Benchmarks drift lower in early trade; breadth negative

19 Sep 2022 , 09:33 AM

The key equity benchmarks dropped in early trade on selling pressure in index pivotals. The Nifty traded below the 17,450 mark. Investors sentiment was dented by growing expectations of hawkish moves by the Federal Reserve and fears of a global recession. PSU Bank, private bank and oil & gas stocks advanced while consumer durables, realty and healthcare shares declined. At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 303.89 points or 0.52% to 58,536.90. The Nifty 50 index shed 95.50 points or 0.54% to 17,435.35. In the broader market, the S&P BSE Mid-Cap index fell 0.80% while the S&P BSE Small-Cap index rose 0.64% The market breadth was negative. On the BSE, 1,274 shares rose and 1,579 shares fell. A total of 128 shares were unchanged. Foreign portfolio investors (FPIs) sold shares worth Rs 3,260.05 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 36.57 crore in the Indian equity market on 16 September, provisional data showed. Stocks in Spotlight: Maruti Suzuki India declined 1.1%. The company has announced to recall 5,002 Super Carry vehicles manufactured between 4th May 2022 and 30th July 2022. The recall is being undertaken for inspection and torquing of a bolt attached to seat belt buckle bracket of co-driver seat. It is suspected that there is a possible defect in bolt torquing, which in a rare case, may loosen in the long run. HDFC Life Insurance Company fell 0.27%. The National Company Law Tribunal (NCLT), Mumbai Bench, has sanctioned the Scheme of Amalgamation (Scheme) between Exide Life Insurance Company Limited (Transferor Company / Wholly&8208;owned subsidiary), into HDFC Life Insurance Company Limited (Transferee Company / Holding Company). Adani Power rose 0.11%. The company has received a letter from Adani Properties Private Limited, a member of the promoter and promoter group of the company, regarding the withdrawal of the delisting offer and the proposal to voluntarily delist the equity shares of the company from the BSE Limited and the National Stock Exchange of India Limited. Global markets: Asian stocks are trading mixed on Monday ahead of major central bank meetings this week. Japans market was closed for a holiday Monday. Later this week, the US Federal Reserve and the Bank of Japan will be announcing their interest rate decisions. Traders are anticipating another sharp rate hike, third consecutive, from the US central bank to tame the rising inflation. The Bank of Japan is expected to keep rates on hold at ultra-low levels, as per reports. US stocks ended in the red on Friday, falling to two-month lows as a warning of impending global slowdown from FedEx hastened investors flight to safety at the conclusion of a tumultuous week. Powered by Capital Market – Live News