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Nifty below 18,000 level, breadth weak

Published on Dec 23, 2022 09:34

The frontline indices were trading with deep cuts in early trade on a selling pressure in index pivotals. Weak global cues played the spoilsport. The Nifty traded below the psychological 18,000 level. Pharma and healthcare stocks were in demand due to fears of Covid outbreak in China, the US, and other countries. On the other hand, PSU bank, metal, and media shares declined.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 441.13 points or 0.73% to 60,385.09. The Nifty 50 index lost 146.10 points or 0.84% to 17,975.45.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index declined 1.50% while the S&P BSE Small-Cap index slipped 2.06%.

The market breadth was weak. On the BSE, 458 shares rose and 2,398 shares fell. A total of 92 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 928.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,206.59 crore in the Indian equity market on 22 December, provisional data showed.

Stocks in Spotlight:

Reliance Industries (RIL) shed 0.34%. Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of RIL has acquired 23.3% stake in Exyn Technologies Inc (Exyn) for a total consideration of US$ 25 million.

Godrej Properties fell 1.64%. The company announced that it has entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana. The development will comprise predominantly of premium residential apartments.

Ajanta Pharma declined 1.22%. The pharmaceutical company informed that promoter(s) have sold sold 4.38% shares on 22nd December 2022. Aayush M. Agrawal, trustee Aayush Agrawal Trust has sold 38,78,975 shares (3.03%) and Ravi P. Agrawal, Trustee Ravi Agrawal Trust has sold 17,23,989 shares (1.35%). The company propose to utilise these funds for financing their respective private businesses, including repayment of loans taken against pledge of shares of the Company.

Lupin added 0.78%. Lupin Pharmaceuticals Inc. is voluntarily recalling four lots of Quinapril Tablets to the patient (consumer/user) level due to the presence of a nitrosamine impurity, N-Nitroso-Quinapril, observed in recent testing above the Acceptable Daily Intake (ADI) level. To date, Lupin has received no reports of illness that appear to relate to this issue. Lupin discontinued the marketing of Quinapril tablets in September 2022.

Rail Vikas Nigam (RVNL) tumbled 4.06%. RVNL has been awarded contract for `Construction of Bhesan Depot cum Workshop which includes DDC, BCC and associated E&M works for Surat Metro Rail Project Phase-1, DC 2` by Gujarat Metro Rail Corporation (GMRC). The total awarded cost of project is Rs. 198.93 crore.

Global Markets:

Most Asian stocks were trading lower, taking the lead from losses on Wall Street while investors also looked ahead to some economic data in the region. Japan`s core consumer inflation hit a fresh 40-year high of 3.7% in November as companies continued to pass on rising costs to households, data showed on Friday.

US stocks closed lower on Thursday as investors worried that data showing a resilient economy would lead the US Federal Reserve to keep hiking interest rates for longer than feared.

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