Indices edged lower in early trade; Nifty below 18,400

12 Dec 2022 , 09:32 AM

The key equity benchmarks traded with major losses in early trade amid weak global cues. The Nifty traded below the 18,400 mark. Media, oil & gas and FMCG shares advanced while IT, bank sticks declined. At 09:24 IST, the barometer index, the S&P BSE Sensex, was down 485.15 points or 0.78% to 61,696.53. The Nifty 50 index declined 144.50 points or 0.78% to 18,352.10. In the broader market, the S&P BSE Mid-Cap index lost 0.67% while the S&P BSE Small-Cap index slipped 0.45%. The market breadth was negative. On the BSE, 1158 shares rose and 1738 shares fell. A total of 111 shares were unchanged. Foreign portfolio investors (FPIs) sold shares worth Rs 158.01 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 501.63 crore in the Indian equity market on 9 December, provisional data showed. On the macro front, the Industrial Production and Manufacturing Production data for October will be released today, 12 December 2022. Inflation rate for November will also be declared today. Stocks in Spotlight: Bharti Airtel declined 0.68%. The Special Committee of Directors for Fund Raising has approved the allotment of 1,188,917 fully paid-up equity shares of face value Rs 5 each at a conversion price of Rs 521 per equity share to holders of FCCBs upon conversion. PSP Projects rose 0.83%. PSP Projects has received a letter of intent from Nila Spaces for civil constriction of a residential project ?VIDA? at GIFT City Gandhinagar – Gujarat. The work envisages development of project involving civil construction of core & shell of High-Rise Residential Towers amounting to Rs 121.51 crore. Rail Vikas Nigam (RVNL) rose 0.89%. RVNL has formed a joint venture company with Kyrgyzindustry ? Open Joint Stock Company to construct rail road and other infrastructure projects in Kyrgyz Republic. Global markets: Asian stocks are trading lower on Monday as investors looked ahead to a Fed meeting and U.S. inflation data this week. US stocks fell Friday after wholesale inflation rose more than expected last month, raising concerns that the Federal Reserve will keep rates higher for longer. The Federal Reserve Is set to begin its two-day meeting on Tuesday. Economists widely expect the U.S. central bank to raise rates by half a percentage point Wednesday. The latest reading for the U.S. consumer price index is also slated for Tuesday. Powered by Capital Market – Live News