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Nifty hovers below 17,350; Sensex down 785 pts

Published on Aug 29, 2022 14:34

The key equity barometers continued to trade with major losses in the mid-afternoon trade. The Nifty hovered below the 17,350 mark. FMCG and oil & gas stocks advanced while IT, bank and media shares declined. Investor sentiments were dented tracking weak global cues as Fed Chair in his address last week flagged the likely need for restrictive monetary policy to curb high inflation.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 784.66 points or 1.33% to 58,049.21. The Nifty 50 index lost 232.55 points or 1.32% to 17,326.35.

In the broader market, the S&P BSE Mid-Cap index declined 0.87% while the S&P BSE Small-Cap index fell 0.59%.

The market breadth was weak. On the BSE, 1,348 shares rose and 2,120 shares fell. A total of 202 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.240 as compared with 7.217 at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.9625, compared with its close of 79.84 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement shed 0.71% to Rs 50,873.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, added 0.51% to 109.36.

In the commodities market, Brent crude for October 2022 settlement rose 32 cents or 0.32% at $101.31 a barrel.

Buzzing Index:

The Nifty Bank index fell 1.78% to 38,292.35. The index rose 0.09% in the past trading session.

Among the components of the Nifty Bank index, Bandhan Bank (down 3.72%), Kotak Mahindra Bank (down 2.52%), Axis Bank (down 2.09%), AU Small Finance Bank (down 2.02%) and State Bank of India (down 1.93%) were the top losers.

Among the other losers were Bank of Baroda (down 1.68%), HDFC Bank (down 1.55%), Punjab National Bank (down 1.54%), ICICI Bank (down 1.48%) and IndusInd Bank (down 1.18%).

Stocks in Spotlight:

Syngene International rose 0.54% after the company incorporated Syngene Manufacturing Solutions (SMSL), a wholly-owned subsidiary of the company on 26 August 2022. SMSL will be engaged in the business of manufacturing of pharmaceutical, biopharmaceutical and biological products of any kind and have its registered office in the state of Karnataka.

Praj Industries jumped 3.78% after a domestic broker initiated its coverage on the stock with a `buy` rating and a target price of Rs 507 per share. The broker added that it anticipates Praj Industries` revenue/PAT CAGR at 17.4%/29.3% over FY2022-25E led by robust order book, healthy tender pipeline, strong market leadership, pickup in execution, better operational efficiencies and well managed working capital cycle.

Mahindra & Mahindra Financial Services declined 3.58%. The company on Monday announced that it has partnered with CRIF Solutions (CRIF) to offer a seamless onboarding experience for customers seeking loans. CRIF is a global company specializing in credit bureau and business information, outsourcing and processing services, and advanced solutions for credit and open banking.

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