Indices decline in early trade; negative market breadth
Published on Feb 08, 2022 09:29
The key equity indices are trading lower in early trade amid volatility. The Nifty was trading below the 17,200 mark.
At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 132.96 points or 0.23% to 57,488.23. The Nifty 50 index lost 33.90 points or 0.20% to 17,179.70.
Maruti Suzuki (up 2.39%), Titan Company (up 1.09%), Eicher Motors (up 0.89%), Bajaj Finserv (up 0.87%) and Tata Steel (up 0.81%) were the top index gainers.
Tata Consumer (down 1.28%), SBI (down 0.97%), Power Grid Corp (down 0.80%), NTPC (down 0.79%) and ONGC (down 0.64%) were the top index losers.
In the broader market, the S&P BSE Mid-Cap index slipped 0.21% while the S&P BSE Small-Cap index declined 0.44%.
The market breadth was negative. On the BSE, 1,287 shares rose and 1,340 shares fell. A total of 101 shares were unchanged.
The Reserve Bank of India`s (RBI) Monetary Policy Committee (MPC) will meet on 8-10 February 2022. The RBI`s MPC will announce its interest rate decision on 10 February 2022.
Stocks in Spotlight:
TVS Motor Company advanced 3.60% to Rs 659.75 after the company posted an 8.5% increase in standalone net profit to Rs 288.31 crore on a 5.8% rise in net sales to Rs 5,706.43 crore in Q3 FY22 over Q3 FY21.
Biocon gained 0.64% to Rs 402.50. Biocon Pharma, a subsidiary of Biocon, received approval of its ANDA for Posaconazole Delayed-Release tablets from the US FDA. This product is indicated for use in the prevention of certain fungal infections in patients with severely weakened immune systems and is available in 100mg strength.
National Aluminium Company was up 0.08% to Rs 119.10. The company reported 246% surge in consolidated net profit to Rs 831 crore on 58.59% rise in total revenue to Rs 3773 crore in Q3 FY22 over Q3 F21.
Tata Steel Long Products rose 1.12% to Rs 744.10. A meeting of the board of directors of the company will be held on 10 February 2022, to consider a proposal for raising of funds by way of preferential issue of equity and/or preference securities or any debt issue or any other method and for determination of issue price.
Asian stocks were trading mostly higher on Tuesday. Investors in the region continue to assess the inflation and central bank policy outlook.
Wall Street ended lower on Monday as traders weighed the latest quarterly earnings reports and awaited key U.S. inflation data. Corporate earnings were again a source of volatility for stocks on Monday.
Big inflation news is on the horizon, with the Labor Department on Thursday set to release consumer price index data for January.
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