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Market hit fresh day`s low; Nifty slips below 17,100

Published on Oct 11, 2022 14:31

The key equity barometers traded at the day`s low with moderate losses in the mid-afternoon trade. Domestic sentiment was dented amid negative global cues. The Nifty slipped below the 17,100 mark. Shares across sectors declined with realty, consumer durables and metal stocks losing the most.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 456.69 points or 0.79% to 57,534.42. The Nifty 50 index lost 157.10 points or 0.91% to 17,083.90.

In the broader market, the S&P BSE Mid-Cap index slipped 1.09% while the S&P BSE Small-Cap index declined 0.86%.

The market breadth was weak. On the BSE, 1,252 shares rose and 2,117 shares fell. A total of 148 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell to 7.446 as compared with 7.476 at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.395, compared with its close of 82.40 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement declined 0.33% to Rs 50,855.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.07% to 113.22.

The United States 10-year bond yield increased to 3.949 as compared with 3.885 at close in the previous trading session.

In the commodities market, Brent crude for December 2022 settlement slipped $1.92 or 2% at $94.27 a barrel.

Buzzing Index:

The Nifty Consumer Durables index declined 1.34% to 26,840.70, extending its falling run to second trading session. The index lost 2.53% in the past two trading sessions.

Among the components of the Nifty Consumer Durables index, Havells India (down 3.51%), Voltas (down 2.74%), Titan Company (down 1.55%), Amber Enterprises India (down 1.37%), Kajaria Ceramics (down 1.36%), Crompton Greaves Consumer Electricals (down 1.32%), Whirlpool of India (down 0.87%), Relaxo Footwears (down 0.39%), V-Guard Industries (down 0.36%) and Orient Electric (down 0.35%) were the top losers.

On the other hand, Bata India (up 1.71%) ,Blue Star (up 1.16%) and Dixon Technologies (India) (up 0.6%) advanced.

Stocks in Spotlight:

ITD Cementation India rose 1.85% after the company said it secured three new orders worth about Rs 1,755 crore. The order include construction of West Container Terminal in the Port of Colombo, Sri Lanka; construction of Berth and Yard facilities at Dhamra Port (2 packages) in Odisha; and piling and civil work for coke oven project at Hazira plant in Gujarat.

Maharashtra Seamless slipped 0.10%. The company said that it has made a voluntary prepayment of long term loan outstanding of approximately Rs 315 crore to HDFC Bank on 10 October 2022 from internal accruals of the company. The company further informed that this long-term loan was availed from HDFC Bank in 2019 for part fund the acquisition of United Seamless Tubulaar. The aforesaid loan was repayable over a period of 10 years.

G M Breweries declined 3.24%. The company reported a 3.8% rise in net profit to Rs 22.69 crore on 22.35% increase in revenue to Rs 141.86 crore in Q2 FY23 over Q2 FY22. Profit before tax in Q2 FY23 stood at Rs 30.32 crore, up by 3.84% from Rs 29.20 crore posted in the same period last year.

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