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Key barometers trade with limited gains; Nifty slides below 18,200 level

Published on May 18, 2023 13:35

The domestic equity barometers traded with limited gains in afternoon trade. The Nifty traded below the 18,200 level. European and Asian markets traded in the green today. Trading was volatile due to expiry of weekly index options on the NSE.

At 13:34 IST, the barometer index, the S&P BSE Sensex, was up 98.84 points or 0.16% to 61,659.48. The Nifty 50 index rose 11.25 points or 0.06% to 18,193.

In the broader market, the S&P BSE Mid-Cap index shed 0.09% while the S&P BSE Small-Cap index gained 0.27%.

The market breadth was positive. On the BSE, 1,827 shares rose and 1,556 shares fell. A total of 138 shares were unchanged.

Investor sentiment improved on progress in debt ceiling negotiations in the United States. U.S. President Joe Biden and the US congressional Republican Kevin McCarthy reiterated their determination to strike a deal soon to raise the debt ceiling and avoid an economically catastrophic default.

Stocks in Spotlight:

JSW Steel lost 0.09%. JSW Steel has been declared as a preferred bidder for composite licence of an unexplored iron ore mine in Maharashtra. The company will take all requisite steps as per the tender document to obtain Letter of Intent, all statutory clearances to execute the Lease Deed with Mine Development and Production Agreement (MDPA) and start the mining operations.

Thermax tumbled 4.33%. The company`s consolidated net profit rose to Rs 156.21 crore as against net profit of Rs 102.54 crore posted in Q4 FY22. Total income rose to Rs 2368.31 crore in Q4 FY23 from Rs 2027.62 crore recorded in the same period a year ago.

Jindal Stainless jumped 5.24%. The company reported 16.1% decline in standalone net profit to Rs 659.15 crore in Q4 FY23 from Rs 785.55 crore in Q4 FY22. Total revenue fell marginally on YoY basis to Rs 9444.31 crore during the period under review.

Glaxosmithkline Pharmaceuticals shed 0.82%. The company reported 89.1% decline in net profit to Rs 133.43 crore in Q4 FY23 as compared with Rs 1,219.05 crore in Q4 FY22. Revenue from continuing operations fell by 2.7% year on year to Rs 787.45 crore during the quarter.

Global Markets:

Markets in Europe and Asia advanced across the board on Thursday on hopes of U.S President Joe Biden and congressional leaders inching closer to a deal to raise the U.S. debt ceiling and avoid a default.

Japan`s trade deficit has narrowed by almost half in April, falling to 432.41 billion from 854.93 billion a year ago.

Wall Street stocks advanced on Wednesday as investors grew more confident the White House would reach a deal with Congress to avoid a government default.

US president Joe Biden on Wednesday said he was �confident� about reaching a budget agreement with Congress to avoid a default on US debt, and left the door open to meeting a central Republican demand of adding work requirements to social safety net programmes.

Treasury secretary Janet Yellen has warned the US could default on its debt as early as next month, with the issue prompting Biden to cut short his forthcoming overseas trip.

Traders digested the release of the eurozone`s final harmonised index of consumer prices for April, which posted a slight increase in the annual rate to 7%, up from 6.9% in March.

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