Benchmarks trade with limited losses; European markets mostly decline

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.

Powered by Capital Market - Live News