The domestic equity benchmarks traded with modest losses in early trade amid mild selling in index pivotals. Most Asian stocks were trading lower.
At 09:22 IST, the barometer index, the S&P BSE Sensex, was down 121.29 points or 0.21% to 58,685.84. The Nifty 50 index lost 33.25 points or 0.19% to 17,483.60.
In the broader market, the S&P BSE Mid-Cap index rose 0.08% while the S&P BSE Small-Cap index added 0.40%.
The market breadth was strong. On the BSE, 1673 shares rose and 710 shares fell. A total of 83 shares were unchanged.
Meanwhile, a Swiss brokerage firm reportedly expects Indian economy to continue to show positive surprises and record up to 9% growth in the next fiscal. For the current financial year too, the brokerage anticipates growth to be higher than the consensus forecast of 8.4-9.5%, and printing in at around 10.5%, media reports said.
Stocks in Spotlight:
Raymond added 0.33% to Rs 648.70. The company said that its wholly owned material subsidiary JK Files & Engineering has filed a draft red herring prospectus (DRHP) dated 8 December 2021 with Securities & Exchange Board of India towards an initial public offer (IPO) comprising of an offer for sale (OFS) for Rs 800 crore.
Bajaj Electricals soared 7.06% to Rs 1120.50 after the company said that its board has authorised some of the directors and officials of the company to review the corporate structure of the company to unlock growth and value creation for all business segments (restructuring).
Marksans Pharma jumped 6.43% to Rs 63.70. The company announced that UK MHRA has granted Market Authorisation to its wholly owned subsidiary Relonchem for Loperamide 2mg hard capsules.
Global markets:
Asian stocks were trading lower on Friday as investors assess risks associated with the new omicron Covid variant and look ahead to key inflation data in the U.S.
Wall Street closed lower on Thursday as investors banked some profits after three straight days of gains and turned their focus toward upcoming inflation data and how it might influence the Federal Reserve's meeting next week.
On Friday, the Labor Department will release the consumer price index for November. As per reports, the reading could mark its highest year-over-year level since 1982.
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