The key equity indices traded with small losses in afternoon trade. The Nifty traded below the 19,700 level. IT, PSU bank and media shares declined while auto, FMCG and realty shares advanced.
At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 92.48 points or 0.14% to 65,931.21. The Nifty 50 index lost 13.10 points or 0.07% to 19,661.45.
In the broader market, the S&P BSE Mid-Cap index fell 0.02% while the S&P BSE Small-Cap index gained 0.20%.
The market breadth was positive. On the BSE, 1,821 shares rose and 1,745 shares fell. A total of 145 shares were unchanged.
Gainers & Losers:
Eicher Motors (up 3.12%), Bajaj Auto (up 1.46%), Tata Steel (up 1.26%), Nestle India (up 1.04%), Hero Motocorp (up 1.04%) were major Nifty gainers.
Indusind bank (down 1.79%), Tech Mahindra (down 1.45%), Kotak Mahindra Bank (down 1.45%), Asian Paints (down 1%) and Infosys (down 0.82%) were major Nifty losers.
Stocks in Spotlight:
Welspun Corp added 1.48% after the company's wholly owned subsidiary, Sintex BAPL has entered into Memorandum of Understanding (MoU) with the Telangana government to set up a manufacturing unit with upto Rs 350 crore investment.
Poonawalla Fincorp rose 1.57% after the company announced that it has received permission from the Reserve Bank of India (RBI) to issue co-branded credit card with IndusInd Bank.
Vishnu Prakash R Punglia rallied 4.37% after the company received letter of award (LoA) from Madhya Pradesh Jal Nigam (MPJN), Government of Madhya Pradesh for construction at Chillar Dam in Shajapur district, Madhya Pradesh.
Gland Pharma fell 0.88%. The company received establishment inspection report (EIR) from US Food and Drug Administration (USFDA) indicating closure of the inspection.
Global Markets:
Most of the European and Asian stocks declined on Tuesday due to concerns over higher U.S. interest rates, particularly impacting the technology sector. Investors remained cautious about regional markets due to ongoing worries about a slowdown in the Chinese economy.
The US Federal Reserve's hawkish signals, indicating potential further rate hikes this year and a prolonged period of higher rates, added to the negative sentiment.
Despite this, U.S. stocks managed to make modest gains on Monday, supported by a rise in tech stocks driven by Amazon and an increase in energy stocks. The S&P 500, Dow Jones Industrial Average, and Nasdaq all saw slight increases. However, worries about a potential U.S. government shutdown grew as Congress has yet to pass necessary spending bills to fund the government beyond 1st October.
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