Equities extend modest losses; breadth negative

14 Jan 2022 , 01:39 PM

The benchmark indices incurred minor cuts during afternoon trade, as bank, pharma and auto stocks dragged the market. The Nifty hovered above 18,200 level.

At 13:30 IST, the barometer index, the S&P BSE Sensex, fell 155.29 points or 0.25% at 61,080.01. The Nifty 50 index lost 42.45 points or 0.23% at 18,215.35.

Housing Development Finance Corporation (HDFC) (down 1.81%), ICICI Bank (down 1.09%) and Axis Bank (down 2.65%) dragged the market.

Broader markets extended minor gains. The S&P BSE Mid-Cap index rose 0.09%. The S&P BSE Small-Cap index added 0.42%.

Buyers outnumbered the sellers. On the BSE, 1,971 shares rose and 1,381 shares fell. A total of 104 shares were unchanged.

COVID-19 Update:

In last 24 hours, India reported 2,64,202 fresh COVID cases, as per the health ministrys data. The country reported 315 new deaths taking the death toll to 4,85,350.

Meanwhile, the World Health Organization approved two new COVID-19 treatments, to stave off severe illness and death from the virus.

The Ministry of Health and Family Welfare stated yesterday that more than 157.50 crore (1,57,50,62,435) vaccine doses have been provided to States/UTs so far through Govt. of India (free of cost channel) and through direct state procurement category.

Economy:

India and the UK have formally launched negotiations for a Free Trade Agreement between two countries. The Joint Statement of Commerce and Industry Minister Piyush Goyal and UK Secretary of State for International Trade Anne-Marie Trevelyan said the Free Trade Agreement would be a substantial opportunity for both economies and a significant moment in the bilateral relationship.

India and the UK will seek to agree a mutually beneficial agreement supporting jobs, businesses and communities in both countries. Trade negotiations will be a priority for both countries.

Gainers & Losers:

Tata Consumer Products (up 4.62%), Infosys (up 1.78%), Indian Oil Corporation (IOCL) (up 1.49%), Larsen & Toubro (L&T) (up 1.22%) and Adani Ports & Special Economic Zones (APSEZ) (up 1.04%) were major gainers in Nifty 50 index.

Asian Paints (down 2.82%), Axis Bank (down 2.65%), UPL (down 2.24%), Housing Development Finance Corporation (HDFC) (down 1.81%) and Oil & Natural Gas Corporation (ONGC) (down 1.80%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Vikas Lifecare was locked in an upper circuit of 5% at Rs 6.56. The company entered into definite agreement with the existing promoters/ shareholders for acquiring 75% equity of Genesis Gas Solutions (Genesis) in a cash deal amounting Rs 25 crore, payable in stages within a period of 3 months. Vikas Lifecare plans to move further ahead with the objective of broad-basing the product portfolio, diversifying into futuristic and unique product lines, new edge businesses, complimenting and supplementing the existing business lines of the company.

Apollo Micro Systems advanced 2.09%. The company bagged orders worth Rs 15.30 crore (consolidated) from Bharat Dynamics (for the supplies of lightweight Torpedo (TAL) project) and DRDO, Hyderabad.

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