Nifty below 16,500; breadth turns negative

The equity indices were trading near the day's low in the morning trade. Barring the Nifty Oil & Gas and the PSU Bank index, all the other sectoral indices on the NSE were in the red. The Nifty was trading below the 16,500 level. Mixed Asian cues and persistent FII selling spoiled sentiment. Investors were also cautious ahead of Reserve Bank of India (RBI)'s policy announcement later this week.

At 10:29 IST, the barometer index, the S&P BSE Sensex, declined 471.73 points or 0.85% at 55,203.59. The Nifty 50 index fell 128.50 points or 0.78% at 16,441.05.

In the broader market, the S&P BSE Mid-Cap index lost 0.56% while the S&P BSE Small-Cap index was down by 0.40%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,261 shares rose and 1,675 shares fell. A total of 139 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,397.65 crore, while domestic institutional investors (DIIs) and were net buyers to the tune of Rs 1,940 crore in the Indian equity market on 6 June 2022, provisional data showed.

RBI's Monetary Policy Committee (MPC) is meeting from 6th to 8th June 2022. After the 40 basis points off-cycle rate hike on 4 May 2022, RBI is widely expected to increase the policy rate further.

Buzzing Index:

The Nifty Consumer Durables index fell 2.23% to 23,779.35 continuing its losing run to third day. The index declined 4.23% in three trading sessions. The decline in consumption related stocks were seen due to a rise in covid cases.

Among the components of the Nifty Consumer Durables index, Titan Company Ltd (down 4.41%), Amber Enterprises India Ltd (down 2.88%), Bata India Ltd (down 2.3%), Kajaria Ceramics Ltd (down 2.09%) and TTK Prestige Ltd (down 1.96%) were the top losers.

Stocks in Spotlight:

Zydus Lifesciences was down 1.60% to Rs 358.80. The drug maker has received final approval from the US drug regulator to market Adapalene and Benzoyl Peroxide Topical Gel, 0.3%/2.5% (USRLD: Epiduo Forte). "A combination of Adapalene (a retinoid) and Benzoyl Peroxide (an antibiotic and skin-peeling agent), the gel is used to decrease the number and severity of acne pimples. Adapalene works by affecting the growth of cells and decreasing swelling and inflammation and Benzoyl Peroxide works by reducing the amount of acne-causing bacteria and by causing the skin to dry and peel off," Zydus Lifesciences said in a statement on Tuesday.

SBI Cards and Payment Services declined 0.26% to Rs 771.95. The company said that its board has approved raising offunds by way of issuance of non-convertible debentures (NCDs) aggregating to Rs 2,500 crore in one or more tranches, on private placement basis.

NMDC fell 0.36% to Rs 124.20. The state-owned iron ore miner has steeply reduced prices of lump ore and fines, effective from 5 June 2022. The prices of lump ore (65.53, 6-40mm) have been reduced by Rs 1,100 or 20% to Rs 4,400 per ton compared with Rs 5,500 per ton fixed on 25 May 2022. The prices of iron ore fines (64%, -10 mm) have been slashed by Rs 1,100 or 24.94% to Rs 3,310 per ton from Rs 4,410 per ton set on 25 May 2022.

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