Nifty hovers below 18,200 level, PSU bank bucks trend

21 Nov 2022 , 11:34 AM

The domestic equity barometers continued to trade with modest losses in mid-morning trade. The Nifty hovered below the 18,200 level. Negative Asian stocks dented the investors sentiment. PSU shares extended gains for the fifth consecutive trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 420.02 points or 0.68% to 61,243.46. The Nifty 50 index lost 124.05 points or 0.68% to 18,183.60. In the broader market, the S&P BSE Mid-Cap index shed 0.10% while the S&P BSE Small-Cap index rose 0.26%. The market breadth was negative. On the BSE, 1,465 shares rose, and 1,909 shares fell. A total of 187 shares were unchanged. Buzzing Index: The Nifty PSU Bank index rose 1.33% to 3,900.45, extending gains for the fifth session. The index rallied 4.33% in five trading sessions. UCO Bank (up 14.6%), Bank of Maharashtra (up 8.17%), Punjab & Sind Bank (up 6.63%), Indian Overseas Bank (up 5.85%), Central Bank of India (up 5.31%), Punjab National Bank (up 4.03%), Bank of India (up 2.86%), Canara Bank (up 1.36%), Union Bank of India (up 0.95%) and Bank of Baroda (up 0.46%) inched higher. Stocks in Spotlight: Indian Energy Exchange (IEX) rallied 4.70% after the power exchange said that its board will consider share buyback on Friday, 25 November 2022. The announcement was made after trading hours on Friday, 18 November 2022. Aurobindo Pharma shed 1.16% after the pharmaceutical company said that the US drug regulator has issued a Form 483 with 10 observations, post the inspection of the compays Telangana-based unit. The United States Food and Drug Administration (US FDA) inspected the companys unit – IX, an intermediate facility situated at Gundlamachnoor Village, Sangareddy District, Telangana, from 10 November to 18 November 2022. Global Markets: Asian stocks declined on Monday as Chinas central bank kept its benchmark lending rates on hold – in line with expectations. China left its benchmark lending rate unchanged for a third month in a row, according to an announcement from the Peoples Bank of China. The one-year loan prime rate is steady at 3.65%, and the five-year rate is also on hold at 4.3%, the notice said. Japans core consumer inflation accelerated to a 40-year high in October. The nationwide core consumer price index (CPI) was up 3.6% on a year earlier, exceeding the 3% gain seen in September. US stocks ended higher on Friday in a choppy trading session, as gains in defensive shares overshadowed energy declines, and investors shrugged off hawkish comments from Federal Reserve officials about interest rate hikes. Federal Reserve Bank of Boston leader Susan Collins said that, with little evidence price pressures are waning, the Fed may need to deliver another 75-basis point rate hike as it seeks to get inflation under control. In U.S. economic data, the National Association of Realtors said Friday that existing-home sales fell 5.9% in October, slumping for a ninth straight month. Thats down 28.4% from a year earlier. Meanwhile, the U.S. leading economic index fell 0.8% in October, an eighth straight monthly decline, according to a Conference Board report Friday. Powered by Capital Market – Live News