The frontline indices were trading with modest losses in early trade on a bit of a selling pressure in index pivotals. The Sensex traded below the psychological 60,000 level. Metal, IT and consumer durables stocks advanced while bank, financial services and FMCG shares declined .
At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 234.86 points or 0.39% to 59,880.62. The Nifty 50 index declined 65.40 points or 0.37% to 17,848.75.
In the broader market, the S&P BSE Mid-Cap index shed 0.23% while the S&P BSE Small-Cap index rose 0.17%.
The market breadth was positive. On the BSE, 1,604 shares rose and 1,004 shares fell. A total of 147 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,109.34 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,806.62 crore in the Indian equity market on 10 January, provisional data showed.
Stocks in Spotlight:
More From This Section
Tata Motors rose 1.39%. Tata Passenger Electric Mobility (TPEML) and Ford India (FIPL) had executed a unit transfer agreement on 7 August 2022 for acquisition of Ford India's manufacturing plant situated at Sanand, Gujarat for Rs 725.70 crore.
Adani Ports and Special Economic Zone (APSEZ) added 0.13%. The consortium of APSEZ and Israel's Gadot Group (Gadot) has completed the acquisition of Haifa Port Company (HPC) from the government of Israel.
Bank of Baroda declined 1.39%. The bank has approved the revision in Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 12 January 2023.
Uttam Sugar Mills rallied 4.77%.The board of directors of the company approved the increase/enhancement in the 'Distillery Capacity (Ethanol)' from 150 KLPD to 250 KLPD at Barkartpur plant and increase/enhancement in the 'Cane Crushing Capacity' from 23750 TCD to 26200 TCD.
PC Jeweller rose 0.24%. In its business update for the quarter ended 31 December 2022, the company recorded domestic turnover of Rs.829.10 crore as compared to the turnover of Rs.600.18 crore in the corresponding quarter of the previous year, indicating a growth of more than 38%.
Global Markets:
Asian stocks were trading higher as investors looked ahead to the U.S. consumer price index, which would set the Federal Reserve's trajectory in its attempt to tackle inflation.
US stocks ended firmly higher on Tuesday on relief that Federal Reserve Chair Jerome Powell refrained in a speech from commenting on rate policy.
Fed Chairman Jerome Powell on Tuesday stressed the need for the central bank to be free of political influence while it tackles persistently high inflation. In a speech delivered to Sweden's Riksbank, Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.
Meanwhile, the World Bank slashed its growth forecasts for most countries and regions and warned that new adverse shocks could tip the global economy into a recession. Global gross domestic product will probably increase 1.7% this year, about half the pace forecast in June, the Washington-based lender said Tuesday. The bank, which also cut its growth estimates for 2024, said persistent inflation and higher interest rates are among the key reasons. It also cited the impact of Russia's invasion of Ukraine, and a decline in investment.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
