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Market at day`s low, PSU bank stocks tumble

Published on Jan 10, 2023 11:32

The key equity indices declined further and hit the day`s low in mid-morning trade. The Nifty traded a tad below the 17,950 mark. Auto, healthcare, and pharma stocks were in demand while PSU bank, IT and financial services shares witnessed a bit of selling pressure.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 531.87 points or 0.88% to 60,215.44. The Nifty 50 index lost 157.20 points or 0.87% to 17,944.

In the broader market, the S&P BSE Mid-Cap index declined 0.55% while the S&P BSE Small-Cap index shed 0.31%.

The market breadth was negative. On the BSE, 1,329 shares rose and 1,935 shares fell. A total of 174 shares were unchanged.

Prime Minister Narendra Modi is scheduled to hold a pre-budget meeting with economists and sectoral experts at NITI Aayog on 13 January 2023 to discuss the state of the economy and measures to accelerate growth, as per reports. The meeting will also be attended by several Union ministers. The 2023-24 Budget is set to be presented in Parliament on February 1.

Buzzing Index:

The Nifty PSU Bank index slipped 2.38% to 4,219.35. The index added 1.14% in the past trading session.

Bank of Maharashtra (down 4.35%), UCO Bank (down 3.72%), Punjab & Sind Bank (down 3.62%), Indian Overseas Bank (down 3.57%), Bank of India (down 2.78%), Central Bank of India (down 2.72%), Punjab National Bank (down 2.54%), Canara Bank (down 2.19%), Bank of Baroda (down 2.13%) and Union Bank of India (down 1.91%) declined.

Stocks in Spotlight:

D B Realty shed 0.11%. The company said that National Company Law Tribunal (NCLT) gave approval to Adani Goodhomes` resolution plan for Radius Estates, a JV partner of MIG (Bandra) Realtors & Builders, a subsidiary of the company. The project was being developed in joint venture with Radius Estates, which underwent corporate insolvency under the insolvency and bankruptcy code (IBC). Adani Goodhomes submitted a resolution plan in the course of the IBC process and MIG had provided its consent to the resolution plan.

Jindal Worldwide rose 0.69%. Jindal Mobilitric (JM), subsidiary of Jindal Worldwide, announced setting-up of an electric 2-wheeler manufacturing plant with production capacity of 2.5 lakh vehicles annually at Ahmedabad. In addition, JM is also setting-up in-house fully automated battery manufacturing plant with similar production capacity. The objective of setting-up in-house battery plant is to ensure highest level of battery safety which will bring consumer trust on EV Products resulting in faster adoption of EV in India.

Global Markets:

Asian stocks traded mixed after a rally in U.S. stocks evaporated as Federal Reserve officials indicated the central bank will likely need to raise interest rates above 5% before pausing and holding for some time.

U.S. stocks were mixed Monday at the start of a week with a few events that could shake markets, including updates on inflation and the health of corporate profits.

Fed officials on Monday said that policymakers should hike above 5% by early in the second quarter and then go on hold on the rate for a long time. Investors fear that rising rates will push the global economy into recession.

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