Indices came off days low, PSU banks buck trend

22 Jun 2022 , 02:34 PM

The key equity indices pared losses in the mid-afternoon trade. The undertone of the market continued to be weak amid negative global cues. The prospect that the US Federal Reserve and other central banks will be forced to hike interest rates more aggressively has reignited fears of a global recession. The Nifty regained the 15,450 mark after hitting the days low of 15,385.95 in afternoon trade. PSU banks bucked the broader selling pressure. At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 548.22 points or 1.04% to 51,983.85. The Nifty 50 index declined 182.85 points or 1.17% to 15,455.95. In the broader market, the S&P BSE Mid-Cap index lost 1.31% while the S&P BSE Small-Cap index declined 0.91%. The market breadth was weak. On the BSE, 1,191 shares rose and 2,067 shares fell. A total of 116 shares were unchanged. Numbers to Track: The yield on Indias 10-year benchmark federal paper fell to 7.409 as compared with 7.482 at close in the previous trading session. In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 78.2450, compared with its close of 78.1375 during the previous trading session. MCX Gold futures for 5 August 2022 settlement declined 0.39% to Rs 50,563. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, rose 0.22% to 104.67. In the commodities market, Brent crude for August 2022 settlement fell $4.03 or 3.52% at $110.62 a barrel. Buzzing Index: The Nifty PSU Bank index rose 0.30% to 2,410.20. The index added 4.37% extending wining streak for second trading session. Indian Overseas Bank (up 4.73%), UCO Bank (up 4.65%), Bank of India (up 4.12%), Punjab & Sind Bank (up 4.06%) and Central Bank of India (up 3.9%), Bank of Maharashtra (up 3.86%) and Indian Bank (up 0.85%) edged higher On the other hand, Union Bank of India (down 3.19%), Punjab National Bank (down 1.34%) and Canara Bank (down 0.63%) declined. Stocks in Spotlight: Cyient fell 0.41% after the technology solutions company on Wednesday announced the launch of an AI-powered framework for automated system and software testing (CyFAST), to accelerate end-to-end test automation. The platform enables end-to-end test automation across web, mobile, desktop, and embedded application and hardware devices, providing a comprehensive environment for managing testing projects, the company said. Delhivery shed 1.65% after The company announced the plans to expand its infrastructure in Bhiwandi (Greater Mumbai) and Bangalore. As per the regulatory filing, Delhivery is collaborating with Welspun on a 7 Lakh sq ft mega-gateway in Greater Mumbai and with GMR for a 1 Million+ sq ft facility in Bangalore. The Bangalore facility also includes a warehouse for multi-channel order fulfillment for Delhiverys customers. These fully-automated large integrated trucking terminals will be operational by 2023 and will increase Delhiverys processing capacity to meet the customer demand from the South and West, the company said. Powered by Capital Market – Live News