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Budget News

  • Shares pare recovery gains; European shares decline
  • January 21,2022  14:30
  • The domestic equity benchmarks failed to maintain recovery and declined further in mid-afternoon trade. The Nifty was trading below the 17,600 mark.

    At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 513.31 points or 0.86% to 58,951.31. The Nifty 50 index fell 168.55 points or 0.95% to 17,588.45.

    In the broader market, the S&P BSE Mid-Cap index lost 1.66% while the S&P BSE Small-Cap index fell 1.50%.

    The market breadth was weak. On the BSE, 1,073 shares rose and 2,265 shares fell. A total of 88 shares were unchanged.

    Numbers to Track:

    The yield on India's 10-year benchmark federal paper rose to 6.621% as compared with 6.608% at close in the previous trading session.

    In the foreign exchange market, the rupee edged high against the dollar. The partially convertible rupee was hovering at 74.4300, compared with its close of 74.5100 during the previous trading session.

    MCX Gold futures for 4 February 2022 settlement shed 0.37% to Rs 48,199.

    The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 95.66.

    In the commodities market, Brent crude for March 2022 settlement fell $1.33 or 1.50% to $87.05 a barrel.

    Stocks in Spotlight:

    Polycab India slumped 4.96% to Rs 2548.90 after the company's consolidated net profit rose 1.38% to Rs 248.40 crore on 22.78% increase in net sales to Rs 3,371.99 crore in Q3 December 2021 over Q3 December 2020.

    PNB Housing Finance was locked in 5% lower circuit at Rs 463 after the company's consolidated net profit declined 18.9% to Rs 188 crore on 21.1% fall in total income to Rs 1,495.61 crore in Q3 FY22 over Q3 FY21.

    Global markets:

    Shares in Europe and Asia declined on Friday, tracking declines on Wall Street overnight.

    Britain's GfK Consumer Confidence Index sank to -19 in January from -15 in December, its lowest reading since February 2021, as soaring inflation and the prospect of further interest rate hikes dampened the outlook.

    Meanwhile, Japan's inflation data released on Friday showed that core consumer prices rose 0.5% in December compared to a year earlier, as fuel and raw material costs increased, as per reports.

    US stocks moved lower on Thursday, giving up their sharp gains from earlier in the session, as Wall Street continues to struggle this year in a rising interest rate environment.

    Concern that the Federal Reserve will aggressively move to raise rates this year took toll on the market. Investors are anxiously awaiting the U.S. central bank's policy meeting next week for new details on how it will tackle inflation.

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