Benchmarks trade with deep cuts; Nifty hovers below 18,300

The key equity indices traded in a narrow range with major losses in the afternoon trade. The Nifty hovered below the 18,300 level. Negative global cues, persistent recession worries and fears of interest rates hikes dampened the investor sentiments. All the sectoral indices on the NSE were in the red with PSU bank, realty and auto shares falling the most.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 479.51 points or 0.78% to 61,326.68. The Nifty 50 index lost 150.35 points or 0.82% to 18,270.10.

In the broader market, the S&P BSE Mid-Cap index shed 0.78% while the S&P BSE Small-Cap index declined 0.28%.

 

The market breadth was positive. On the BSE, 1409 shares rose and 2039 shares fell. A total of 149 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.14% to 14.25.

Gainers & Losers:

Adani Enterprises (up 0.80%) and Tata Consultancy Services (up 0.52%) were Nifty gainers.

Eicher Motors (down 2.85%), Hindalco Industries (down 2.50%), UPL (down 2.36%), Hindustan Unilever (down 2.26%) and Tata Motors (down 2.08%) were major Nifty losers.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) rose 0.06% while IRCTC fell 1.21%. The life insurer disclosed that it increased its stake in Indian Railway Catering and Tourism (IRCTC) to 7.278% from 5.005% earlier. LIC bought 1,81,80,323‬ shares, or 2% equity, at an average cost of Rs 692.28 via open market purchase during the period from 17 October 2022 to 16 December 2022.

Just Dial declined 1.90% after Reliance Retail Ventures (RRVL), company's promoter intended to sell equity shares of the company through open market for the purpose of complying with the requirements of minimum public shareholding. As on 30 September 2022, the promoter and promoter group held 76.98% stake in Just Dial, of which RRVL held 66.40%. As per regulatory norms, the total promoter holding in a company must not exceed 75%.

Balrampur Chini Mills rose 2.93%. The company said that on Monday (19 December 2022), the company has commenced commercial production of rectified spirit / industrial alcohol for the additional capacity of 170 kilo litre per day (KLPD) at Balrmapur Unit.

Global Markets:

Asian stocks declined across the board on Tuesday as the People's Bank of China kept its key lending rates steady, in line with expectations. The People's Bank of China maintained its one-year loan prime rate at 3.65% and its five-year loan prime rate at 4.30%.

Investors are awaiting the Bank of Japan (BOJ)'s monetary decision. As per reports, the BOJ is expected to maintain its ultra-dovish monetary policy stance.

US stocks closed lower on Monday for a fourth straight session as investors shied away from riskier bets, worried the Federal Reserve's tightening campaign could push the US economy into a recession.

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