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Indices trade with minor cuts; Sensex drops 45 pts

Published on Sep 02, 2022 11:34

The key equity barometers traded with tiny losses near the flat line in the mid-morning trade. The Nifty slipped below the 17,550 mark after hitting the day`s high at 17,643.85 in the early trade. Auto stocks advanced for the third straight day. Negative global cues dented the investor sentiments.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 45.49 points or 0.08% to 58,721.10. The Nifty 50 index lost 14.55 points or 0.08% to 17,528.25.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index advanced 0.50%.

The market breadth was positive. On the BSE, 1,873 shares rose and 1,337 shares fell. A total of 165 shares were unchanged.

Buzzing Index:

The Nifty Auto index rose 0.64% to 13,351.10, continuing its gainig streak to the third day. The index advanced 3.6% in three trading sessions.

Among the components of the Nifty Auto index, Escorts Kubota (up 2.03%), Tube Investments of India (up 1.98%), Ashok Leyland (up 1.81%), TVS Motor Company (up 1.69%), Bharat Forge (up 1.53%), Mahindra & Mahindra (up 1.06%), Eicher Motors (up 0.83%), Bosch (up 0.69%), Maruti Suzuki India (up 0.59%) and Tata Motors (up 0.29%) were the top gainers.

On the other hand, Sona BLW Precision Forgings (down 0.78%), Bajaj Auto (down 0.71%) and Balkrishna Industries (down 0.57%) declined.

Hero MotoCorp declined 0.54%. The two-wheeler major`s total sales rose 1.92% to 462,608 units in August 2022 as against 453,879 units sold in August 2021. Sequentially, this translates into a growth of 3.82% over the month of July 2022, when the company had sold 445,580 units.

Stocks in Spotlight:

Aurobindo Pharma slipped 0.10%. The drug maker said that the board of its wholly owned arm, CuraTeQ Biologics (CuraTeQ) has decided to expand its operations by establishing another mammalian cell culture manufacturing facility of higher capacity to cater to the future requirements.

Adani Ports and Special Economic Zone rose 0.97% after the company`s handled cargo volume increased by 18% YoY to 29.3 MMT in August 2022. Of the total handled cargo volume, dry bulk cargo volume grew by 44% YoY while container volume rose by 8% YoY during the period under review.

Global markets:

Asian stocks declined across the board on Friday as investors look ahead to the U.S. jobs report for August, a key indicator before the Federal Reserve`s next interest rate decision later this month.

The Dow Jones Industrial Average and the S&P 500 ended the first day of September on a high note as traders looked forward to the jobs report Friday.

US manufacturing grew steadily in August but factory activity in China, the euro zone and Britain fell as Russia`s war in Ukraine and China`s zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday. The Institute for Supply Management (ISM) said on Thursday that its index of US factory activity was unchanged at 52.8 last month, although that is still the lowest reading since June 2020.

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