Indices fall in early trading on negative global signals

Key stock indices traded with modest losses amid negative global signals in early trading. The Nifty is trading a bit above the 15,700 level. Real estate, media and oil and gas stocks advanced, while bank and financial services stocks fell.

At 09:23 IST, the barometer index, the S&P BSE Sensex, was down 292.9 points, or 0.55%, at 52,726.04. The Nifty 50 index fell 79.15 points or 0.50% to 15,701.10.

In the broader market, the S&P BSE Mid-Cap Index fell 0.37%, while the S&P BSE Small-Cap Index lost 0.15%.

Market breadth was positive. In the BSE, 1,221 shares rose and 998 shares fell. A total of 174 shares remained unchanged.

Foreign Portfolio Investors (FPI) sold shares worth Rs 1,138.05 crore, while Domestic Institutional Investors (DII), were net buyers to the tune of Rs 1,138.05 crore in the Indian stock market on June 30, provisional data showed.

Winners and Losers:

Asian Paints (up to 1.07%), BPCL (up to 0.65%), Shree Cements (up to 0.62%), Tata Steel (up to 0.54%), and Tech Mahindra (up to 0. 45%) were the biggest Nifty winners.

Titan (down 2.23%), Dr. Reddy’s Laboratories (down 1.97%), Bajaj Auto (down 1.48%), Tata Motors (down 1.14%), and HDFC (down 1. 14% down) were the biggest Nifty losers.

Economy:

The Eight Core Industries index reported growth of 18.1% in May this year compared to 16.4% in the corresponding month last year. Production of the cement, coal, fertilizer, electricity, refinery products, steel, natural gas and crude oil industries increased in May 2022 from the corresponding period last year.

In May 2022, the cement industry registered the highest growth with 26.3%. The coal sector jumped more than 25%. Fertilizers rose 22.8% and electricity 22% and natural gas 7%. The Eight Basic Industries comprise 40.27% of the weight of the items included in the Industrial Production Index (IIP).

Actions in Spotlight:

Bharti Airtel fell 0.69%. The Competition Commission of India (CCI) has approved the proposed investment of Rs. 52,243.80 million (USD 700 million) by Google International LLC in the Company, for the issuance of up to 71,176,839 capital shares of par value of Rs. 5/- each by the Company at a price of Rs. 734/- per share of capital.

Lupine fell 0.17%. Major global pharmaceutical company Lupine announced that it has received approval from the US Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), paliperidone extended-release tablets 1.5 mg, 3 mg, 6 mg and 9 mg, to market a generic equivalent of Invega extended-release tablets, 1.5 mg, 3 mg, 6 mg and 9 mg, from Janssen Research and Development, LLC.

The UPL rose 0.19%. UPL has acquired 100% ownership of Nature Bliss Agro Private Limited (NBAL), making NBAL a wholly owned subsidiary of the company. NBAL proposes to carry out the business of manufacturing and selling phytosanitary and related products. It has synergy with UPL’s existing business activities.

Global markets:

Most Asian stocks traded lower on Friday as investors digested positive factory activity data from a private survey in China. Markets in Hong Kong were closed on Friday for a holiday as the city marks the 25th anniversary of its handover from the UK to China on Friday.

The Caixin/Markit Manufacturing Purchasing Managers’ Index for June was released on Friday. It came in at 51.7, above the 50 level that separates growth from contraction. That compared to last month’s reading of 48.1.

Confidence in Japan’s big manufacturers worsened in the April-June period, according to the Bank of Japan’s quarterly tankan business confidence survey. The main index for confidence in large manufacturers came in at 9, down from the previous quarter’s reading of 14.

Japan’s factory activity growth slowed in June as supply disruptions in part due to China’s strict COVID-19 restrictions hurt manufacturers. The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 52.7 in June from a final 53.3 in the previous month.

US stocks fell on Thursday on concern that central banks determined to rein in inflation will hamper global economic growth. Fears about slowing growth and rising prices have rippled through markets, with recession concerns taking center stage as policymakers around the world aggressively seek to raise costs. of the loans.

US consumer spending rose less than expected in May as motor vehicles remained in short supply while higher prices forced cutbacks in purchases of other goods. Consumer spending gained 0.2% in May, the smallest increase in five months. April data was revised down to show disbursements increased by 0.6% instead of the 0.9% previously reported.

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(This story has not been edited by Business Standard staff and is automatically generated from a syndicated feed.)

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