Nifty below 15,600; breadth positive

The key equity indices traded with steep losses in the early trade. The Nifty traded a tad below the 15,600 level. Barring the Nifty FMCG index, all the sectoral indices on the NSE traded in the red. The market was dragged by the index heavyweight Reliance Industries which dropped about 6%.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 642.81 points or 1.21% to 52,376.13. The Nifty 50 index fell 185.30 points or 1.17% to 15,594.95.

In the broader market, the S&P BSE Mid-Cap index fell 0.60% while the S&P BSE Small-Cap index lost 0.82%.

The market breadth was positive. On the BSE, 1,115 shares rose and 1,756 shares fell. A total of 210 shares were unchanged.

 

Reliance Industries slumped 5.72% to Rs 2445.55. The government on Friday announced an increase in taxes on the export of petrol, diesel, and aviation turbine fuel (ATF). The centre has also mandated exporters to meet the requirements of the domestic market first. The government has levied a Rs 6 per litre tax on exports of petrol and ATF and Rs 13 per litre on exports of diesel.

Buzzing Index:

The Nifty Auto index fell 1.05% to 11,577.90. The index fell 2.3% in the two trading sessions.

Among the components of the Nifty Auto index, Tube Investments of India (down 3.13%), Bharat Forge (down 2.43%), Tata Motors (down 2.16%), Bajaj Auto (down 1.71%) and TVS Motor Company (down 1.41%) were the top losers.

Among the other losers were Mahindra & Mahindra (down 1.34%), Balkrishna Industries (down 1.22%), Ashok Leyland (down 1.22%) and Eicher Motors (down 1.16%).

On the other hand, Bosch (up 1.93%) ,Sona BLW Precision Forgings (up 0.67%) and Hero MotoCorp (up 0.24%) turned up.

Escorts Kubota fell 0.67%. The company's total tractor sales declined 19.8% YoY to 10,051 units in June 2022 from 12,533 units sold in June 2021. On a sequential basis, tractor sales surged 19.36% in June 2022 from 8,421 units sold in May 2022. Domestic tractor sales in June 2022 stood at 9,265 tractors as against 11,956 tractors sold in June 2021, registering a fall of 22.5% year on year. Export tractor sales in June 2022 was at 786 tractors against 577 tractors sold in June 2021, recording a growth of 36.2%.

Stocks in Spotlight:

IRB Infrastructure Developers fell 0.59%. IRB Hapur Moradabad Tollway has received completion certificate from NHAI for its Hapur to Moradabad six laning highway project in Uttar Pradesh. Consequently, the company can now collect toll at higher tariffs, increasing by approximately 65% over existing toll tariffs. IRB Hapur Moradabad Tollway, the special purpose vehicle of IRB Infrastructure Developers, is now a part of IRB Infrastructure Trust - Private InvIT.

Hindustan Copper declined 1.03%. The company said that its board has approved a proposal to raise funds via qualified institutional placement of equity shares and issue of non-convertible debentures. The board has approved the issuance of up to 9,69,76,680 equity shares of face value of Rs 5 each of the company in one or more tranches. It has also accorded its approval to the issue of secured or unsecured non-convertible debentures or bonds on private placement basis up to Rs 500 crore.

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