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Indices open lower, breadth positive

Published on Jul 12, 2022 09:33

The headline equity indices are trading with modest losses in the early trade. Negative global cues impacted the sentiment. Barring the Nifty Oil & Gas index all the sectoral indices on the NSE were in the red.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 229.16 points or 0.42% to 54,166.07. The Nifty 50 index shed 76.55 points or 0.47% to 16,139.45.

In the broader market, the S&P BSE Mid-Cap index declined 0.11% while the S&P BSE Small-Cap index rose 0.01%.

The market breadth was positive. On the BSE, 1,345 shares rose and 1,101 shares fell. A total of 130 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 170.51 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 296.99 crore in the Indian equity market on 11 July, provisional data showed.

Stocks in Spotlight:

Eureka Forbes rallied 5.10% after the company announced that Pratik Pota is appointed as managing director and chief executive officer of Eureka Forbes for a term of five years with effect from 16 August 2022.

Pratik will lead the management team to continue scaling the business, solidifying Eureka Forbes` market leadership position and delivering innovative products for a growing customer base. Until recently, Pratik was the CEO at Jubilant Foodworks (JFL) where he led the business to a comprehensive turn-around and transformation.

Star Health and Allied Insurance Company advanced 2.09%. Star Health and Allied Insurance Company and Common Services Centers (CSC), under Ministry of Electronics & Information Technology, have partnered to provide over 5 lakh CSCs access to a select range of Star Health insurance products, specially designed to meet the needs of rural customers, across tier-II, tier-III cities and rural markets pan India.

5paisa Capital rose 1.78% after the company`s consolidated net profit rose 3% to Rs 74 crore on 38% rise in total income from operations to Rs 841 crore in Q1 FY23 over Q1 FY22.

HFCL jumped 6.41% after the company has received the Purchase Orders aggregating to Rs. 59.22 crores, from one of the leading Private Telecom Operators of the Country for providing Services to rollout their Fiber to the Home (FTTH) Network and Long Distance Fiber Network in various Telecom Circles.

Global Markets:

Most of the Asian stocks are trading lower on Tuesday after Wall Street slipped overnight. Also the prospect of further monetary policy tightening by central banks, China`s renewed COVID outbreak and Europe`s energy shortage impacted sentiment.

U.S. equities fell Monday as Wall Street braced for big company earnings reports slated for later in the week which could signal how inflation is impacting businesses.

Twitter shares dropped sharply after Elon Musk terminated a deal worth $44 billion to buy the social media company. The billionaire took issue with the number of bots and fake accounts on the platform and said Twitter wasn`t being truthful about how authentic activity on the platform was. However, the company said it gave Musk the information he needed to assess the claims.

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