The key equity indices ended with deep cuts on Friday, extending losses for the third straight session. The Nifty closed below the 17,900 mark after hitting day's high of 18,047.40 in morning trade. The Sensex settled below the psychological 60,000 level. Investors exercised caution ahead of US and domestic inflation data due next week. Investors also awaited the release of US jobs data due later in the day. Investors will keenly monitor Q3 earnings in India, which will start pouring in on 9 January 2022.
The barometer index, the S&P BSE Sensex declined 452.90 points or 0.75% to 59,900.37. The Nifty 50 index lost 132.70 points or 0.74% to 17,859.45. In three consecutive sessions, the Sensex slipped 3.47% while the Nifty fell 2.27%.
TCS (down 2.97%), Infosys (down 1.79%), HDFC (down 1.06%) and ICICI Bank (down 1%) were major drags.
In the broader market, the S&P BSE Mid-Cap index shed 0.72% while the S&P BSE Small-Cap index both declined 0.73%.
The market breadth was weak. On the BSE, 1,330 shares rose and 2,178 shares fell. A total of 131 shares were unchanged.
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Among the sectoral indices on the NSE, the Nifty IT index (down 2%), the Nifty Media index (down 1.45%) and the Nifty Private Bank index (down 1.12%) underperformed the Nifty50 index. Meanwhile, the Nifty Consumer Durables index (up 0.07%), the Nifty FMCG index (up 0.03%) and the Nifty Oil & Gas index (down 0.07%) outperformed the Nifty50 index.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose to 7.374 from its close of 7.327 recorded in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.73, compared with its close of 82.62 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement rose 0.12% to Rs 55,354.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.35% to 105.41.
The United States 10-year bond yield advanced 0.44% to 3.738.
In the commodities market, Brent crude for March 2023 settlement added 68 cents or 0.86% to $79.37 a barrel.
Global Markets:
The Dow Jones index futures were up 29 points, indicating a positive opening in US stocks today.
Shares in Europe and Asia advanced on Friday as investors digested key euro zone inflation data and now awaited for crucial U.S. jobs data later in the day that should provide clues on how aggressive the Federal Reserve will be in tightening policy.
Inflation in the euro zone slipped to 9.2% year on year, dropping for second consecutive month in December. In November, inflation rate was at 10.1%, which represented the first slight contraction in prices since June 2021.
This could pave the way for the European Central Bank to temper its aggressive monetary policy tightening cycle and limit the continent's economic pain.
The Wall Street's main indices lost more than 1% on Thursday as evidence of a tight labor market eroded hopes that the Federal Reserve could pause its rating hiking cycle anytime soon as it keeps focused on inflation.
U.S. private payrolls increased more than expected in December. The U.S. ADP private payrolls report showed employers added 235,000 jobs in December. Data for November was unrevised to show 127,000 jobs added.
Stocks in Spotlight:
Bajaj Finance fell 1.95% to Rs 5980.60, hitting a 6-month low after closing down for a third straight day.
Dabur India slumped 3.47%. The FMCG major on Friday announced that its India business is expected to report low to mid-single digit revenue growth. However, the international business is expected to deliver double-digit revenue growth in Q3 FY23.
CEAT jumped 4.48%. The company's MD & CEO, Anant Goenka, told in a media interview that the tyre maker aims to cross $2 billion in revenues in the near term by focusing on the passenger and off-highway tyre (OHT) segments.
Mukand rose 0.46% after the company sold its Thane property for Rs 800 cr.
Pokarna rose 0.95% after the United States Department of Commerce announced nil anti-dumping duty for two years on the company's subsidiary.
In a filing to the stock exchanges on Thursday, Pokarna said that the US Department of Commerce announced the final results of its first administrative review of quartz surfaces anti-dumping duty order. The Commerce has finally determined that Pokarna Engineered Stone Limited, a material wholly owned subsidiary of the Company (PESL) did not make sales of subject merchandise at less than normal value during the period of review (POR) December 13, 2019 through May 31, 2021. Accordingly, PESL's anti-dumping duty for the said period has been finally determined to be 0%.
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