Barometers trade near flat line, breadth positive

15 Jul 2022 , 11:33 AM

The domestic equity benchmarks pared gains and traded near the flat line in the mid-morning trade. The Nifty traded a tad above the 16,950 level. Bank shares extended losses for the fourth consecutive trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 30.68 points or 0.06% to 53,446.83. The Nifty 50 index gained 22.25 points or 0.14% to 15,960.90 In the broader market, the S&P BSE Mid-Cap index gained 0.35% while the S&P BSE Small-Cap index rose 0.07%. The market breadth was positive. On the BSE, 1,523 shares rose and 1,511 shares fell. A total of 164 shares were unchanged. Concerns persisted as investors worries that aggressive interest rate hikes by global central banks would stifle economic growth. Rising global inflation and consequent tightening of monetary policy by major central banks dented the investor sentiment. Economy: Indias merchandise exports in June 2022 were $40.13 billion, as compared to $32.49 billion in June 2021, exhibiting a positive growth of 23.52%. Merchandise imports in June 2022 were $66.31 billion, which is an increase of 57.55% over imports of $42.09 billion in June 2021.The merchandise trade deficit in June 2022 was estimated at $26.18 billion as against $9.60 billion in June 2021, which is an increase of 172.72%. Buzzing Index: The Nifty Bank index declined 0.42% to 34,504.80, extending its losing run to fourth trading session. The index slipped 2.72% in four trading sessions. AU Small Finance Bank (down 2.58%), Bank of Baroda (down 1.19%), IDFC First Bank (down 1.18%), Axis Bank (down 0.89%), ICICI Bank (down 0.82%), Punjab National Bank (down 0.82%), IndusInd Bank (down 0.48%), Bandhan Bank (down 0.44%) and State Bank of India (down 0.35%) declined. On the other hand, HDFC Bank (up 0.24%), Federal Bank (up 0.05%) and Kotak Mahindra Bank (up 0.04%) advanced. Stocks in Spotlight: Adani Ports and Special Economic Zone rose 0.65% after media reports suggested that the companys joint venture with Israels Gadot Chemical Tankers has won an Israel governments tender to buy the Haifa port. As per reports, the company has won the tender to buy the Haifa port for 4.1 billion shekel ($1.2 billion). Adani will have a majority 70% stake and Gadot will hold the remaining 30%, media reports stated. GTPL Hathway slipped 4.72% after the company reported 9% YoY fall in consolidated net profit to Rs 43.3 crore despite a 10% YoY rise in total income to Rs 645.4 crore in Q1 FY23. On the segmental front, subscription revenue rose by 3% to Rs 272.7 crore while the broadband revenue increased by 24% to Rs 113.9 crore in the first quarter as compared with the same period last year. Global Markets: Asian stocks were trading mixed and hit a two-year low on Friday as a fresh slew of rate hikes around the world deepened worry about the outlook for global economic growth. Chinas second-quarter GDP missed expectations. Chinas GDP grew 0.4% in the second quarter, compared with 4.8% in the first quarter. The second-quarter report is Chinas weakest GDP print since the first quarter of 2020 when the Covid pandemic first hit. Wall Street indexes fell after weaker-than-expected earnings from JPMorgan Chase & Co and Morgan Stanley fanned fears of a sharp economic downturn. Fed Governor Christopher Waller and St. Louis Fed President James Bullard on Thursday said they favored another 75-basis-point interest rate increase at the U.S. central banks policy meeting this month. Powered by Capital Market – Live News