The key equity barometers were hovering near the flat line with minor cuts in the early trade on Wednesday. The Nifty was trading below 17,580 mark. Realty, pharma and media stocks were in demand while auto, metal and financial services shares declined.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 41.37 points or 0.07% to 58,989.93. The Nifty 50 index shed 14.55 points or 0.08% to 17,562.95.
In the broader market, the S&P BSE Mid-Cap index rose 0.14% while the S&P BSE Small-Cap index gained 0.65%.
The market breadth was strong. On the BSE, 1,881 shares rose and 736 shares fell. A total of 115 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 563 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 215.20 crore in the Indian equity market on 23 August, provisional data showed.
Stocks in Spotlight:
Adani Enterprises shed 0.40% while NDTV hit an upper circuit of 5%. AMNL is 100% subsidiary of Adani Enterprises (AEL). RRPR is a promoter group company of NDTV and holds 29.18% stake in NDTV. AMG Media Networks (AMNL)'s wholly owned subsidiary Vishvapradhan Commercial (VCPL) holds warrants of RRPR Holding (RRPR) entitling it to convert them into 99.99% stake in RRPR. VCPL has exercised warrants to acquire 99.5% stake in RRPR. Such acquisition will result in VCPL acquiring control of RRPR.
Maruti Suzuki India declined 0.62%. The car major has recalled 166 Dzire Tour S vehicles manufactured between 6 August 2022 to 16 August 2022 to replace airbag control unit. Maruti Suzuki India said it will replace airbag control unit free of cost in these vehicles.
Chennai Petroleum Corporation (CPCL) rallied 4.64%. At its meeting considered and approved the Proposal for formation of a Joint Venture Company amongst CPCL, Indian Oil Corporation and Other Seed Equity Investors viz., Axis Bank Limited, HDFC Life Insurance Company Limited, ICICI Bank Limited, ICICI Prudential Life Insurance Company Limited and SBI Life Insurance Company Limited for Implementing the 9 MMTPA Refinery Project at Cauvery Basin Refinery, Nagapattinam District, at an estimated cost of Rs 31,580 crore (+/- 10% accuracy).
UGRO Capital gained 2.3%. The meeting of the Investment and Borrowing Committee of the Board of Directors is scheduled to be held on 26 August 2022 to consider and approve raising of funds by way of issuance of Non-Convertible Debentures through private placement basis.
Global Markets:
Asian stocks are trading mixed on Wednesday as investors assessed whether an escalating economic slowdown will lead the Federal Reserve to temper the pace of monetary tightening.
Wall Street ended down on Tuesday as investors focused on data showing a slowing economy ahead of a US Federal Reserve gathering later this week in Jackson Hole, Wyoming.
Data Tuesday showed sales of new US homes fell for the sixth time this year to the slowest pace since early 2016, while business activity contracted for a second straight month.
Investors are awaiting Fed Chair Jerome Powell's speech at the Jackson Hole symposium on Friday for a sense of how hawkish the US central bank will be in the face of mounting economic challenges
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