After a brief recovery, the benchmark indices tumbled once again in mid-afternoon trade. The Nifty slipped below the 17,300 mark.
At 14:15 IST, the barometer index, the S&P BSE Sensex, tumbled 258.05 points or 0.44% at 58,025.37. The Nifty 50 index tanked 70.25 points or 0.40% at 17,298.
Reliance Industries (RIL) (down 1.38%), Housing Development Finance Corporation (HDFC) (down 1.56%) and ITC (down 2.47%) were major drags.
In the broader market, the S&P BSE Mid-Cap index shed 0.69% while the S&P BSE Small-Cap index lost 0.02%.
The market breadth was positive. On the BSE, 1,704 shares rose and 1,574 shares fell. A total of 117 shares were unchanged.
Economy:
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India's inflation based on wholesale price index (WPI) surged to 14.2% on the back of higher food prices. It had jumped to a five-month high of 12.54% in October.
India's retail inflation based on Consumer Price Index (CPI) has risen to a three-month high of 4.91% in November this year. As per the Ministry of Statistics and Programme Implementation data released today, this is the fifth month that the retail inflation has remained within the RBI's target band of 2-6%.
The CPI inflation in rural India stood at 4.29% and 5.54% in urban areas in the review period of last month. The retail inflation had risen to 4.48% in October from 4.35% in September.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 6.361% as compared with 6.370% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 75.8775, compared with its close of 75.7850 during the previous trading session.
MCX Gold futures for 4 February 2022 settlement fell 0.14% to Rs 48,235.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.17% to 96.48.
In the commodities market, Brent crude for February 2022 settlement rose 31 cents at $74.70 a barrel.
Buzzing Index:
The Nifty Realty index fell 1.05% to 507. The index gained 2.31% in the past trading session.
Macrotech Developers (down 4.53%), The Phoenix Mills (down 3.20%), Sobha (down 2.31%), Sunteck Realty (down 1.61%) and Godrej Properties (down 0.65%) were the top losers in the Realty segment.
Global Markets:
European stocks opened higher while Asian stocks tumbled on Tuesday, 14 December 2021. Sentiment remained cautious amid the continuing spread of the omicron COVID-19 variant.
U.K. Prime Minister Boris Johnson confirmed that at least one patient infected with the new omicron variant of COVID-19 has died in the country. China also reported its first omicron case.
The Asian Development Bank on Tuesday trimmed its growth forecasts for developing Asia for this year and next to reflect risks and uncertainty brought on by the new Omicron coronavirus variant. The lender now sees 2021 gross domestic product (GDP) growth of 7% for developing Asia, down from 7.1%, and 2022 growth of 5.3%, down from 5.4% in September.
Investor focus will be on the Fed's latest two-day policy meeting, which kicks off on Tuesday. After the meeting wraps up on Wednesday, the Fed is expected to announce that it will speed up the pace of tapering its asset purchasing program.
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