Sensex slips 157 pts, consumer durables shares decline

17 Nov 2022 , 11:32 AM

The benchmark indices declined further and traded near the days low in mid-morning trade. The Nifty traded below the 18,360 mark. Barring the Nifty FMCG index, all the sectoral indices on the NSE were in the red. Trading was volatile due to the expiry of weekly index options on the NSE today. At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 157.05 points or 0.25% to 61,823.67. The Nifty 50 index lost 53.80 points or 0.29% to 18,355.85. In the broader market, the S&P BSE Mid-Cap index declined 0.49% while the S&P BSE Small-Cap index shed 0.33%. The market breadth was negative. On the BSE, 1,424 shares rose and 1,865 shares fell. A total of 130 shares were unchanged. Buzzing Index: The Nifty Consumer Durables index shed 1.13% to 26,078.55. The index declined 1.57% in two trading sessions. Dixon Technologies (India) (down 2.71%), Titan Company (down 2.03%), Blue Star (down 1.97%), Havells India (down 1.24%), Whirlpool of India (down 1.01%), Kajaria Ceramics (down 0.63%), Amber Enterprises India (down 0.59%), Bata India (down 0.41%), Rajesh Exports (down 0.26%) and TTK Prestige (down 0.02%) slipped. On the other hand, Orient Electric (up 1.07%) ,Crompton Greaves Consumer Electricals (up 0.35%) and Relaxo Footwears (up 0.13%) edged higher. Stocks in Spotlight: Timken India surged 11.10% after the company said it will set up new facility at Bharuch in Gujarat to manufacture spherical roller bearings (SRB) and cylindrical roller bearings (CRB) and components thereof. Timken India already has manufacturing plant at Bharuch, Gujarat wherein primarily tapered roller bearings (TRB) and its components are manufactured. At the same premises wherein existing plant is situated, new facility will be set up to manufacture SRB and CRB and components thereof which will enhance manufacturing capacity of the company. For the proposed new facility, the company will invest about Rs 600 crore from internal accruals. The commercial production is expected from January 2025. Suven Life Sciences jumped 8.60% after the pharma company announced the randomiation of first patient in the Phase-3 global clinical trial of Masupirdine for the treatment of agitation in patients with dementia of the Alzheimers type. Masupirdine, a serotonin-6 receptor antagonist is being developed for the treatment of agitation in patients with dementia of the Alzheimers type. The trial is a multicenter, randomized, double-blind, placebo-controlled study planned across 50 sites in the North America and Europe. The study will enroll around 375 patients who will be randomized in a 1:1:1 ratio to receive masupirdine for 12 weeks. Ircon International slipped 3.30%. The construction company said it emerged as the lowest bidder (L1) for construction of balance work of Bahuti Canal project on turnkey basis. The work includes completion of earth work of main canal system from RD 18 to 74 km & other ancillary activities. The project was floated by Government of Madhya Pradesh – Water Resources Department on competitive bidding. The quoted value of the project is approximately Rs 392.52 crore. The project duration is 36 months and MOM (Management, Operation and Maintenance) period will be 60 months. Global Markets: Most Asian stocks declined as investors tried to assess the outlook for Federal Reserve policy following stronger-than-expected retail sales data. US stocks fell on Wednesday after stronger-than-expected U.S. retail sales clouded the inflation outlook and hopes that the Federal Reserve could ease its aggressive interest rate hikes. Retail sales jumped 1.3% in October to $694.5 billion, led by higher gas prices and auto sales. Sales were up 0.9% when excluding gas and auto sales. The data showed the ongoing resilience of the consumer despite elevated inflation and higher interest rates. Republicans will take majority control of the House, as per reports, ousting Democrats from key positions of power and complicating President Joe Bidens legislative hopes for the remainder of his term. Powered by Capital Market – Live News