Barometers trade almost flat, auto stocks decline

24 Aug 2022 , 02:33 PM

The key equity barometers hovered near the flat line with minor cuts in the mid-afternoon trade. The Nifty traded below 17,600 level. Realty, media and private bank stocks advanced while pharma, consumer durables, and auto stocks were under pressure. At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 43.01 points or 0.07% to 58,988.29. The Nifty 50 index declined 4 points or 0.02% to 17,573.50. The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index gained 0.66%. The market breadth was strong. On the BSE, 2,025 shares rose and 1,321 shares fell. A total of 154 shares were unchanged. Economy: Indias GDP growth in the first quarter of the current fiscal will reach double digits to 13% due to a low base and a strong recovery in the contact-intensive sectors as a result of the expanding vaccination coverage, according to an ICRA report. ICRA anticipates that the services sector will lead sectoral growth in the first quarter of FY23 (+17-19%), followed by the industry (+9-11%). Due to the negative effects of the heat wave in numerous regions of the country, which reduced wheat yield, GVA growth in agriculture, forestry, and fishery is predicted to fall to 1% in the first quarter of FY23 from 4.1% in the fourth quarter of FY22. Meanwhile, Indias crude oil production during July 2022 was 2453.19 thousand metric tonnes (TMT), which is 5.57% lower than target for the month and 3.76% lower than the production of July 2021. Natural gas production during July 2022 was 2882.54 million metric standard cubic meters (MMSCM), which is 3.33% lower than the monthly target and 0.40% lower than production of July 2021. Numbers to Track: The yield on Indias 10-year benchmark federal paper rose to 7.297 as compared with 7.281 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 79.7825, compared with its close of 79.8350 during the previous trading session. MCX Gold futures for 5 October 2022 settlement declined 0.18% to Rs 51,508. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, added 0.03% to 108.65. In the commodities market, Brent crude for October 2022 settlement rose $1.55 or 1.55% at $101.77 a barrel. Buzzing Index: The Nifty Auto index fell 0.48% to 12,863.10. The index gained 1.81% in the past trading session. Tube Investments of India (down 1.36%), Sona BLW Precision Forgings (down 1.35%), Balkrishna Industries (down 1.27%), Bharat Forge (down 1.15%), Eicher Motors (down 0.93%), MRF (down 0.89%), Mahindra & Mahindra (down 0.68%), Escorts Kubota (down 0.37%), Maruti Suzuki India (down 0.35%) and Bosch (down 0.31%) edged lower. On the other hand, Ashok Leyland (up 0.61%), Tata Motors (up 0.25%) and TVS Motor Company (up 0.05%) advanced. Powered by Capital Market – Live News