Domestic shares continued to trade with small losses in afternoon trade amid gloomy sentiment in global markets. High crude oil prices and a weak rupee also spoiled sentiment.
At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 39.70 points or 0.07% at 60,096.08. The Nifty 50 index fell 15.05 points or 0.08% at 17,930.90.
IT stocks were under pressure followed by pharma and healthcare shares. On the other hand, PSU banks and consumer durables stocks were in demand.
In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index was up 0.15%.
The market breadth was almost even. On the BSE, 1638 shares rose and 1617 shares fell. A total of 153 shares were unchanged.
In the foreign exchange market, the partially convertible rupee was hovering at 75.64, lower than its close of 75.36 in the previous trading session.
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In the commodities market, Brent crude for December 2021 settlement was up 0.10% at $83.73 a barrel.
India is heavily dependent on oil imports for satisfying its domestic demand. A high crude price directly maps into a high trade deficit and in turn a high current account deficit (CAD). At the same time, being an important input for the aggregate economy, a crude price shock also leads to a spike in domestic inflation.
Stocks in Action:
Titan Company (up 4.03%), Bajaj Finserv (up 3.18%), Bajaj Auto (up 2.67%), Hero MotoCorp (up 2.07%) and SBI (up 1.65%) were major gainers.
HCL Technologies (down 4.61%), Tech Mahindra (down 2.44%), Coal India (down 1.73%), UltraTech Cement (down 1.72%) and Mahindra & Mahindra (down 1.67%) were major losers.
Multiplex operators, Inox Leisure (up 2.11%) and PVR (up 0.66%) advanced after the Maharashtra government reportedly allowed cinema theatres to open in Mumbai from 22nd October with 50% capacity.
Global Cues:
US Dow Jones index futures were down 145 points, indicating a weak opening in the US stock market today.
European shares declined in early trade while most Asian stocks were in the red. Higher commodity prices and rising bond yields weighed on stocks.
US stocks declined on Monday as investors looked at surging oil prices, economic worries and major earnings results lined up ahead.
Goldman on Monday lowered its 2022 growth estimate for US to 4% from 4.4% and took its 2021 estimate down a tick to 5.6% from 5.7%. The firm cited the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending, specifically services.
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