Sensex down 175 pts; breadth weak

17 Jun 2022 , 01:31 PM

The barometers continued to trade with moderate losses in the afternoon trade. The Nifty traded a tad above the 15,300 level. Metals, banks and financial services stocks advanced while consumer durables, IT and pharma stocks declined. At 13:24 IST, the barometer index, the S&P BSE Sensex, was down 175.91 points or 0.34% to 51,319.88. The Nifty 50 index fell 59.15 points or 0.39% to 15,301.45. In the broader market, the S&P BSE Mid-Cap index lost 0.70% while the S&P BSE Small-Cap index fell 1.02%. The market breadth was weak. On the BSE, 896 shares rose and 2,349 shares fell. A total of 91 shares were unchanged. Fears loomed across markets that the rising attempts of central banks to curb inflation would lead to a slowdown in global economic growth and could possibly lead to a recession. Gainers & Losers: Bajaj Finserv (up 1.99%), Coal India (up 1.78%), JSW Steel (up 1.31%), Reliance Industries (up 1.19%) and Bajaj Finance (up 1.08%) were major Nifty gainers. Titan (down 6.38%), Wipro (down 4.42%), HDFC Life Insurance (down 3.78%), UPL (down 3.26%) and TCS (down 2.90%) were majority Nifty losers. Stocks in Spotlight: Delta Corp rallied 7.29% to Rs 175.80 after the firm said that its wholly-owned subsidiary, Deltatech Gaming (DGL), has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offer. The IPO will comprise a fresh issue of equity shares of face value of Re 1 each, for an amount aggregating up to Rs 300 crore and an offer for sale (OFS) of the equity shares held by the company, for an amount aggregating up to 250 crore. RITES fell 1.82%. The PSU firm secured an operation and maintenance work order from Container Corporation of India for Rs 364.56 crore. RITES said it secured a business for operation and maintenance of 20 units of shunting locomotives for the period of 10 years from Container Corporation of India for Rs 364.56 crore. Wipro declined 4.42%. Eros Investments has signed an alliance agreement with Wipro to evolve and scale the artificial intelligence (AI) and machine learning (ML) based content localization solution. The solution will automate the time-consuming manual content localization process of subtitling and dubbing with near human-level accuracy, driving significant cost and time savings for global media organizations, post-production, and direct-to-consumer over-the-top (OTT) streaming platforms. Global Markets: Most European stocks advanced while Asian stocks were mixed on Friday, as investors weigh the possibility of aggressive monetary policy tightening leading to a recession. The Bank of Japan is set to release its monetary policy statement on Friday. The Bank of Japan is likely to maintain ultra-low interest rates and stress its resolve to support a fragile economy with massive stimulus. US stock indexes closed sharply lower on Thursday in a broad sell-off as recession fears grew following moves by central banks around the globe to stamp out rising inflation after the Federal Reserves largest rate hike since 1994. Powered by Capital Market – Live News