Indices trade with significant cuts; market breadth positive

6 Dec 2022 , 09:28 AM

The domestic equity barometers traded with significant losses in early trade as the bourses witnessed significant selling in key index pivotals. The Nifty traded below the 18,600 mark. Barring PSU banks, shares across sectors edged lower, with IT, metal and auto stocks declining the most. At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 418.42 points or 0.67% to 62,416.18. The Nifty 50 index lost 114.40 points or 0.61% to 18,586.65. In the broader market, the S&P BSE Mid-Cap index slipped 0.23% while the S&P BSE Small-Cap index added 0.06%. The market breadth was positive. On the BSE, 1461 shares rose and 1161 shares fell. A total of 155 shares were unchanged. The Reserve Bank of India (RBI) started its bi-monthly policy review with the Monetary Policy Committee (MPC) meeting yesterday. The bi-monthly policy review is expected to come out on 7 December 2022. More than the quantum of rate hikes, domestic investors would watch out for RBIs commentary as it ramps up its efforts to curb inflation and push growth. On the political front, various exit polls on Monday predicted a big majority for the BJP in Gujarat and a dead heat in Himachal Pradesh where most pollsters gave an edge to the ruling party over the Congress. The counting of votes in both states will take place on December 8. Elections for the Himachal Pradesh assembly took place on November 12, while polling in Gujarat happened in two phases on December 1 and 5. Stocks in Spotlight: Bajaj Consumer Care jumped 4.93%. The meeting of the board of directors of the company is scheduled on 09 December 2022 to consider and approve a proposal for buyback of fully paid-up equity shares of the company. DreamFolks Services rose 2.49%. The company has announced a strategic partnership with one of the foremost & leading golf privileges providers Vidsur Golf. This association will enable DreamFolks to expand its already diverse service offering by enabling customers access to Golf courses across India & Asia Pacific. Kalpataru Power Transmission shed 0.30%. A meeting of the executive committee of the board of directors of the company is scheduled to be held on 8th December 2022, to consider and approve the proposal for the raising of funds by way of issuance of non-convertible debentures on private placement basis. Global Markets: Asian stocks are trading lower on Tuesday after Wall Street sold off overnight on fears that the Fed will keep increasing interest rates. Meanwhile, Beijing city announced negative Covid tests will no longer be required to enter most public areas, malls or residential areas, while bars and so-called KTV lounges, or karaoke bars. Several cities in China relaxed Covid testing rules in recent days. US stocks fell Monday on fears that the Federal Reserve may continue tightening until it tips the economy into a recession. Shares of Tesla slid on reports of a production cut in China. US services industry activity unexpectedly picked up in November. The ISM said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, which was the lowest reading since May 2020. Powered by Capital Market – Live News