Barometers trade with major cuts; Nifty hovers near 17,300

The key equity indices saw some recovery but continued to trade with moderate losses in the morning trade tracking weak global cues. The Nifty hovered near the 17,300 mark. Barring the FMCG index, all the other sectoral indices on the NSE were in the red.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 822.52 points or 1.40% to 58,011.35. The Nifty 50 index lost 250.60 points or 1.43% to 17,308.30.

In the broader market, the S&P BSE Mid-Cap index declined 1.20% while the S&P BSE Small-Cap index fell 1.06%.

The market breadth was weak. On the BSE, 1,014 shares rose and 2,187 shares fell. A total of 153 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 51.12 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 453.59 crore in the Indian equity market on 26 August, provisional data showed.

Investor sentiments were dented after Fed Chair in his address last week flagged the likely need for restrictive monetary policy to curb high inflation.

Buzzing Index:

The Nifty IT index slipped 3.75% to 27,606.80. The index rose 0.29% in the past trading session.

Among the components of the Nifty IT index, Tech Mahindra (down 5.23%), Infosys (down 4.24%), Mindtree (down 3.87%), HCL Technologies (down 3.74%) and Larsen & Toubro Infotech (down 3.63%) were the top losers.

Among the other losers were Wipro (down 3.13%), Coforge (down 3.12%), Tata Consultancy Services (down 2.93%), Mphasis (down 2.22%) and L&T Technology Services (down 2.09%).

Stocks in Spotlight:

UltraTech Cement rose 0.19% after the Aditya Birla group company said that it has completed expansion of 1.3 mtpa capacity at Dalla Cement Works in Uttar Pradesh. This is part of the first phase of capacity expansion announced in December 2020, said the company in a statement on Friday, 26 August 2022.

RITES advanced 2.88% after the company said that it has secured a new business order with JV Partner, for redevelopment of Kollam Railway Station for Rs 361.18 crore from Southern Railway, Ernakulam, Kerala. "The share of RITES in the order is 51%, the Miniratna company said in a statement.

Sansera Engineering jumped 4.90% after the company said it won over Rs 50.8 crore repeat order from a marquee North American manufacturer of EV passenger cars. Sansera has received order confirmation for three components from a marquee North American manufacturer of EV passenger cars.

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