Benchmarks pare some losses; auto stocks outperform

The domestic equity barometers pared some of the losses as they came off the day`s low in afternoon trade. The Nifty was trading above the 17,700 mark. Auto stocks advanced for fifth consecutive session.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was down 737.78 points or 1.23% to 59,485.37. The Nifty 50 index dropped 213.25 points or 1.19% to 17,712

UPL (up 1.56%), Bharti Airtel (up 1.54%), Hindalco (up 0.70%), Bajaj Finance (up 0.69%) and Titan Company (up 0.66%) were the top Nifty gainers.

Ultratech Cement (down 2.83%), Shree Cement (down 2.75%), Adani Ports (down 2.72%), JSW Steel (down 2.67%) and Tech Mahindra (down 2.61%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index fell 0.45% while the S&P BSE Small-Cap index lost 0.33%.

The market breadth was positive. On the BSE, 1792 shares rose and 1526 shares fell. A total of 108 shares were unchanged.

Buzzing Index:

The Nifty Auto index rose 0.24% to 11,283.95, extending gains for fifth day in a row. The index has advanced 4.91% in five sessions.

Bharat Forge (up 2.98%), Maruti Suzuki (up 1.15%), TVS Motor Company (up 0.98%), Bajaj Auto (up 0.58%), Eicher Motors (up 0.31%), Ashok Leyland (up 0.23%) and Tata Motors (up 0.18%) advanced.

Concurrently, Hero MotoCorp (down 0.67%) and Mahindra & Mahindra (down 0.48%) declined.

Economy:

According to a domestic credit rating agency, the third wave of the pandemic, which has seen a massive spike in infections after the more infectious Omicron variant of the coronavirus appeared, is likely to shave 40 bps off the fourth quarter GDP growth that may print in at 4.5-5%.

COVID-19 Update:

India has reported 90,928 cases in the last 24 hours, recording a sharp spike of over 56% in daily new infections. The country`s active caseload now stands at 2,85,401. The country also reported 325 deaths. The Omicron tally in country stands at 2,630.

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