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Sensex slips 247 pts, Nifty below 17,300 level, European shares decline

Published on Oct 07, 2022 13:36

The domestic equity barometers continued to trade with moderate losses in the afternoon trade. Negative global cues impacted the sentiment. The Nifty traded below the 17,300 level. Consumer durables and media stocks advanced while, metal, bank and financial services shares witnessed a bit of a selling pressure.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 247.04 points or 0.42% to 57,975.06. The Nifty 50 index lost 74.40 points or 0.43% to 17,257.40.

In the broader market, the S&P BSE Mid-Cap index declined 0.58% while the S&P BSE Small-Cap index shed 0.10%.

The market breadth was negative. On the BSE, 1,604 shares rose, and 1,731 shares fell. A total of 139 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.

Gainers & Losers:

Titan Company (up 5.09%), Maruti Suzuki India (up 1.10%), Bharti Airtel (up 0.79%), Hero MotoCorp (up 0.68%) and Sun Pharmaceutical Industries (up 0.67%) were top Nifty gainers.

State Bank of India (SBI) (down 1.91%), JSW Steel (down 1.74%), Mahindra & Mahindra (M&M) (down 1.72%), Coal India (down 1.58%) and Bharat Petroleum Corporation (BPCL) (down 1.54%) were major Nifty losers.

Titan Company rallied 5.09% after the Tata Group company said that it witnessed double-digit growth across most businesses with overall sales growing 18% year on year (YoY). Retail network continued the pace of expansion adding 105 stores (net) for the quarter. The company`s flagship Jewellery division grew 18% YoY on a high base of Q2 FY22 that had elements of pent-up demand and spillover purchases of a Covid disrupted Q1 FY22.

Stocks in Spotlight:

Dabur India shed 1.20%. The company said that the consolidated revenue is expected to grow at mid-single digit. The company said that it will continue to grow ahead of category growths and gain market share in most of its segments, both in domestic and overseas markets.

During the quarter inflation was at peak levels which impacted gross margins. The input cost pressure led to a near term impact on operating margin which is expected to be lower by around 150-200 bps as compared to Q2 FY22 but will see sequential improvement. With commodity prices easing, inflation is expected to ease in H2 FY22 leading to YoY improvement in operating margins.

Kalyan Jewellers India advanced 3.87% after the company said that it achieved a consolidated revenue growth of approximately 20% in Q2 FY23 as compared to the same period in the previous financial year. The company said it witnessed continued robust momentum in footfalls and revenues across all markets in India and Middle East, while effectively navigating through a challenging economic environment. The counter hits a record high of 104.60 in intraday today.

NTPC declined 0.46%. NTPC and GE Gas Power signed a Memorandum of Understanding (MoU) for feasibility to demonstrate hydrogen co-firing blended with natural gas in GE`s 9E gas turbines installed at NTPC`s Kawas combined-cycle gas power plant in Gujarat.

Global Markets:

Shares in Europe and Asia declined across the board 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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