The key equity benchmarks ended with small cuts after a volatile session on Friday. The Nifty closed a tad below the 15,300 level after hovering in a band of 15,183.40 and 15,400.40 in the intraday. Investors feared that aggressive interest rate hikes enacted by global central banks to rein in surging inflation could possibly lead to a recession.
The barometer index, the S&P BSE Sensex, declined 135.37 points or 0.26% to 51,360.42. The Nifty 50 index fell 67.10 points or 0.44% to 15,293.50.
Titan Company (down 6.06%), Wipro (down 4.07%), Dr Reddy's Laboratories (down 3.35%), Asian Paints (down 2.79%) and Sun Pharmaceutical Industries (down 2.78%) were major drags.
The Sensex and the Nifty have lost 7.16% and 7.19%, respectively, in six consecutive trading sessions.
In the broader market, the S&P BSE Mid-Cap index lost 0.68% while the S&P BSE Small-Cap index slipped 0.88% today.
The market breadth was weak. On the BSE, 1,076 shares rose and 2,252 shares fell. A total of 93 shares were unchanged.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper fell to 7.546 as compared with 7.617 at close in the previous trading session.
In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 78.08, compared with its close of 78.1025 during the previous trading session.
MCX Gold futures for 5 August 2022 settlement rose 0.30% to Rs 51,140.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, increased 0.68% to 104.34.
In the commodities market, Brent crude for August 2022 settlement fell $1.08 or 0.90 % at $120.89 a barrel. The contract rose $1.3 or 1.10% to settle at $119.81 a barrel during the previous trading session.
Foreign Markets:
The Dow Futures rose 202 points, indicating a positive opening in the US stocks today.
European stocks advanced while Asian markets ended mixed on Friday, as investors weigh the possibility of aggressive monetary policy tightening leading to a recession.
Data on Friday confirmed euro zone inflation at a record high of 8.1% year-on-year in May.
Meanwhile, the Bank of Japan on Friday decided to maintain its ultra-loose monetary policy stance, diverging substantially from its global peers.
US stock indexes closed sharply lower on Thursday in a broad sell-off as recession fears grew following moves by central banks around the globe to stamp out rising inflation after the Federal Reserve's largest rate hike since 1994.
Buzzing Indian Segment:
The Nifty Pharma index fell 2.18% to 11,803.95. The index fell 3.73% in two sessions.
Laurus Labs (down 5.11%), Gland Pharma (down 3.21%), Dr. Reddy's Laboratories (down 3.06%), Sun Pharmaceutical Industries (down 2.9%), Divi's Laboratories (down 2.5%), Cipla (down 2.44%), Zydus Lifesciences (down 2.39%), Biocon (down 2.14%), Torrent Pharmaceuticals (down 1.51%), Aurobindo Pharma (down 1.03%) and Lupin (down 0.82%) tumbled.
Stocks in Spotlight:
Delta Corp rallied 12.42%. The firm said that its wholly-owned subsidiary, Deltatech Gaming (DGL), has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offer.
The IPO will comprise a fresh issue of equity shares of face value of Re 1 each, for an amount aggregating up to Rs 300 crore and an offer for sale (OFS) of the equity shares held by the company, for an amount aggregating up to 250 crore.
Wipro declined 4.07%. Eros Investments has signed an alliance agreement with Wipro to evolve and scale the artificial intelligence (AI) and machine learning (ML) based content localization solution.
Grasim Industries rose 0.63%. Pavan Jain has been appointed as the company's new CFO and key Managerial Personnel, effective August 15.
Prime Focus tumbled 4.96% after the company announced that its UK-based subsidiary DNEG and Sports Ventures Acquisition Corp. mutually agreed to terminate their previously announced business combination agreement, effective immediately.
Ratnamani Metals & Tubes slumped 4.94%. The company announced that it has secured new orders aggregating to Rs 203 crore including export orders worth Rs 187 crore, expected to be executed within the financial year 2022-23.
RITES fell 2.17%. The PSU firm secured an operation and maintenance work order from Container Corporation of India for Rs 364.56 crore.
Ahluwalia Contracts (India) lost 0.65%. The company said it won an order for construction of National Police Academy in Maharajgunj, Nepal. The total work order for the joint venture project stood at Rs 630.95 crore. The company's share in the project is 70%, amounting to approximately Rs 442 crore.
Further, the company also received an order for the re-construction of Assam Bhavan Chanakyapuri in Delhi for Rs 62 crore.
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