Indices turn range bound; Nifty hovers at 18,000

10 Nov 2022 , 01:32 PM

The key equity barometers continued to trade in a narrow range with moderate losses in the afternoon trade. Domestic sentiment was dented amid negative global cues. The Nifty hovered near the 18,000 mark. All the sectors on the NSE were trading in the red. At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 501.09 points or 0.82% to 60,532.46. The Nifty 50 index lost 156 points or 0.86% to 18,001. In the broader market, the S&P BSE Mid-Cap index fell 1.14% while the S&P BSE Small-Cap index shed 1.15%. The market breadth was weak. On the BSE, 1,121 shares rose and 2,252 shares fell. A total of 140 shares were unchanged. Investors looked ahead to the US consumer price inflation report due on Thursday. The inflation data would give clues about how much the U.S. Federal Reserves rapid interest rate hikes are helping in cooling down the economy. Gainers & Losers: Hero MotoCorp (up 0.88%), Bharti Airtel (up 0.66%), Oil & Natural Gas Corporation (up 0.36%), Dr. Reddys Laboratories (up 0.33%) and Kotak Mahindra Bank (up 0.33%) were the top Nifty gainers. Tata Motors (down 4.72%), Axis Bank (down 3.14%), Mahindra & Mahindra (down 3.11%), Bajaj Finserv (down 3.04%) and Titan (down 2.84%) were the top Nifty losers. Stocks in Spotlight: Tata Motors slipped 4.72%. The auto major reported a consolidated net loss of Rs 944.61 crore in Q2 FY23 as against a net loss of Rs 4,441.57 crore in Q2 FY22. Revenue from operations increased 29.7% YoY to Rs 79,611.37 crore during the quarter ended 30 September 2022. Pidilite Industries fell 0.17% after the company reported 11.3% decline in consolidated net profit to Rs 332.44 crore despite of 14.7% rise in net sales to Rs 3,011.15 crore in Q2 FY23 over Q2 FY22. The revenue growth in current quarter was largely led by pricing and mix. Urban markets grew faster than rural. Margins continue to be impacted owing to raw material inflation, weaker currency and high-priced inventory, the company said. Piramal Enterprises tumbled 9.24%. The company reported a consolidated net loss of Rs 1536 crore in Q2 FY23 as against a net profit of Rs 427 crore in Q2 FY22. Total income increased 37% Rs 997 crore in Q2 FY23 over Q2 FY22. Tata Power Company declined 0.86%. The company said that its subsidiary Tata Power Renewable Energy has received a letter of award to set up a 150 MW solar project in Solapur, Maharashtra, from Maharashtra State Electricity Distribution Corporation. The letter of award (LoA) was won through tariff-based competitive bidding followed by an e-reverse auction. Global Markets: Asian stocks declined across the board on Thursday as investors await US inflation data, a key metric closely watched by the Federal Reserve. Wall Street ended lower on Wednesday as investors awaited both the results of the U.S. midterm elections and key data on consumer prices that could impact the Federal Reserves policy on interest rates. Data on the U.S. consumer price index (CPI) is due on Thursday. The outcome of the midterm elections remained unclear as a better-than-expected showing by Democrats muddied the outlook for fiscal spending and regulation. Powered by Capital Market – Live News