The domestic equity benchmarks were trading with minor cuts in the early trade. The Nifty traded below the 18,400 level. Oil & gas, pharma and healthcare stocks were in demand while IT, metal and auto shares declined.
At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 66.01 points or 0.11% to 61,914.71. The Nifty 50 index lost 28.40 points or 0.15% to 18,381.25.
Tata Motors (down 2.03 %), Hindalco Industries (down 1.56%), Tata Steel (down 1.41%), Tech Mahindra (down 1.39%) and HCL Technologies (down 1.32%) dragged the Nifty lower.
Power Grid Corporation of India (up 1.17%), Adani Enterprises (up 1.02%), Larsen & Toubro (up 1%), Cipla (up 0.72%) and Adani Ports and Special Economic Zone (up 0.66%) outperformed.
In the broader market, the S&P BSE Mid-Cap index declined 0.03% while the S&P BSE Small-Cap index fell 0.05%.
The market breadth was positive. On the BSE, 1,423 shares rose and 1,205 shares fell. A total of 119 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 386.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,437.40 crore in the Indian equity market on 16 November, provisional data showed.
Stocks in Spotlight:
Wipro declined 0.34%. The IT major announced that it has reached an agreement with employee representatives on setting up a European Works Council (EWC).
Hindustan Zinc rose 1.86%. The board of directors of the company approved second interim dividend of Rs 15.50 per equity share for the financial year 2022-23 amounting to Rs. 6549.24 crore. The record date for the purpose of payment of second interim dividend is 24 November 2022.
Tata Power Company shed 0.24%. Tata Power Solar Systems (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy (TPREL) has tied up with Union Bank of India (UBI) to help MSME (Micro, Small and Medium Enterprises) sector switch to solar solutions. The objective of this collaboration is to improve access to green energy and save on the cost of electricity, thus making MSMEs more profitable.
One 97 Communications (Paytm) tumbled 7.54%. SoftBank looks to sell $215 million worth of shares in Paytm, as per reports. The Japanese investor is offering to sell 29 million shares in the company at Rs 555 to Rs 601.45 apiece.
Balrampur Chini Mills added 0.45%. The company has on 16th November 2022 commenced commercial production of industrial alcohol in its new distillery at Maizapur Unit, with a capacity of 320 KLPD. With this addition, the total distillation capacity of the company now stands at 880 KLPD.
Global Markets:
Most Asian stocks were trading lower as investors tried to assess the outlook for Federal Reserve policy following stronger-than-expected retail sales data.
US stocks fell on Wednesday after stronger-than-expected U.S. retail sales clouded the inflation outlook and hopes that the Federal Reserve could ease its aggressive interest rate hikes.
Retail sales jumped 1.3% in October to $694.5 billion, led by higher gas prices and auto sales. Sales were up 0.9% when excluding gas and auto sales. The data showed the ongoing resilience of the consumer despite elevated inflation and higher interest rates.
Republicans will take majority control of the House, as per reports, ousting Democrats from key positions of power and complicating President Joe Biden's legislative hopes for the remainder of his term.
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