Nifty trades below 18,200; breadth remains positive

Key indices extended losses in mid morning trade. The Nifty traded near the 18,150 level mark. Negative global cues put pressure on domestic market sentiment. Consumers durable stocks bucked weak market trend.

At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 365.1 points or 0.6% at 60,870.50. The Nifty 50 index slipped 97.45 points or 0.53% at 18,160.25.

In broader market, the S&P BSE Mid-Cap index fell 0.04% while the S&P BSE Small-Cap index added 0.19%.

The market breadth was positive. On the BSE, 1,825 shares rose and 1,423 shares fell. A total of 107 shares were unchanged.

COVID-19 Update:

In last 24 hours, India reported 2,64,202 fresh COVID cases, as per the health ministry`s data. The country reported 315 new deaths taking the death toll to 485,350.

Meanwhile, the World Health Organization approved two new Covid-19 treatments, to stave off severe illness and death from the virus.

Ministry of Health and Family Welfare stated yesterday that more than 157.50 crore (1,57,50,62,435) vaccine doses have been provided to States/UTs so far through Govt. of India (free of cost channel) and through direct state procurement category.

Results Today:

HCL Technologies (down 2.73%) and Tinplate Company of India (up 1.54%) will announce their quarterly result today.

Buzzing Index:

The Nifty Auto index slipped 0.19% to 11,664.15, snapping its two day winning streak. The index saw profit booking after rising 1.8% in two days.

Hero MotoCorp (down 0.78%), TVS Motor Company (down 0.56%), Eicher Motor (down 0.45%), Ashok Leyland (down 0.4%) and Mahindra & Mahindra (down 0.4%) were top losers in auto space.

Stocks in Spotlight:

Tata Motors fell 0.39%. The Tata Motors Group global wholesales in Q3 FY22, including Jaguar Land Rover, were 2,85,445 units, higher by 2%, as compared to Q3 FY21. Global wholesales of all Tata Motors` commercial vehicles and Tata Daewoo range in Q3 FY22 were at 1,02,772 units, higher by 14%, over Q3 FY21. Global wholesales of all passenger vehicles in Q3 FY22 were at 1,82,673 units, lower by 3% as compared to Q3 FY21.

Ashoka Buildcon rose 1.01% to Rs 105.50 after the company said it has emerged as the lowest bidder (L-1) for a road contruction project in Karnataka. The road construction company had submitted its bid to the National Highways Authority of India (NHAI) for a road contruction project in Karnataka. The projects entail construction of six laning from Belgaum to Sankeshwar bypass in Karnataka on engineering, procurement & construction (EPC) mode under Bharatmala Pariyojana. The company has emerged as the lowest bidder (L-1) and the quoted bid price of the project is Rs 829.49 crore.

Global Markets:

Most Asian markets were trading lower on Friday as the recent rally in U.S. stocks broke momentum with the Nasdaq snapping a three-day winning streak.

China released trade data on Friday, which showed that its dollar-denominated exports grew 29.9% compared to the past year, and its imports rose 30.1% in the same period.

Meanwhile, South Korea`s central bank raised its benchmark rate by 25 basis points to 1.25%, the highest since March 2020 and back to the rate it was at before the pandemic.

Wall Street`s major indexes closed lower on Thursday as investors took profits, particularly in technology stocks after a three-day rally.

On the macro front, the number of Americans filing new claims for unemployment benefits increased to an eight-week high in the first week of January amid raging COVID-19 infections. Initial claims for state unemployment benefits increased 23,000 to a seasonally adjusted 230,000 for the week ended January 8, the highest reading since mid-November.

In another report on Thursday, the Labor Department said the producer price index for final demand increased 0.2% last month. That was the smallest gain in the PPI since November 2020 and followed a 1% jump in November.

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