The key equity indices traded with minor cuts in early trade. The Nifty traded below the 15,750 level. Auto, IT, and pharma stocks advanced while metal, oil & gas, and IT shares lagged behind.
At 09:22 IST, the barometer index, the S&P BSE Sensex, was down 80.54 points or 0.15% to 52,613.03. The Nifty 50 index fell 29.60 points or 0.19% to 15,702.50.
In the broader market, the S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index added 0.54%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1666 shares rose and 601 shares fell. A total of 85 shares were unchanged.
Stocks in Spotlight:
Asian Paints advanced 0.65%. The company has subscribed to 51% of the equity share capital of Weatherseal Fenestration comprising of 10,409 equity shares of Rs 10 each at a premium of Rs 18,091 per share, issued on a preferential basis for an aggregate cash consideration of Rs 18.84 crore. Accordingly, Weatherseal Fenestration is now a subsidiary of the company.
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Wipro advanced 0.60%. The company is increasing its investment locally in Norway to help its clients capitalize on digital transformation. Within the next two years the company is looking to grow from 85 to 350 employees in Norway.
Cipla added 0.45%. The drug major received South African Health Products Regulatory Authority (SAHPRA) approval to launch a 4-in-1 fixed-dose combination of four antiretroviral (ARV) treatments for infants and young children with HIV in South Africa.
Global markets:
Asian stocks are trading mixed on Wednesday following overnight losses on Wall Street as the S&P 500 fell deeper into bear market territory.
China's industrial output climbed 0.7% in May as compared with a year earlier, official data showed Wednesday, rising from the April's 2.9% decline. Meanwhile, retail sales in May fell 6.7% year-on-year.
U.S. stock indexes had a mixed Tuesday on fears that red-hot inflation will prompt more aggressive rate increases from the Federal Reserve. The S&P 500 tumbled 0.38% to close at 3,735.48. The Dow Jones Industrial Average dropped 151.91 points, or 0.5%, to settle at 30,364.83. The Nasdaq Composite rose 0.18% to finish at 10,828.35.
Recession fears in the US continued to loom large ahead of the US Fed's policy outcome due on Wednesday. A major foreign brokerage has reportedly forecast a 75-basis point (bp) interest rate hike from the Fed's June policy meeting on Wednesday. A 75-bp hike would reportedly be the biggest since 1994.
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