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Broader market outperforms; IT stocks decline

Published on Apr 07, 2022 11:26

Barometers traded with modest losses in mid morning trade. The Nifty traded below the 17,700 level. Realty and pharma stocks saw buying while IT, banks and financial stocks witnessed selling.

At 11:24 IST, the S&P BSE Sensex fell 424.92 points or 0.71% at 59,185.2. The Nifty 50 index shed 107.05 points or 0.6% at 17,699.1.

The broader market traded with gains. The S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 0.33%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, shares 2026 rose and 1217 shares fell. A total of 119 shares were unchanged.


Asian Development Bank (ADB) on Wednesday said that South Asian economies are expected to expand collectively by 7.0% in 2022 and 7.4% in 2023, with India�the subregion`s largest economy�expected to grow 7.5% this fiscal year and 8.0% next fiscal year.

ADB said developing Asia`s economies are forecast to grow 5.2% this year and 5.3% in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports. "However, uncertainties stemming from the Russian invasion of Ukraine, the continuing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook," ADB Outlook said.

Buzzing Index:

The Nifty IT index slipped 0.78% to 35,592.6, extending its losing run to second day. The IT index lost 2.4% in two days.

Wipro (down 1.64%), TCS (down 1.15%), Coforge (down 1.06%), L&T Infotech (down 1.05%), L&T Technology Services (down 1%) and Infosys (down 0.66%) were top losers in IT space.

Stocks in Spotlight:

Shares of Bandhan Bank were trading 1.44% higher at Rs 319.60. A consortium of Bandhan Bank`s parent Bandhan Financial Holdings (BFHL), private equity firm ChrysCapital and Singapore`s sovereign fund GIC will acquire IDFC Asset Management Company for Rs 4,500 crore. IDFC said that the Bandhan consortium was selected through a highly competitive divestment process which witnessed strong participation from strategic players and financial investors.

Maruti Suzuki India fell 0.91% after the company announced that it will voluntarily recall 19,731 units of its EECO model. The recall is being undertaken to inspect and rectify `incorrect marking of wheel rim size`, if any, on the wheel in some of these vehicles, company stated. The automobile major said that, in a routine inspection, it found that in some units of EECO, manufactured between 19 July 2021 and 5 October 2021, the wheel rim size was incorrectly marked. This issue has no implication on performance, safety or environment.

Global markets:

Asian markets were trading lower on Thursday following two days of declines on Wall Street.

US stock indexes fell for a second day as investors reacted to Fed guidance on tightening monetary policy.

The Fed`s release of its meeting minutes indicated on Wednesday afternoon that officials �generally agreed� it should shrink its balance sheet by $95 billion per month. The minutes also showed central bank officials were considering larger rate hikes than the usual 25-basis-point, or quarter-point, increments.

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