Nifty above 17,500; European shares decline; Rupee hits fresh record low

20 Oct 2022 , 01:33 PM

The domestic equity benchmarks traded near the flat line with small losses in the afternoon trade. The Nifty climbed above the 17,500 level. IT, FMCG and metal stocks advanced while bank, consumer durables and auto shares declined. Trading was volatile due to expiry of weekly index options on the NSE. At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 31.27 points or 0.05% to 59,075.92. The Nifty 50 index declined 2.85 points or 0.01% to 17,509.40. In the broader market, the S&P BSE Mid-Cap index fell 0.93% while the S&P BSE Small-Cap index shed 0.26%. The market breadth was negative. On the BSE, 1,502 shares rose and 1,787 shares fell. A total of 175 shares were unchanged. Indian Rupee on Wednesday hit a fresh record low against the US dollar. The currency opened at 83.05 and touched a fresh all time low of 83.2975 and is currently trading at 82.9650. Gainers & Losers: UPL (up 3.21%), HCL Technologies (up 1.90%), Tech Mahindra (up 1.75%), Nestle India (up 1.25%) and Infosys (up 1.12%) were the top Nifty 50 gainers. Indusind Bank (down 4.83%), Apollo Hospital (down 1.75%), Ultratech Cement (down 1.45%), Axis Bank (down 1.38%) and Titan Company (down 1.13%) were top Nifty 50 losers. Stocks in Spotlight: IndusInd Bank slipped 4.83%. The private lender reported 60.5% rise in standalone net profit to Rs 1,786.72 crore on a 12.9% increase in total income to Rs 10,718.85 crore in Q2 FY23 over Q2 FY22. AU Small Finance Bank skid 4.38%. The bank reported 23% rise in net profit to Rs 343 crore on a 44% increase in net interest income (NII) to Rs 1,083 crore in Q2 FY23 over Q2 FY22. The bank said that the NII growth was aided by stable spreads and healthy disbursements. Adani Transmission rose 1.46% after the company said it emerged as the successful bidder in the BEST Undertakings recently concluded tender for appointment of advanced metering infrastructure (AMI) service provider. Global Markets: Most of the European shares declined while Asian stocks tumbled across the board on Thursday as Wall Street ended lower amid Treasury yields at multiyear highs and strong inflation thats driving hawkish monetary policy. Wall Street closed lower on Wednesday as gloomy data and downbeat corporate outlooks tossed cold water on investor risk appetite. Minneapolis Federal Reserve President Neel Kashkari said Wednesday he sees no signs that inflation is slowing, so the central bank will need to keep raising interest rates. Powered by Capital Market – Live News