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Benchmarks extend losses; financial stocks decline

Published on Dec 29, 2022 10:30

The domestic equity benchmarks extended losses and hit fresh intraday low in morning trade. The Nifty traded tad above the 18,000 level. Financial stocks witnessed some bit of selling pressure for second day in a row. Trading could be volatile on account of monthly options expiry.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 364.26 points or 0.60% to 60,546.02. The Nifty 50 index lost 112.10 points or 0.62% to 18,010.40.

In the broader market, the S&P BSE Mid-Cap index declined 1.02% while the S&P BSE Small-Cap index fell 0.42%.

The market breadth was negative. On the BSE, 1294 shares rose, and 1847 shares fell. A total of 147 shares were unchanged.

Buzzing Index:

The Nifty Financial Services index declined 0.89% to 18,813.40. The index has lost 1.04% in two sessions.

Shriram Finance (down 9.01%), Muthoot Finance (down 1.77%), ICICI Prudential Life Insurance Company (down 1.5%), SBI Cards & Payment Services (down 1.45%) and REC (down 1.37%) were the top losers.

Among the other losers were HDFC Life Insurance Company (down 1.36%), Housing Development Finance Corporation (down 1.31%), Indian Energy Exchange (down 1.15%), Cholamandalam Investment & Finance Company (down 1.13%) and HDFC Asset Management Company (down 1.09%).

Stocks in Spotlight:

Ashoka Buildcon rose 1.42%. The company had submitted its bid to the Madhya Pradesh PoorvKshetra Vidyut Vitaran Company Ltd. (MPPKVVCL) (`Authority`). The Company has received Notifications of Award from the Authority. The aggregate accepted Bid Project Cost for the Projects is Rs.754.57 crore.

Kanoria Chemicals & Industries was locked in 20% upper circuit. The company said that the commercial production of the Phenolic Resin Plant at Ankleshwar, Gujarat with 6500 MTPA capacity, will commence from 1 January 2023.

Spandana Sphoorty Financial jumped 4.64%. The board of directors of the company has approved the transfer of stressed loan portfolio including written off loans of Rs.323.08 crore outstanding as on 30 September 2022 to an Asset Reconstruction Company pursuant to Swiss Challenge Method for a consideration of Rs.95 crore.

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