The key equity indices pared gains in the afternoon trade, tracking mixed global cues. The Nifty was above the 15,300 level. FMCG, financial services and IT shares advanced. On the other hand, metals, oil & gas and realty shares declined.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 109.92 points or 0.21% to 51,470.34. The Nifty 50 index gained 9.15 points or 0.06% to 15,302.65.
The broader market tumbled. The S&P BSE Mid-Cap index slipped 1.76% while the S&P BSE Small-Cap index lost 2.96%.
Sellers outnumbered buyers. On the BSE, 638 shares rose and 2673 shares fell. A total of 157 shares were unchanged.
Hindustan Unilever (up 4.06%), Britannia Industries (up 3.72%), HDFC (up 3.33%), Asian Paints (up 2.76%) and HDFC Bank (up 2.09%) were top Nifty gainers.
ONGC (down 6.75%), Hindalco Industries (down 6.59%), Tata Steel (down 5.76%), UPL (down 4.16%) and IndusInd Bank (down 3.62%) were major Nifty losers.
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Economy:
FICCI's latest quarterly survey on Manufacturing sector reveals that momentum of growth continued in subsequent quarters of Q-4 (Jan-Mar 2021-22) and Q-1 April-June (2022-23) and there seems to be an improvement in hiring/employment outlook after a long gap.
The survey noted that 54.8% respondents reported higher production levels in Q-1 (April- June 2022-23), with an average expectation of increase in production by over 10%. The survey reports improvement in employment creation by the sector as 53% of the respondents are now looking at hiring additional workforce in the next three months. The existing average capacity utilization for Q4 2021-22 in manufacturing is 77%, a little higher than 75% in the previous quarter, which reflects increased economic activity in the sector.
The outlook for exports seems to be positive as 53.4% of the respondents expect an average increase of 15.2% in exports in Q-1 2022-23 as compared to the first quarter of last year. The cost of production as a percentage of sales for manufacturers in the survey has risen for 91% respondents in Q-4 2021-22.
Global Markets:
Shares in Europe and Asia were mixed on Monday.
China stood pat on its benchmark lending rates for corporate and household loans, as expected, on Monday. The one-year loan prime rate (LPR) was kept at 3.70%, and the five-year was unchanged at 4.45%.
German producer prices soared by 33.6% year-on-year in May, their largest increase on record, according to new official statistics published Monday.
Markets in the U.S. are closed on Monday for a holiday. The Wall Street ended mixed Friday as the S&P 500 and the Nasdaq Composite bounced, but the Dow Jones Industrial Average erased gains late in the session. Investors grew increasingly worried about a potential economic slowdown.
In the latest Fed commentary, Governor Christopher Waller said he would support another 75-basis-point rate increase at the central bank's July meeting should economic data come in as he expects.
Production at US factories unexpectedly fell in May. Manufacturing output dipped 0.1% last month, the first decline since January, after increasing 0.8% in April, the Fed said.
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