Market cuts losses; breadth turns positive

The key equity indices cut losses in morning trade on buying demand in select index pivotals. Indices had opened on a weak note on negative global cues. The Nifty traded above the 15,750 level. Media and oil & gas stocks advanced while FMCG, bank and private bank shares corrected.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 248.95 points or 0.47% to 52,928.50. The Nifty 50 index declined 78.20 points or 0.49% to 15,772.

In the broader market, the S&P BSE Mid-Cap index fell 0.68% while the S&P BSE Small-Cap index rose 0.07%.

The market breadth was positive. On the BSE, 1,500 shares rose and 1,389 shares fell. A total of 152 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,244.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,205.63 crore in the Indian equity market on 28 June, provisional data showed.

Buzzing Index:

The Nifty Bank index fell 0.96% to 33,317.90, continuing its losing streak to the second day. The index lost 1.5% in two trading sessions.

Among the components of the Nifty Bank index, AU Small Finance Bank (down 7.93%), IndusInd Bank (down 2.68%), Bandhan Bank (down 1.7%), Kotak Mahindra Bank (down 1.63%) and Bank of Baroda (down 1.48%) were the top losers.

State Bank of India (SBI) (down 0.61%), HDFC Bank (down 0.25%) and ICICI Bank (down 0.72%) on Tuesday acquired a 9.54% stake each in Perfios Account Aggregation Services (Perfios AA). These banks acquired 8,05,520 equity shares each by paying Rs 4.03 crore each for the stakes.

Stocks in Spotlight:

Jammu & Kashmir (J&K) Bank rose 1.15%. The bank said that its board has approved a proposal to raise funds aggregating up to Rs 2,000 crore via a mix of debt and equity issues. The bank`s board has approved the raising of equity share capital up to Rs 500 crore in one or more tranches by way of rights issue/ preferential allotment/private placement/qualified institutional placement (QIP)/follow-on public offer (FPO) or any other approved route.

Reliance Industries was up 0.87%. Reliance Jio Infocomm has reportedly said that its board has approved the appointment of Akash Ambani, its non-executive director, as the chairman of the company. The company also reportedly added that Mukesh Ambani has stepped down as the company`s director, effective from the close of working hours on June 27. Mukesh Ambani will continue to be the chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm, the reports added. Akash Ambani, the elder son of RIL chief Mukesh Ambani, had reportedly joined Jio`s board of directors in 2014.

Route Mobile tumbled 5.67%. The board of Route Mobile on Tuesday approved the share buyback of upto Rs 120 crore at a price not exceeding Rs 1,700 per equity share via open market. The maximum buyback price of Rs 1,700 per equity share represents a 27.94% premium to Tuesday`s closing price of Rs 1328.70 on the BSE. The indicative maximum number of equity shares bought back would be 705,882 (maximum buyback shares), which is 1.12% of the total number of paid-up equity shares of the company.

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