Indices drop in early trade, breadth weak
Published on Aug 22, 2022 09:32
The domestic equity benchmarks are trading with steep cuts in the early trade on a bit of a selling pressure in index pivotals. The Nifty traded below the 17,650 mark. All the sectoral indices on the NSE were in the red with realty, private bank and auto stocks declining the most.
At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 424.84 points or 0.71% to 59,221.31. The Nifty 50 index declined 134.65 points or 0.76% to 17,623.80.
The broader market underperformed frontline indices. The S&P BSE Mid-Cap index fell 1.31% while the S&P BSE Small-Cap index shed 1.09%.
The market breadth was weak. On the BSE, 898 shares rose and 1,850 shares fell. A total of 172 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,110.90 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,633.21 crore in the Indian equity market on 19 August, provisional data showed.
Stocks in Spotlight:
Larsen & Toubro (L&T) fell 0.42%. L&T announced the commissioning of a Green Hydrogen Plant at its AM Naik Heavy Engineering Complex in Hazira, Gujarat. The production of Green Hydrogen based on an alkaline electrolysis process has begun. The plant will produce 45 Kg of Green Hydrogen daily, which will be used for captive consumption in the company`s Hazira manufacturing complex.
Wockhardt shed 0.84% after pharmaceutical company has engaged multiple USFDA approved manufacturing partners, after thorough due diligence and inspection of their facilities, to manufacture various products of the company for sale in US/ North America under the same brand and Wockhardt name.
Central Bank of India rallied 3.63%. Central Bank of India has entered into a strategic Co-Lending Partnership with Incred Financial Services Limited to offer loans to MSME Borrowers at competitive rates. The participation by both the entities in this Co-Lending arrangement will result in greater expansion of portfolio by Central Bank of India and Incred Financial Services.
Paras Defence and Space Technologies declined 0.15%. The board of Paras Defence and Space Technologies has approved investment by way of subscription to the equity shares in one or more tranches up to a sum of Rs. 7 crore to be offered by Ayatti Innovative (AIPL) at a price to be determined in accordance with the relevant provision of Companies Act, 2013 and Income Tax Act, 1961. Pursuant to this acquisition, the company shall be holding approximately 58% stake in the total equity share capital of AIPL, thus resulting AIPL to be the subsidiary company of the company.
Shilpa Medicare gained 2.13% after the company, via its wholly owned subsidiary, Shilpa Biologicals Pvt Ltd (SBPL), has successfully completed the phase 3 Human Clinical studies of its first biosimilar, the 100mg/ml High Concentration (HC) Adalimumab biosimilar and has submitted the dossier to the CDSCO for review and grant of marketing/manufacturing license.
Asian stocks were trading mixed on Monday as concerns over aggressive Fed hikes reemerged.
The People`s Bank of China cut its one-year benchmark lending rate by 5 basis points and its five-year rate by 15 basis points, according to an online statement. That brings the one-year loan prime rate to 3.65% and the five-year LPR to 4.3%.
US stocks fell on Friday with traders anxious about inflation and what the Federal Reserve will do to combat it.
Fed Chairman Jerome Powell is expected to speak at the central bank`s annual symposium in Jackson Hole, Wyoming this week, and shed some light on the pace of future interest rate hikes.
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