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Nifty slides below 22,200; broader market outperforms

Published on May 08, 2024 10:41

The headline equity benchmarks traded with limited losses in the morning trade. The Nifty slipped below 22,200 level. Oil & gas shares advanced after declining in the past three consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex slipped 418.44 points or 0.57% to 73,093.41. The Nifty 50 index lost 107.95 points or 0.48% to 22,194.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.03% and the S&P BSE Small-Cap index added 0.16%.

The market breadth was positive. On the BSE, 1,883 shares rose and 1,524 shares fell. A total of 162 shares were unchanged.

Results Today :

Larsen & Toubro (down 1.11%), Hero MotoCorp (down 0.66%), Canara Bank (up 1.66%), Tata Power Company (up 0.72%), TVS Motor Company (down 2.61%), Bajaj Consumer Care (down 0.21%), Balaji Amines (down 0.67%), Bharat Forge (down 2.15%), ESAF Small Finance Bank (up 0.28%), Greaves Cotton (up 0.84%), Gujarat State Petronet (up 0.14%), Home First Finance Company India (up 0.89%), India Shelter Finance Corporation (down 1.13%), Kalpataru Projects International (up 0.68%), Piramal Enterprises (down 1.31%), Sula Vineyards (up 1.41%), Vijaya Diagnostic Centre (down 0.31%) and Westlife Foodworld (down 1.41%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Oil & Gas index gained 1.45% to 11,548.50. The index fell 4.54% in past three consecutive trading sessions.

Indraprastha Gas (up 6.64%), Mahanagar Gas (up 3.39%), GAIL (India) (up 3.14%), Gujarat Gas (up 2.66%), Hindustan Petroleum Corporation (up 2.31%), Bharat Petroleum Corporation (up 1.84%), Indian Oil Corporation (up 1.75%), Petronet LNG (up 1.48%), Oil & Natural Gas Corpn (up 1.35%) and Castrol India (up 1.24%) advanced.

Stocks in Spotlight:

Dixon Technologies (India) rose 1.33% after the company announced that its subsidiary Dixon Electro Appliances (DEAPL) has entered into an agreement with Nokia for development and manufacturing of Telecom products.

United Breweries declined 2.42%. The company reported consolidated net profit of Rs 81.55 crore in Q4 FY24, steeply higher than Rs 9.87 crore posted in corresponding quarter last year. Revenue from operations (excluding excise duty) jumped 20% to Rs 2,133.38 crore in Q4 FY24 as compared with Rs 1,765.88 crore in Q4 FY23.

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