The key equity indices traded in a narrow range with modest losses in the mid-afternoon trade. The Nifty hovered near the 15,800 level. Oil & gas, metal and auto stocks gained whereas consumer durables, private banks and financial services stocks declined. Auto stocks gained for the fourth consecutive day.At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 145.78 points or 0.27% to 53,015.50. The Nifty 50 index fell 28.35 points or 0.18% to 15,803.70.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index declined 0.04% while the S&P BSE Small-Cap index shed 0.09%.
The market breadth was positive. On the BSE, 1,623 shares rose and 1,580 shares fell. A total of 163 shares were unchanged.
Fears of recession have increased lately as the Federal Reserve tries to combat surging inflation with aggressive rate hikes, resulting in volatile risk sentiment around the world.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.458 as compared with 7.407 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 78.7575, compared with its close of 78.37 during the previous trading session.
MCX Gold futures for 5 August 2022 settlement advanced 0.50% to Rs 50,900.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.05% to 103.88.
In the commodities market, Brent crude for August 2022 settlement rose $1.48 cents or 1.29% at $116.57 a barrel.
Buzzing Index:
The Nifty Auto index rose 0.87% to 11,787.70, continuing its gaining streak to the fourth day. The index has gained 8.32% in four trading sessions.
Among the components of the Nifty Auto index, Tube Investments of India (up 3.29%), Ashok Leyland (up 2.72%), Mahindra & Mahindra (up 2.42%), TVS Motor Company (up 1.57%) and MRF (up 1.33%) were the top gainers.
Among the other gainers were Bharat Forge (up 0.93%), Bajaj Auto (up 0.38%), Maruti Suzuki India (up 0.32%), Tata Motors (up 0.24%) and Balkrishna Industries (up 0.14%).
Stocks in Spotlight:
Cipla rose 0.75% to Rs 939.25. The drug major on Monday said that it has entered into definitive agreements for further investment of Rs 25.90 crore in digital tech company GoApptiv. Post completion of the deal, Cipla's total stake in GoApptiv will increase to 22.02% on a fully diluted basis. GoApptiv is a digital tech company engaged in the business of offering digital solutions to pharmaceutical companies for increasing patient reach. It offers end to end business solutions including distribution, digital solutions, integrated brand sales management, digital marketing, patient support and healthcare data analytics, channel engagement etc., for healthcare companies.
Paras Defence and Space Technologies rose 0.57% to Rs 583.55, extending gains for third day in a row. In a regulatory filing made just before closing hours yesterday, Paras Defence and Space Technologies said that New Space India (NSIL), a central public sector enterprise under the administrative control of the Department of Space (DOS), the Government of India has executed a letter of intent (LoI) dated 27 June 2022 with the company for handing over the technology of “optical imaging system” as developed by Indian Space Research Organization (ISRO).This technology will be transferred by way of a technology transfer agreement for the development, manufacturing, and sale of the optical imaging system in India and abroad. The draft of the agreement has been handed over by NSIL to Paras.
Bank of Baroda rose 1% to Rs 100.95 after the bank said that its board has approved raising upto Rs 5,000 crore by issuing long term bonds in single or multiple tranches during the financial year 2022-23. The funds will be utilized for financing of infrastructure and affordable housing. These bonds shall be senior, unsecured and will not form part of capital of the bank.
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