Indices trade with modest losses, bank stocks decline

2 Dec 2022 , 02:35 PM

The benchmark indices traded with modest losses in mid-afternoon trade. Negative global cues triggered profit selling in domestic shares. The Nifty 50 index was trading below the 18,750 mark after hitting the record high of 18,887.60 in the previous session. Media, metal and realty stocks advanced while auto, financial services and bank shares edged lower. At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 396.35 points or 0.63% to 62,887.84. The Nifty 50 index shed 109.75 points or 0.58% to 18,702.75. The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index added 0.72%. The market breadth was positive. On the BSE, 1,967 shares rose and 1,465 shares fell. A total of 149 shares were unchanged. Numbers to Track: The yield on Indias 10-year benchmark federal paper rose to 7.219 as compared with 7.210 at close in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.25, compared with its close of 81.2650 during the previous trading session. MCX Gold futures for 5 December 2022 settlement added 0.19% to Rs 53,337. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.33% to 104.39. The United States 10-year bond yield fell 0.28% to 3.517. In the commodities market, Brent crude for February 2023 settlement rose 10 cents or 0.11% to $87.07 a barrel. Buzzing Index: The Nifty Bank index fell 0.54% to 43,027.45. The index witnessed profit booking after rising 0.64% in four traiding sessions. ICICI Bank (down 1.29%), HDFC Bank (down 0.63%), Kotak Mahindra Bank (down 0.5%), Bank of Baroda (down 0.47%), Axis Bank (down 0.44%), State Bank of India (down 0.21%), IndusInd Bank (down 0.01%) edged lower. On the other hand, Bandhan Bank (up 1.93%) ,AU Small Finance Bank (up 0.99%) and Punjab National Bank (up 0.66%) advanced. Punjab National Bank (PNB) rose 0.66% after the state-run bank said it raised Rs 4,000 crore by issuing bonds at a coupon of 7.89% per annum on a private placement basis. Powered by Capital Market – Live News