Indices pare gains, broader mkt slides; global cues mixed
Published on Jan 17, 2023 13:35
The frontline indices pared some gains in afternoon trade. The Nifty hovered near the 17,950 mark. While large caps were trading higher, broader market witnessed selling. Auto, FMCG and IT shares advanced. On the other hand, banks, metals and media shares were under pressure.
At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 220.15 points or 0.37% to 60,313.12. The Nifty 50 index added 56.95 points or 0.32% to 17,951.80.
The broader market declined. The S&P BSE Mid-Cap index slipped 0.62% while the S&P BSE Small-Cap index shed 0.38%.
The market breadth was negative. On the BSE, 1434 shares rose, and 1976 shares fell. A total of 164 shares were unchanged.
Larsen & Toubro (up 2.87%), Hindustan Unilever (up 1.88%), HCL Technologies (up 1.49%), HDFC (up 1.14%) and Eicher Motors (up 1.07%) were top Nifty gainers.
SBI (down 1.95%), Indusind Bank (down 1.89%), Bajaj Finserv (down 1.65%), Tata Steel (down 1.29%) and JSW Steel (down 1.25%) were major Nifty losers.
Most European shares declined while most Asian stocks advanced on Tuesday as investors digested the Chinese economic data released today.
Concerns over the direction of the global economy, persistent inflation, fragmentation and sluggish growth are high on the agenda at the World Economic Forum in Davos this week, as well as the war in Ukraine.
China reported 3% GDP growth for 2022. Retail sales in December declined 1.8% from a year ago. Industrial production rose by 3.6% in 2022. The figure rose by 1.3% in December.
US stock market were closed on Monday, 16 January 2023, in observance of Martin Luther King, Jr. Day.
U.S. Treasury Secretary Janet Yellen is scheduled to hold a meeting with Chinese Vice Premier Liu He on the sidelines of the World Economic Forum, as per reports. The two will hold a meeting to strengthen macroeconomic and financial policy coordination.
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