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Sensex, Nifty edge lower on negative global cues

Published on Oct 07, 2022 09:24

The domestic equity benchmarks edged lower in early trade on selling pressure in key index pivotals. Negative global cues impacted sentiment. The Nifty traded below the 17,300 mark. Metals, banks and financial stocks declined while consumer durables and auto stocks managed to trade with some gains.

At 09:22 IST, the barometer index, the S&P BSE Sensex, was down 115.44 points or 0.20% to 58,106.66. The Nifty 50 index lost 55.30 points or 0.32% to 17,276.50.

BPCL (down 1.55%), Hindalco (down 1.42%), IndusInd Bank (down 1.39%), Mahindra & Mahindra (down 1.38%) and Tata Steel (down 1.35%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.06% while the S&P BSE Small-Cap index gained 0.30%.

The market breadth was just about positive. On the BSE, 1412 shares rose and 1336 shares fell. A total of 105 shares were unchanged.

Economy:

The World Bank on Thursday projected a growth rate of 6.5% for the Indian economy for the fiscal year 2022-23, a drop of one percent from its previous June 2022 projections, citing deteriorating international environment.

In its latest South Asia Economic Focus released ahead of the annual meeting of the International Monetary Fund and the World Bank, the Bank, however, noted that India is recovering stronger than the rest of the world.

Stocks in Spotlight:

HCL Technologies rose 0.85%. The company and Google Cloud announced a significant expansion of their long-standing partnership, with new capabilities and service offerings to expedite enterprise migration to Google Cloud.

Titan Company jumped 5.43%. The company witnessed double-digit growth across most businesses with overall sales growing 18% YoY. Retail network continued the pace of expansion adding 105 stores (net) for the quarter. The outlook for festive season (from Navratri in end September 2022) continues to be optimistic and is visible in positive consumer sentiment across categories.

FSN E-Commerce (Nykaa) added 1.46%. Nykaa received board approval to sign an agreement with the Middle East`s Apparel Group, a global fashion and lifestyle retail conglomerate headquartered in the United Arab Emirates (UAE). Nykaa will leverage the Apparel Group`s robust retail infrastructure network and deep market relationships to build distinctive Gulf Cooperation Council (GCC) focused beauty offerings in the UAE, Kingdom of Saudi Arabia (KSA), Qatar, Oman, Kuwait and Bahrain.

Global Markets:

Asian stocks are trading lower on Friday ahead of the monthly U.S. jobs report, which is likely to guide the Federal Reserve`s monetary decision in November. Markets in mainland China remain closed for a holiday.

Wall Street`s major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve`s aggressive interest rate stance will lead to a recession.

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