Market drops in early trade on negative global cues

The barometers saw a gap-down opening on negative global cues. The Nifty traded below the 15,750 level. Barring the Oil & Gas Index, all the sectoral indices on the NSE were trading in the red.

At 09:22 IST, the barometer index, the S&P BSE Sensex, was down 287.84 points or 0.54% to 52,873.44. The Nifty 50 index declined 97.20 points or 0.61% to 15,734.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.68% while the S&P BSE Small-Cap index lost 0.67%.

The market breadth was negative. On the BSE, 909 shares rose and 1,305 shares fell. A total of 102 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,278.42 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,184.47 crore in the Indian equity market on 27 June, provisional data showed.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) rose 0.83%. M&M launched its SUV - the All-New `Scorpio-N` - starting at Rs 11.99 lakh. The All-New Scorpio-N is designed, engineered and built to disrupt the SUV segment with its class-leading attributes, features and capabilities.

GMR Infrastructure rose 0.43%. Delhi International Airport (DIAL), a subsidiary of GMR Airports and a step-down subsidiary of GMR Infrastructure (GIL), announced that it had successfully completed the issuance of 5 years Non-Convertible Debentures (NCDs) amounting Rs.10 billion and the same listed on the BSE on 23 June 2022.

Brigade Enterprises jumped 5.20%. Brigade Group has signed a joint development agreement to develop around 2.1 million sguare feet in Chennai. The project will have a revenue realisation of over Rs. 1500 crores in about 5 years.

Global markets:

Asian stocks are mostly trading lower on Tuesday as investors weigh economic concerns.

Profits at China`s industrial firms shrank at a slower pace in May following a sharp fall in April. Profits fell 6.5% from a year earlier, less than the 8.5% decline in April, according to data released by the National Bureau of Statistics (NBS).

US stocks closed lower on Monday on heightened inflation worries and tightening Fed policy. The major averages struggled as investors weighed whether stocks have reached a bottom or are instead briefly rebounding from oversold conditions.

Meanwhile, Ukraine`s President Volodymyr Zelenskyy has addressed the leaders of the G-7 nations who are gathered in Munich, Germany, reportedly pressing them for more heavy weaponry and help to end the war before winter sets in. Zelenskyy has reportedly requested anti-aircraft defense systems to help protect Ukraine and has said he wants the war to end before the end of the year. The G-7, in turn, has promised to support Ukraine for as long as it takes.

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