The benchmark indices traded with modest losses in the afternoon trade. After hitting the day's high of 15,837.80 in early afternoon trade, the Nifty slipped below the 15,800 level. Oil & gas, auto and metal stocks advanced while consumer durables, private banks and financial services stocks corrected.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 195.54 points or 0.37% to 52,965.74. The Nifty 50 index fell 44.10 points or 0.28% to 15,787.95.
In the broader market, the S&P BSE Mid-Cap index declined 0.16% while the S&P BSE Small-Cap index shed 0.20%.
The market breadth was negative. On the BSE, 1,532 shares rose and 1,636 shares fell. A total of 157 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.
Economy:
India's export of petroleum products slipped 1% in May over the year after rising 22% in April as summer demand in the domestic market boosted local purchases, according to the oil ministry data. India exported 5.7 million metric tonnes (MMT) of petroleum products in May, 6% higher than in April but 1% lower than in May 2021. Imports rose 14% to 3.2 MMT in May over the year, compared to 3.8 MMT in April. Net export fell 0.4 MMT during the month over the year.
Gainers & Losers:
ONGC (up 3.60%), Hindalco Industries (up 1.70%), Mahindra & Mahindra (M&M) (up 1.53%), Coal India (up 1.26%) and Tata Steel (up 1.06%) were major Nifty gainers.
Titan Company (down 3.68%), Asian Paints (down 3.48%) and Bajaj Finserv (down 2.16%), Adani Ports (down 1.87%) and Bajaj Finance (down 1.62%) were majority Nifty losers.
Mahindra & Mahindra (M&M) rose 1.53%, extending gains for the fourth trading session. Shares of M&M have risen 11.64% in four trading sessions. M&M on Monday (27 June 2022) launched its much-awaited SUV - the All-New 'Scorpio-N' - starting at Rs 11.99 lakh. Bookings for the All-New Scorpio-N will open online and simultaneously at Mahindra dealerships on 30 July 2022, 11.00 AM onwards. The development and engineering of the All-New Scorpio-N is the outcome of an overall investment of Rs 1,600 crore which includes setting up of a highly automated manufacturing line.
Stocks in Spotlight:
Cipla rose 0.19%. 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. The drug major said that the investment will be made in equity shares and compulsorily convertible preference shares and is likely to be completed within 30 days or such other date mutually agreed between the parties and shall be subject to fulfillment of necessary closing conditions.
Bank of Baroda gained 0.95% 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.
Global Markets:
The Dow Jones index futures were up 120 points, indicating a positive opening in the US stocks today.
Shares in Europe and Asia advanced across the board on Tuesday as investors weigh economic concerns.
Profits at China's industrial firms shrank at a slower pace in May following a sharp fall in April. Profits fell 6.5% from a year earlier, less than the 8.5% decline in April, according to data released by the National Bureau of Statistics (NBS).
US stocks closed lower on Monday on heightened inflation worries and tightening Fed policy. The major averages struggled as investors weighed whether stocks have reached a bottom or are instead briefly rebounding from oversold conditions.
Meanwhile, Ukraine's President Volodymyr Zelenskyy has addressed the leaders of the G-7 nations who are gathered in Munich, Germany, reportedly pressing them for more heavy weaponry and help to end the war before winter sets in. Zelenskyy has reportedly requested anti-aircraft defense systems to help protect Ukraine and has said he wants the war to end before the end of the year. The G-7, in turn, has promised to support Ukraine for as long as it takes.
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