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Benchmarks trade with limited losses; European markets mostly decline

Published on May 31, 2022 13:27

The key equity benchmarks were trading with modest losses in afternoon trade. The Nifty traded below the 16,650 level. Most European shares declined at opening bell.

At 13:25 IST, the barometer index, S&P BSE Sensex was down 213.88 points or 0.38% to 55,711.86. The Nifty 50 index fell 37.45 points or 0.22% to 16,623.95.

Mahindra & Mahindra (up 3.74%), ONGC (up 3.68%), JSW Steel (up 2.25%), Coal India (up 2.24%) and NTPC (up 2.22%) were the top Nifty gainers.

Sun Pharma (down 3.37%), Titan Company (down 2.44%), Kotak Mahindra Bank (down 1.81%), HDFC Life (down 1.42%) and Shree Cement (down 1.16%) were the top Nifty laggards.

In the broader market, the S&P BSE Mid-Cap index added 0.56% while the S&P BSE Small-Cap index gained 0.84%.

The market breadth was positive. On the BSE, 1,834 shares rose while 1,408 shares fell. A total of 128 shares were unchanged.

Stocks in Spotlight:

Dilip Buildcon declined 1.89%. The company reported a 97.7% fall in net profit to Rs 2.99 crore in Q4 FY22 from Rs 127.28 crore posted in Q4 FY21. Net sales slipped 14.3% to Rs 2,506.20 crore for the quarter ended 31 March 2022 from Rs 2,924.97 crore recorded in the corresponding quarter previous year.

Himatsingka Seide slumped 6.34%. The company`s consolidated net profit declined 78.60% to Rs 8.04 crore on 2.51% rise in net sales to Rs 764.78 crore in Q4 March 2022 over Q4 March 2021.

Oriental Rail Infrastructure advanced 2.10%. The company`s wholly-owned subsidiary Oriental Foundry has secured an order worth Rs 1,211.89 crore from Indian Railways.

Global Markets:

Most European indices declined on Tuesday as hot German inflation reading reignited concerns about the pace of monetary tightening from central banks.

Data showed that the German EU-harmonized inflation came in at an annual 8.7% in May, marking a sharp increase from the 7.8% seen in April. French inflation also surpassed expectations in May to a record of 5.8%, up from 5.4% in April, preliminary data showed on Tuesday.

Meanwhile, most Asian shares advanced on Tuesday as investors reacted to the official Chinese factory activity data for May.

China`s official manufacturing Purchasing Managers` Index for May came in at 49.6, an improvement over April`s reading of 47.4, but still below the 50-point mark that separates growth from contraction.

Japan`s factories posted a sharp fall in output in April as China`s COVID-19 lockdowns and wider supply disruptions took a heavy toll on manufacturers. Factory output dropped 1.3% in April from the previous month, official data showed on Tuesday. Separate data showed retail sales grew 2.9% in April from a year earlier, marking their sharpest gain since May 2021.

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