Barometers near the days high; European shares trade mixed

22 Nov 2022 , 01:32 PM

The key equity barometers continued to trade near the days high in afternoon trade. The Nifty continued to hold above the 18,200 mark. Markets in Europe and Asia traded in a mixed manner. At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 190.78 points or 0.31% to 61,335.62. The Nifty 50 index added 52.75 points or 0.29% to 18,212.70. IndusInd Bank (up 2.54%), UltraTech Cement (up 1.33%), Adani Ports (up 1.08%), Titan Company (up 1%) and Divis Lab (up 0.96%) were the top Nifty gainers. BPCL (down 1.26%), Nestle India (down 0.81%), Power Grid Corp (down 0.73%), ONGC (down 0.59%) and Cipla (down 0.41%) were the top Nifty losers. In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index shed 0.08%. The market breadth was almost even. On the BSE, 1,597 shares rose, and 1,765 shares fell. A total of 170 shares were unchanged. Stocks in Spotlight: Axis Bank rose 0.02%. The bank said that S&P Global Ratings raised the banks long-term and short-term issuer credit rating to BBB-/A-3 from BB+/B and the outlook on the long-term rating is stable. The agency has also raised the long-term issue rating on the banks senior unsecured notes to BBB- from BB+. Easy Trip Planners zoomed 11.99%. The company said that it has signed an agreement through a memorandum of understanding (MoU) with Assam Tourism Development Corporation (ATDC). The objective of this MoU is to share resources and collectively collaborate to boost the growth of tourism in Assam. Binded by the MoU, EaseMyTrip will provide white label solutions to endorse ATDC properties on its website and mobile application. Vedanta added 1.02%. The miners board will meet today, 22 November 2022, to consider third interim dividend on equity shares, if any, for the Financial Year 2022-23. Global Markets: Markets in Europe and Asia traded in a mixed manner on Tuesday as concerns over Chinas COVID flare ups and hawkish US Fed commentary. China is struggling with a new outbreak of COVID cases in a number of cities, which resulted in its first COVID-related death in almost six months over the weekend. This has sparked concern that the country could see a return of widespread mobility restrictions, weighing on economic activity in the regions main growth driver and a major export market for Europes companies. At the same time, inflation in the Eurozone soared past 10% at the end of last month, up from 9.9% in September, which will see the European Central Bank continuing to hike interest rates, weighing on economic expansion in the region. The ECB has ratcheted up rates by 200 basis points since July, and another increase is widely expected in December. The Organisation for Economic Cooperation and Development will publish its latest economic outlook later Tuesday. The Paris-based policy forum was especially pessimistic about the outlook in Europe in September, and its difficult to see how the situation could have improved in the intervening period. The U.K. reported smaller than expected public sector net borrowing for October, a welcome surprise after Chancellor Jeremy Hunt last week announced tax hikes and spending cuts to fix the countrys balance sheet. US stocks fell Monday in a volatile session to start a short trading week due to the Thanksgiving holiday. Fears that China may again ramp up Covid restrictions after reporting deaths from the virus weighed on markets. Traders also looked for further signals from the Federal Reserve about future interest rate hikes. San Francisco Federal Reserve President Mary Daly said on Monday that there was more work to be done in order to tighten monetary policy and cool inflation, and that the real-world impact of recent rate hikes will probably be greater than what the short-term target rate implies. Cleveland Fed President Loretta Mester said she supports a smaller rate hike in December, which is in line with market expectations for a 50 basis point bps hike. Powered by Capital Market – Live News