Barometers trade with minor cuts; breadth strong

The key equity indices traded with minor losses in the morning trade amid negative global cues. The Nifty climed above the 17,650 mark after hitting day's low of 17,485.55 in the early trade. PSU Bank, auto and media shares saw buying demand while IT, oil & gas and metal stocks corrected.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 306.5 points or 0.51% to 59, 230.57. The Nifty 50 index lost 72.60 points or 0.41% to 17,686.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.59% while the S&P BSE Small-Cap index advanced 0.65%.

The market breadth was strong. On the BSE, 2,113 shares rose and 1,042 shares fell. A total of 144 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,165.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 656.72 crore in the Indian equity market on 30 August, provisional data showed.

Buzzing Index:

The Nifty IT index declined 1.57% to 27,962.15. The index rose 2.63% in the past trading session.

Among the components of the Nifty IT index, Tata Consultancy Services (down 2.31%), Infosys (down 2.01%), Mindtree (down 1.6%), Tech Mahindra (down 1.59%) and Larsen & Toubro Infotech (down 1.54%) were the top losers.

Among the other losers were L&T Technology Services (down 1.45%), HCL Technologies (down 1.13%), Coforge (down 1.02%), Wipro (down 0.87%) and Mphasis (down 0.19%).

Stocks in Spotlight:

Ashok Leyland advanced 4.51% after media reports suggested that the company bagged orders from major fleets for 1,400 school buses in UAE- the company's reportedly largest ever supply of school buses in UAE. As per reports, the 55-seater Falcon bus and 32-seater Oyster bus - will be supplied from Ashok Leyland's manufacturing facility in Ras Al Khaimah, UAE, which is reportedly the only certified local bus making facility in the entire GCC.

Escorts Kubota rose 1.29% after the company's Agri Machinery Segment in August 2022 sold 6,111 tractors, registering a growth of 7.3% as against 5,693 tractors sold in August 2021. Domestic tractor sales in August 2022 stood at 5,308 units, recording a growth of 7.9% as against 4,920 units sold in August 2021. The company exported 803 tractors (up 3.9% YoY) in August 2022.

Bajaj Auto added 0.35%. The two wheeler maker's total sales increased 8% to 4,01,595 units in August 2022 compared with 3,73,270 units sold in August 2021. On a sequential basis, the company's total sales climbed 13.23% from 3,54,670 units sold in July 2022. During the year, domestic sales jumped 49% to 2,56,755 units while exports fell 28% to 1,44,840 units in August 2022.

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