Financial Market

Indices trade sideways, broader market slumps

The key equity barometers hovered near the flat line in the mid afternoon trade. Mixed global cues dented sentiment. The Nifty was hovering below the 15,300 level. FMCG, financial services and IT shares advanced while metal, oil & gas and media stocks witnessed major selling pressure.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 20.89 points or 0.04% to 51,381.31. The Nifty 50 index down 14.95 points or 0.09% to 15,278.55.

The broader market tumbled. The S&P BSE Mid-Cap index slipped 2.19% while the S&P BSE Small-Cap index lost 3.57%.

Sellers outnumbered buyers. On the BSE, 532 shares rose and 2,824 shares fell. A total of 155 shares were unchanged.

Numbers to Track:

The yield on India’s 10-year benchmark federal paper fell to 7.459 as compared with 7.546 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 78.01, compared with its close of 78.05 during the previous trading session.

MCX Gold futures for 5 August 2022 settlement rose 0.04% to Rs 50,855.

The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, decreased 0.23% to 104.46.

In the commodities market, Brent crude for August 2022 settlement fell 80 cents or 0.71% at $112.32 a barrel.

Midcap and Smallcap lossers:

JSW Energy (down 12.18%), Oil India (down 11.82%), Hindustan Aeronautics (down 9.37%), Adani Total Gas (down 9.24%) and National Aluminium Company (down 9.05%) were major losers in Nifty Midcap 100 index.

Rain Industries (down 13.92 %), Bharat Dynamics (BDL) (down 12.77%), Hind Copper (down 12.35%), Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) (down 11.26%) and HFCL (down 10.07%) were major losers in Nifty Smallcap 100 index.

Stocks in Spotlight:

Shree Cement rose 1.13% after the company’s board approved setting up an integrated cement plant in Guntur, Andhra Pradesh. The board of the company has allowed setting up of integrated cement plant at Dachepalli, Tehsil Pedagarlapadu in Guntur district of Andhra Pradesh having clinker capacity of 1.5 million ton per annum (MTPA) and cement capacity of 3.0 MTPA. The project will require a total investment of Rs 2,500 crore, which will be financed through internal accruals and debt. The capacity is expected to be added by the quarter ending December 2024.

Aurobindo Pharma was down 1.23%. The drug maker on Saturday announced that its board has approved acquisition of 51% stake in Hyderabad-based GLS Pharma for a cash consideration of Rs 28.05 crore. Aurobindo Pharma said that the investment is undertaken to expand the foothold of the company in oncology business in the domestic market and for inorganic addition to capacity and revenues in oncology business.

Greenlam Industries gained 1.16% after the company’s board approved preferential issue of equity shares worth upto Rs 195 crore to Smiti Holding and Trading Company. The board of Greenlam approved preferential issue of 63,10,680 equity shares, constituting 4.97% of the share capital, at Rs 309 each, aggregating to Rs 195 crore. The proposal is subject to the approval of the shareholders, stock exchanges and such other regulatory authorities as may be applicable. Greenlam will hold an extra-ordinary general meeting (EGM) on 16 July 2022, to seek shareholders approval for the proposed preferential allotment.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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