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Benchmarks off the day`s high; European markets advance

Published on May 10, 2022 13:31

The domestic equity barometers came off the day`s high in afternoon trade. Shares bounced back on Tuesday following the sharp sell-off witnessed on Monday on concerns over global inflation and rising interest rates.

At 13:26 IST, the barometer index, S&P BSE Sensex was up 224.29 points or 0.41% to 54,694.96. The Nifty 50 index added 49.05 points or 0.3% to 16,350.90.

Hindustan Unilever (up 3.07%), Eicher Motors (up 3.01%), IndusInd Bank (up 2.80%), UPL (up 2.32%) and Asian Paints (up 2.25%) were the top Nifty gainers.

Tata Steel (down 5.56%), Coal India (down 4.51%), ONGC (down 3.85%), Hindalco (down 3.25%) and Apollo Hospitals Enterprise (down 2.07%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index shed 0.93% while the S&P BSE Small-Cap index lost 0.59%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1429 shares rose while 1806 shares fell. A total of 150 shares were unchanged.

Global markets:

European stocks advanced while most Asian markets traded higher on Tuesday as global markets looked to rebound from a broad sell-off in recent days, prompted mainly by concerns over inflation and rising interest rates � and the potential for a global recession.

Monday`s moves came as Wall Street experienced an erratic last week, with eye-popping day-to-day swings as investors weighed the prospects of rising interest rates against the potential of slower economic growth.

The war in Ukraine remains another source of market tension. Russia`s President Vladimir Putin reportedly attempted to justify his unprecedented invasion of Ukraine on Monday, which was �Victory Day� in Russia � one of the most important events on the country`s national calendar, marking the Soviet defeat of Nazi Germany.

The West was �preparing for the invasion of our land, including Crimea,� Putin reportedly said without providing evidence, according to media reports. He reportedly added that NATO was creating threats at Russia`s borders.

In the US, the S&P 500 ended below 4,000 for the first time since late March 2021 and the Nasdaq dropped more than 4% on Monday in a selloff led by mega-cap growth shares as investors grew more concerned about rising interest rates.

Stocks in Spotlight:

Sun Pharmaceutical Industries fell 3.48% to Rs 854.50 after the US FDA issued a Form-483 with 10 observations post the conclusion of the inspection of its Halol facility. The Gujarat-based facility of Sun Pharma was inspected by the United States Food and Drug Administration (US FDA) from 26 April to 9 May 2022.

JSW Steel declined 2.95% to Rs 659. The steel maker`s standalone crude steel production for the month of April 2022 grew 22% year on year to 16.67 lakh tonnes as against 13.71 lakh tonnes in April 2021.

Cipla shed 0.73% to Rs 930.75. The company has announced the commercialisation of `RT-Direct` multiplex COVID-19 RT PCR test kit in India, in partnership with Genes2Me. With this Cipla is expanding its diagnostics offering to bring more advance and innovative products.

HCL Technologies added 0.59% to Rs 1082.10. The IT major announced a strategic partnership with Syniti. This collaboration with Syniti, a global leader in enterprise data management that combines AI-driven software and data expertise, will help develop industry-specific data solutions and deliver higher quality SAP S/4HANA transformations.

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