Market drifts lower in early trade, breadth negative
Published on Oct 20, 2022 09:31
The headline equity indices were trading with minor cuts in the early trade on a selling pressure in index pivotals. Domestic sentiment was dented amid negative global cues. The Nifty traded below the 17,460 mark. FMCG and oil & gas shares advanced while consumer durables, auto and private bank stocks were under pressure.
At 09:28 IST, the barometer index, the S&P BSE Sensex, was down 160.25 points or 0.27% to 58,946.94. The Nifty 50 index declined 57.65points or 0.33% to 17,454.60.
In the broader market, the S&P BSE Mid-Cap index fell 0.53% while the S&P BSE Small-Cap index shed 0.15%.
The market breadth was negative. On the BSE, 1,252 shares rose and 1,298 shares fell. A total of 110 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 453.91 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 908.42 crore in the Indian equity market on 19 October, provisional data showed.
Stocks in Spotlight:
IndusInd Bank slipped 3.62%. The private lender reported 57% rise in consolidated net profit to Rs 1805 crore on 15% increase in revenue to Rs 6313 crore in Q2 FY23 over Q2 FY22.
Persistent Systems declined 0.63%. The IT solution provider`s consolidated net profit rose 4% to Rs 220.01 crore on 9.1% increase in revenue to Rs 2048.64 crore in Q2 September 2022 over Q1 June 2022.
Bharat Electronics (BEL) rose 1.37%. Triton Electric Vehicle India, a part of Triton Electric Vehicle LLC, USA, issued a Letter of Intent (Lol) to BEL for procurement of 300 KW Li-Ion Battery Packs for its Semi-truck project in India at an estimated value of Rs. 8060 crore.
Havells India fell 2.58%. The reported 38% fall in net profit to Rs 187 crore on 14% increase in net revenue to Rs 3669 crore in Q2 FY23 over Q2 FY22.
Lupin shed 0.68%. The U.S. FDA conducted a Prior-Approval Inspection at Lupin`s Biotech manufacturing facility in Pune in October 2022. The inspection concluded with the issuance of a Form 483 with seventeen observations.
Jindal Steel & Power skid 0.36%. The company announced that it has signed a MoU with Greenko Group to facilitate 1000 MW of Carbon-free energy for its steel-making operations at Angul, Odisha. The proposed 1000 MW carbon-free energy is targeted to meet the existing and incremental power demand of the company`s Angul facility.
Asian stocks were trading lower on Thursday as Wall Street ended lower amid Treasury yields at multiyear highs and strong inflation that`s driving hawkish monetary policy.
Wall Street closed lower on Wednesday as gloomy data and downbeat corporate outlooks tossed cold water on investor risk appetite.
Minneapolis Federal Reserve President Neel Kashkari said Wednesday he sees no signs that inflation is slowing, so the central bank will need to keep raising interest rates.
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