After briefly touching the flat line, the key equity indices tumbled once again in mid-morning trade. The Nifty held above the 15,700 mark. Private banks declined for second day.
At 11:21 IST, the barometer index, the S&P BSE Sensex, was down 79.6 points or 0.15% to 52,422.38. The Nifty 50 index lost 32.10 points or 0.20% to 15,735.45.
In the boarder market, the S&P BSE Mid-Cap index declined 0.35% while the S&P BSE Small-Cap index rose 0.39%.
The market breadth was positive. On the BSE, 1746 shares rose and 1213 shares fell. A total of 160 shares were unchanged.
Global cues were mixed after the US Federal Reserve on Wednesday signaled that policy makers expect rates to rise earlier than previously expected by penciling in two increases by the end of 2023.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 177,040,221 with 3,832,997 global deaths.
India reported 826,740 active cases of COVID-19 infection and 826,740 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Bank index fell 0.58% to 18,310.90, extending decline for second day. The index has lost 1.29% in two sessions.
HDFC Bank (down 0.84%), ICICI Bank (down 0.80%), Axis Bank (down 0.79%), Kotak Mahindra Bank (down 0.56%) and IndusInd Bank (down 0.32%) declined.
Meanwhile, Federal Bank (up 1.06%), IDFC First Bank (up 1.02%) and Bandhan Bank (up 0.16%) advanced.
Stocks in Spotlight:
State Bank of India shed 0.36% to Rs 424.40. The bank said that its board will meet on Monday, 21 June 2021, to consider raising additional tier-1 (AT-1) capital through issuance of Basel III compliant debt instrument in USD and/or INR through a public offer or private placement to overseas and/or Indian investors during FY22.
ISGEC Heavy Engineering added 2.96% to Rs 616.65. The company said that it has received an order for the fabrication of above ground piping spools from Tata Projects. The broad scope includes manufacturing of more than 115,000 inch-dia shop fabricated piping spools of high-end metallurgies viz. alloy steel, stainless steel, and incoloy for a major project in the hydrocarbon sector.
Nureca declined 3.56% to Rs 1491.55. On a consolidated basis, Nureca's net profit surged 63.44% to Rs 3.89 crore on 3.39% fall in revenue from operations to Rs 31.84 crore in Q4 March 2021 over Q4 March 2020.
Tata Steel rose 0.51% to Rs 1122.90. Life Insurance Corporation of India (LIC) sold 2,43,33,412 equity shares, or 2.021% stake, in Tata Steel between 16 March 2021 to 15 June 2021. Post transaction, LIC decreased its stake in the steel major to 6.946% stake from 8.967% held earlier. The deal was executed as a market sale.
Global Markets:
Asian stocks were trading mostly lower on Thursday, as investors watched for market reaction after the U.S. Federal Reserve on Wednesday moved up its timeline for rate hikes.
U.S. stocks dropped Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will next hike interest rates.
The Federal Reserve on Wednesday began closing the door on its pandemic-driven monetary policy as officials projected an accelerated timetable for interest rate increases, opened talks on how to end crisis-era bond-buying, and said the 15-month-old health emergency was no longer a core constraint on U.S. commerce.
Signaling that broad changes in policy may happen sooner than expected, U.S. central bank officials moved their first projected rate increases from 2024 into 2023, with 13 of 18 policymakers foreseeing a liftoff in borrowing costs that year and 11 seeing two quarter-percentage-point rate increases.
The Fed also raised its headline inflation expectation to 3.4% for 2021, a full percentage point higher than the March projection, but the post-meeting statement continued to say that inflation pressures are “transitory.” Powell said inflation could run hotter than the Fed expected amid the economic recovery.
Powered by Capital Market - Live News