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Benchmarks edge lower on weak global cues; breadth weak

Published on Oct 10, 2022 09:31

The domestic equity benchmarks traded with major cuts on selling pressure in key index pivotals in early trade. Weak global cues dented the investor sentiments. The Nifty traded a tad above the 17,100 mark. All the sectoral indices on the NSE traded in the red.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 677.92 points or 1.16% to 57,513.37. The Nifty 50 index lost 203.90 points or 1.18% to 17,110.75.

In the broader market, the S&P BSE Mid-Cap index declined 1.22% while the S&P BSE Small-Cap index slipped 0.77%.

The market breadth was weak. On the BSE, 882 shares rose and 1905 shares fell. A total of 144 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,250.77 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 545.25 crore in the Indian equity market on 7 October, provisional data showed.

Stocks in Spotlight:

Tata Motors slipped 3.89%. Tata Motors said that Jaguar Land Rover`s retail sales in Q2 stood at 88,121 vehicles, an increase of 9,296 units or 11.8% as compared with the previous quarter ending 30 June 2022. The retail sales are, however, lower by 4.9% in comparison to the second quarter of FY22.

Hero MotoCorp skid 3.38%. The two-wheeler major launched electric scooter Vida V1. The ex-showroom prices of two variants of the electric scooter, Vida V1 Plus and Vida V1 Pro, have been pegged at Rs 1.45 lakh and Rs 1.59 lakh, respectively.

Power Grid Corporation of India (PGCIL) fell 0.12%. PGCIL on Friday announced that its wholly owned subsidiary, Powergrid Bhind Guna Transmission has commissioned a transmission project in Madhya Pradesh.

Global markets:

Asian stocks are trading lower on Monday after a surprise drop in US unemployment quashed any thought of a pivot on policy tightening ahead of a reading on inflation which is expected to see core prices move higher again.

Chinese investors return from a week-long break. Markets in Japan, South Korea, Taiwan and Malaysia are closed today for holidays.

US stocks tumbled on Friday after data showed the unemployment rate declined in September, sparking fear that the Federal Reserve would continue hiking rates aggressively.

The US economy added 263,000 jobs last month, showing a steady slowdown from the blistering pace in 2020 and 2021, the Labor Department said in the closely-watched report. The unemployment rate slipped two-tenths of a percentage point to 3.5 percent.

Geopolitical tensions added to the uncertainty as markets waited to see how the Kremlin might respond to the blast that hit Russia`s only bridge to Crimea.

Later this week, the Bank of Korea will announce its benchmark interest rate decision, Singapore is set to announce its GDP estimate for the third quarter and China releases inflation data.

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