The frontline indices continued to trade with modest losses in the mid-afternoon trade. The Nifty hovered near the 18,250 mark. Consumer durables shares extended losses for the third consecutive trading session.
At 14:29 IST, the barometer index, the S&P BSE Sensex, was down 255.15 points or 0.41% to 61,495.45. The Nifty 50 index lost 90.15 points or 0.49% to 18,253.75.
In the broader market, the S&P BSE Mid-Cap index slipped 0.82% while the S&P BSE Small-Cap index shed 0.67%.
The market breadth was weak. On the BSE, 1,247 shares rose, and 2,216 shares fell. A total of 117 shares were unchanged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.295 as compared with 7.281 at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.7550, compared with its close of 81.6450 during the previous trading session.
MCX Gold futures for 5 December 2022 settlement added 0.13% to Rs 52,910.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 106.73.
The United States 10-year bond yield rose 0.29% to 3.784.
In the commodities market, Brent crude for January 2023 settlement declined 5 cents or 0.06% to $89.73 a barrel.
Buzzing Index:
The Nifty Consumer Durables index shed 1.14% to 25,723.25, extending losing run for the third session. The index lost 2.91% in three trading sessions.
Relaxo Footwears (down 2.65%), Dixon Technologies (India) (down 2.31%), Rajesh Exports (down 1.87%), Crompton Greaves Consumer Electricals (down 1.6%), Voltas (down 1.5%), TTK Prestige (down 0.88%), Titan Company (down 0.8%), Havells India (down 0.78%), V-Guard Industries (down 0.56%) and Bata India (down 0.54%) edged lower.
On the other hand, Orient Electric (up 1.55%), Kajaria Ceramics (up 0.96%) and Amber Enterprises India (up 0.13%) rose.
Stocks in Spotlight:
Strides Pharma Science rose 1.81% after the company said that its step-down wholly owned subsidiary, Strides Pharma Global, Singapore, has received approval from the US drug regulator for Potassium Chloride Oral Solution. The product approval further strengthens the Potassium Chloride franchise for the company which now comprises of extended-release capsules, extended-release tablets, powder for oral solutions and oral solutions. The company also has a pipeline of other Potassium Chloride products which are expected to be approved and launched in FY24.
Mold Tek Packaging fell 2.81%. The company said that it has received a letter of award (LoA) from Grasim Industries - Birla Paints Division, for supply of packing material (PAILS) and accordingly, a co-located facility will be set-up by the company at Cheyyar near Chennai to cater to their demands. The new facility is expected to be set up and operational by January 2024 and shall call for an investment of approximately Rs 30 crore.
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