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Nfty slides below 17,550; European mrkt opens lower

Published on Aug 22, 2022 13:33

The key equity indices continued to trade with major losses in the afternoon trade amid negative global cues. The Nifty traded below the 17,550 level. Barring the Nifty FMCG index, all the other sectoral indices on the NSE traded in the red.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 691.17 points or 1.16% to 58,954.98. The Nifty 50 index lost 219.75 points or 1.24% to 17,538.70.

In the broader market, the S&P BSE Mid-Cap index fell 1.24% while the S&P BSE Small-Cap index shed 0.80%.

The market breadth was weak. On the BSE, 1,273 shares rose and 2,187 shares fell. A total of 160 shares were unchanged.

Nifty Gainers & Losers:

Coal India (up 1.38%), ITC (up 1.03%), Britannia Industries (up 0.67%), Nestle India (up 0.66%) and Tata Consumer Products (up 0.46%) were top Nifty gainers.

Divi`s Laboratories (down 3.59%), Asian Paints (down 3.25%), Tata Steel (down 3%), Kotak Mahindra Bank (down 2.99%) and Ultratech Cement (down 2.68%) were major Nifty losers.

Stocks in Spotlight:

One97 Communications rose 1.65% to Rs 784.60. Shareholders of One97 Communications, which operates the financial services platform Paytm, have approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company.

Larsen & Toubro declined 2.38% to Rs 1,889.80. Larsen & Toubro said that the hydrocarbon-onshore division of L&T Energy business has been awarded a large contract from Indian Oil Corporation (IOCL). As per L&T`s classification, the value of the large project is 2,500 crore to 5,000 crore.

Adani Power jumped 4.80% to Rs 432 after the company said that it has agreed to acquire DB Power, which owns and operates a running 2x600 MW thermal power plant at Janjgir Champa District in Chhattisgarh. DB Power had recorded a turnover of Rs 3,488 crore for FY 2021-22. Diliigent Power (DPPL) is the holding company of DB Power.

Global markets:

The Dow Jones index futures were down 246 points, indicating a negative opening in the US stocks today.

Shares in Europe and Asia tumbled on Monday as concerns over aggressive Fed hikes reemerged.

The People`s Bank of China cut its one-year benchmark lending rate by 5 basis points and its five-year rate by 15 basis points, according to an online statement. That brings the one-year loan prime rate to 3.65% and the five-year LPR to 4.3%.

US stocks fell on Friday with traders anxious about inflation and what the Federal Reserve will do to combat it.

Fed Chairman Jerome Powell is expected to speak at the central bank`s annual symposium in Jackson Hole, Wyoming this week, and shed some light on the pace of future interest rate hikes.

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