Nifty slips below 16,550 mark, European shares in red

21 Jul 2022 , 01:35 PM

The key equity indices pared gains and traded with decent gains in the afternoon trade. The Nifty traded below the 16,550 mark after hitting a days high of 16,592.10 in the mid-morning trade. Banks, media and metal shares advanced while pharma and consumer durables stocks corrected. Trading was volatile ahead of the expiry of weekly index options on the NSE today. At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 67.12 points or 0.12% to 55,464.65. The Nifty 50 index gained 17.80 points or 0.11% to 16,538.65. The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.84% while the S&P BSE Small-Cap index added 0.55%. The market breadth was positive. On the BSE, 1,892 shares rose and 1,350 shares fell. A total of 160 shares were unchanged. Gainers & Losers: IndusInd Bank (up 7.77%), UPL (up 2.13%), Hindalco Industries (up 2.04%), Larsen & Toubro (L&T) (up 1.70%) and Tata Consumer Products (up 1.37%) were major Nifty gainers. SBI Life Insurance Company (down 1.57%), Kotak Mahindra Bank (down 1.34%), Reliance Industries (down 1.32%), Ultratech Cement (down 0.27%) and ONGC (down 0.26%) were majority Nifty losers. IndusInd Bank jumped 7.77% after the bank reported 64% rise in standalone net profit to Rs 1,603 crore on a 9% increase in total income to Rs 10,110 crore in Q1 FY23 over Q1 FY22. Separately, IndusInd Bank announced a partnership with EazyDiner – Indias leading table reservation, food discovery & restaurant payment platform, to launch a tailor-made co-branded credit card – EazyDiner IndusInd Bank Credit Card. Global Markets: Shares in Eroupe slumped across the board on Thursday as the investors awaited the European Central Banks latest monetary policy decision, in which its widely expected to announce its first interest rate hike in years. The European Central Bank policymakers are considering raising interest rates by a bigger-than-expected 50 basis points at their meeting on Thursday to tame record-high inflation, as per reports. Asian stocks traded mixed on Thursday as investors look ahead to the Bank of Japan rate decision.The Bank of Japan is expected to keep rates at ultra-low levels, as per reports. US stocks ended higher on Wednesday on positive earnings signals with a wary eye on inflation and more interest rate hikes by the Fed. The US Federal Reserve will opt for another 75 basis point rate hike rather than a larger move at its meeting next week to quell stubbornly-high inflation as the likelihood of a recession over the next year rises to 40%, as per reports. U.S. President Joe Biden said he expects to speak with Chinese President Xi Jinping by the end of the month, as per reports. He did not elaborate on reasons for the call or planned topics of discussion. Powered by Capital Market – Live News