Benchmarks hit days low; Nifty drops below 16K; private banks drag

13 Jul 2022 , 01:34 PM

The benchmark indices further extended losses and hit the days low in the afternoon trade. Weak opening in the European stock markets dented investors sentiment. The Nifty slipped below the 16,000 mark after hitting the days high of 16,140 in morning trade. Private banks shares dragged while pharma and FMCG shares advanced. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 291.60 points or 0.54% to 53,595.01. The Nifty 50 index fell 77.30 points or 0.48% to 15,981. Indusind Bank (down 3.43%), Bharti Airtel (down 2.39%), HDFC Bank (down 2.07%), HDFC (down 1.68%) and TCS (down 1.45%) declined. Hindustan Unilever (up 2.38%), JSW Steel (up 1.53%), Asian Paints (up 1.51%), Cipla (up 1.47%) and Grasim Industries (up 1.08%) advanced. In the broader market, the S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index fell 0.01%. The market breadth was negative. On the BSE, 1614 shares rose and 1621 shares fell. A total of 142 shares were unchanged. Economy: Indias factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 19.6% in May 2022. IIP grew 7.1% in April 2022. The manufacturing sector recorded a growth of 20.6% in May. The mining sector rose by 10.9% and the electricity sector climbed 23.5%. Indias headline retail inflation rate, as measured by the Consumer Price Index (CPI), stood at 7.01% in June 2022 from 7.04% in May 2022, data released on 12 July 2022 by the Ministry of Statistics and Programme Implementation showed. Global Markets: European shares fell across the board while most Asian stocks advanced on Wednesday, as investors prepare for the latest inflation data from the United States. Meanwhile, the Bank of Korea raised rates by 50 basis points for the first time, bringing the rate to 2.25%. Thats in line with analyst expectations. The Reserve Bank of New Zealand also increased rates by 50 basis points to 2.5%. Other data out earlier on Wednesday showed the U.K.s economy expanded unexpectedly in May with output growing by 0.5%, according to the Office for National Statistics. U.S. stocks dropped on Tuesday as worries over global economic growth dented investor appetite for risk assets. PepsiCo kicked off the corporate earnings season on Tuesday, reporting a better-than-expected quarterly profit and revenue and raising its revenue outlook for the year. The U.S. will report consumer price index data later Wednesday, and markets are expecting hot inflation. High inflation reading could prompt the US Federal Reserve to further hike interest rates during this months meeting. Powered by Capital Market – Live News