Indices slide in early trade; breadth positive

Equity indices opened on a weak note tracking negative Asian stocks. The Nifty slipped below the 18,150 level.

At 09:22 IST, the barometer index, the S&P BSE Sensex, fell 380.8 points or 0.62% at 60,854.50. The Nifty 50 index lost 108.55 points or 0.59% at 18,149.25.

Asian Paints (down 2.27%), HDFC (down 2%), Axis Bank (down 1.95%) and Wipro (down 1.62%) dragged benchmark indices lower.

In broader market, the S&P BSE Mid-Cap index fell 0.13% while the S&P BSE Small-Cap index added 0.15%.

Buyers outpaced sellers. On the BSE, 1,512 shares rose and 1,157 shares fell. A total of 98 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,390.85 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,065.32 crore in the Indian equity market on 13 January, provisional data showed.

Stocks in Spotlight:

Mindtree reported fell 4%. The IT company reported a 9.7% rise in consolidated net profit to Rs 437.50 crore on 6.3% increase in revenue from operations to Rs 2,750 crore in Q3 FY22 over Q2 FY22.

Glenmark Pharmaceuticals fell 0.11%. Glenmark Pharmaceuticals announced that its wholly-owned subsidiary, Glenmark Specialty S.A. (Switzerland), received a United States Food & Drug Administration (FDA) approval for its new drug Ryaltris nasal spray.

Global Markets:

Asian stocks were trading lower on Friday as the recent rally in U.S. stocks broke momentum with the Nasdaq snapping a three-day winning streak.

China released trade data on Friday, which showed that its dollar-denominated exports grew 29.9% compared to the past year, and its imports rose 30.1% in the same period.

Meanwhile, South Korea`s central bank raised its benchmark rate by 25 basis points to 1.25%, the highest since March 2020 and back to the rate it was at before the pandemic.

Wall Street`s major indexes closed lower on Thursday as investors took profits, particularly in technology stocks after a three-day rally.

On the macro front, the number of Americans filing new claims for unemployment benefits increased to an eight-week high in the first week of January amid raging COVID-19 infections. Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 230,000 for the week ended January 8, the highest reading since mid-November.

In another report on Thursday, the Labor Department said the producer price index for final demand increased 0.2% last month. That was the smallest gain in the PPI since November 2020 and followed a 1% jump in November.

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