Indices trade near flat line, Nifty above 16,250 mark

19 Jul 2022 , 01:35 PM

The domestic equity benchmarks traded near the flat line with tiny gains in the afternoon trade. The Nifty traded above the 16,250 mark. PSU bank, realty and consumer durables stocks were in the green while Media, IT and FMCG shares were under pressure At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 55.17 points or 0.10% to 54,576.32 . The Nifty 50 index added 11.45 points or 0.07% to 16,289.95. The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index added 0.57%. The market breadth was positive. On the BSE, 1,847 shares rose and 1,367 shares fell. A total of 158 shares were unchanged. Rupee Trajectory: The Indian rupee slumped for the seventh consecutive session, plunging to a record low, breaching the key psychological level of 80 against the US dollar on Tuesday after closing at a new low in the previous session. In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.8950, compared with its close of 79.9800 during the previous trading session. It had hit a low of 80.0550 in trade today. Some speculation about the possibility of the ECB raising interest rates for the first time in 11 years at its monetary policy meeting on July 21 pulled the dollar index lower and provided some support to INR. The dollar index is made up of quotes from 6 major currency pairs and the weight of the EURUSD currency pair in the dollar index is 57.6%. The US Dollar index (DXY) was down 0.49% to 106.84. Gainers & Losers: Axis Bank (up 1.92%), Apollo Hospitals Enterprise (up 1.57%), Bharti Airtel (up 1.52%), Tata Steel (up 1.39%) and Ultratech Cement (up 1.13%) were major Nifty gainers. Nestle India (down 1.67%), SBI Life Insurance Company (down 1.48%), HDFC Life Insurance Company (down 1.19%), Cipla (down 1.12%) and Infosys (down 1.04%) were majority Nifty losers. Global Markets: Shares in Europe slumped across the board while most Asian stocks declined on Tuesday after a positive start to the wee. Investors digested Australias central banks meeting minutes. Investors will keep a close eye on the European Central Banks policy meeting in Frankfurt on Thursday, with policymakers having given advance notice of a first hike in 11 years but facing a backdrop of slowing growth amid the war in Ukraine and subsequent threats to energy supplies. The Reserve Bank of Australia released its meeting minutes on Tuesday, which showed that the board saw current rates as being well below the neutral rate, suggesting that further increases will be needed to return inflation to the target over time. The RBA raised rates by 50 basis points earlier this month. Wall Street ended lower on Monday after bank stocks erased earlier gains and Apple shares fell on a report saying the company plans to slow hiring and spending growth next year. Powered by Capital Market – Live News