The headline equity indices ended with deep cuts on Tuesday amid negative global cues. Investors were cautious ahead of India's June retail inflation data expected later today. Metals, autos and IT stocks were under pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex, down 508.62 points or 0.94% to 53,886.61. The Nifty 50 index fell 157.70 points or 0.97% to 16,058.30.
In the broader market, the S&P BSE Mid-Cap index declined 0.51% while the S&P BSE Small-Cap index shed 0.52%.
The market breadth was negative. On the BSE, 1,477 shares rose and 1,818 shares fell. A total of 172 shares were unchanged.
Buzzing Index:
The Nifty IT index declined 1.24% to 27,040.85. The index slipped 4.28% in two trading sessions.
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Infosys (down 2.29%), Mphasis (down 1.69%), HCL Technologies (down 1.66%), Tech Mahindra (down 1.02%) and L&T Technology Services (down 0.97%), Tata Consultancy Services (down 0.92%), Wipro (down 0.49%) edged lower.
On the other hand, Mindtree (up 1.3%), Larsen & Toubro Infotech (up 0.62%) and Coforge (up 0.46%) advanced.
Stocks in Spotlight:
Eureka Forbes jumped 11.17% after the company announced that Pratik Pota is appointed as managing director and chief executive officer of Eureka Forbes for a term of five years with effect from 16 August 2022.
Pratik will lead the management team to continue scaling the business, solidifying Eureka Forbes' market leadership position and delivering innovative products for a growing customer base. Until recently, Pratik was the CEO at Jubilant Foodworks (JFL) where he led the business to a comprehensive turn-around and transformation.
Borosil Renewables declined 0.84% after the company said that its board is scheduled to meet on Thursday, 14 July 2022, to consider fund raising by the company. The funds would be raised either via further public offer, issuance of American depository receipts or global depository receipts, issuance of foreign currency convertible bonds, qualified institutions placement or through a combination thereof.
Trident fell 2.71% after the firm announced production update for June 2022. In the home textile division, production of bath linen slumped 23.6% to 3,333 metric tonnes (MT) in June 2022 as against 4,363 MT posted in June 2021. Production of bed linen tumbled 30.35% to 1.95 million metres (MM) in June 2022 from 2.8 MM recorded in June 2021. Production of yarn slipped 14.61% to 8,186 MT in June 2022 over 9,587 MT reported in June 2021.
Ramco Systems declined 1.06%. The global aviation software provider said that it had gone live at Air Asia Company (AACL) with its Aviation M&E MRO Suite V5.9, thereby automating and digitally transforming AACL's business processes. Air Asia Company is Taiwan's first privately-owned aircraft maintenance company catering to aircraft maintenance of commercial aircraft, helicopters, military and a designated Government owned contractor operated facility' (GOCO).
Star Health and Allied Insurance Company rose 1.38%. The company has partnered with Common Services Centers (CSC), under Ministry of Electronics & Information Technology, for providing over 5 lakh CSCs access to a select range of Star Health insurance products, specially designed to meet the needs of rural customers, across tier-II, tier-III cities and rural markets pan India.
NMDC tumbled 5.28% after the company slashed iron ore prices with effect from today, 12 July 2022. The company has fixed lump ore (65.5%, 6-40mm) at Rs 3,900 per ton while the price of fines (64%, -10mm) has been fixed at Rs 2,810 per ton. NMDC has reduced lump ore prices by 11.4% while the price of fines has been decreased by 15.1%.
IndusInd Bank shed 1.43%. The bank said that its board will meet on Monday, 18 July 2022, to consider the proposal of raising funds through issue of debt securities in any permitted mode on a private placement basis.
HFCL rallied 5.29% after the company has received the Purchase Orders aggregating to Rs. 59.22 crores, from one of the leading Private Telecom Operators of the Country for providing Services to rollout their Fiber to the Home (FTTH) Network and Long Distance Fiber Network in various Telecom Circles.
Global Markets:
The US Dow Jones futures were currently trading with a cut of 226 points, indicating a negative start to equities on Wall Street today.
Shares in Europe and Asia declined on Tuesday after Wall Street slipped overnight. The prospect of further monetary policy tightening by major central banks, China's renewed COVID outbreak and Europe's energy shortage impacted sentiment.
U.S. equities fell Monday as Wall Street braced for big company earnings reports slated for later in the week which could signal how inflation is impacting businesses.
Twitter shares dropped sharply after Elon Musk terminated a deal worth $44 billion to buy the social media company. The billionaire took issue with the number of bots and fake accounts on the platform and said Twitter wasn't being truthful about how authentic activity on the platform was. However, the company said it gave Musk the information he needed to assess the claims.
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