Asian Development Bank (ADB) on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and Covid-19 lockdowns in China.

The ADB now expects the area`s combined economy, which includes China and India, to grow 4.3% this year, after previously trimming the forecast to 4.6% in July from 5.2% in April. For 2023, the ADB expects the region`s economy to expand 4.9%, slower than the April and July forecasts of 5.3% and 5.2%, respectively, it said in the September edition of its flagship Asian Development Outlook report.

Wall Street ended Tuesday lower as the eve of a US Federal Reserve meeting expected to bring another large interest rate hike brought further evidence of the impact on corporate America from the inflation that the US central bank wants to tame.

The Federal Open Market Committee (FOMC), the US Federal Reserve`s policy-setting committee, began its two-day meeting yesterday. The outcome of the FOMC meeting is critical as it includes projections, which could set the path of monetary policy for the next few months. Traders are anticipating another sharp rate hike, third consecutive, from the US central bank to tame the rising inflation.

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