Barometers trade almost flat, Nifty below 18,150 mark

The headline equity indices continued to trade near the flat line with tiny losses in afternoon trade. The Nifty traded below the 18,150 mark. Consumer durables, PSU bank and realty stocks advanced while healthcare, pharma and metal stocks corrected.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 10.91 points or 0.02% to 60,916.52. The Nifty 50 index shed 7.45 points or 0.04% to 18,124.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.21% while the S&P BSE Small-Cap index added 0.31%.

The market breadth was positive. On the BSE, 2,022 shares rose and 1,384 shares fell. A total of 139 shares were unchanged.

Gainers & Losers:

Titan Company (up 3.04%), Maruti Suzuki India (up 1.29%), Grasim Industries (up 1.18%), Mahindra & Mahindra (M&M) (up 1%) and Coal India (up 0.93%) were top Nifty gainers.

Bajaj Finserv (down 1.10%), Bharti Airtel (down 0.99%), Cipla (down 0.96%), Hindalco Industries (down 0.89%) and Apollo Hospitals Enterprise (down 0.82%) were major Nifty losers.

Stocks in Spotlight:

Hindustan Petroleum Corporation (HPCL) shed 0.11%. HPCL on Tuesday announced that it has appointed Amit Garg as Director (Marketing) on the board of the company with effect from 27 December 2022.

Adani Enterprises added 0.08%. The company announced that it has acquired 100% stake of SIBIA Analytics and Consulting Services (SIBIA) on 27 December 2022 for Rs 14.80 crore.

Adani Transmission rose 1.60% after the company said that it has incorporated a wholly owned subsidiary, BEST Smart Metering (BSML), on 27 December, 2022, with an initial authorized and paid-up share capital of Rs 1 lakh each. The power transmission company said that it incorporated BSML for smart metering business.

Punjab & Sind Bank hit an upper circuit of 5%. The public sector lender on Tuesday announced that its board will meet on Friday, 30 December 2022 to consider proposal for raising capital upto Rs 250 crore by various modes, including equity and bonds issuance.

Indowind Energy was locked in an upper circuit of 5% after its board in its meeting held on 27 December 2022, approved rights issue of 3.58 crore equity shares aggregating to Rs 43.07 crore. The company will allot two equity shares for every five equity shares held by the eligible equity shareholders of the company, as on the record date. The record date for the same is fixed at 13 January 2023.

Global Markets:

Most Asian stocks declined on Wednesday, with investors looking for direction after China took further steps towards reopening its COVID-battered economy. A faster than anticipated peak of infection has stoked expectations that a quick economic recovery is on the cards.

Meanwhile, the U.S. government is considering imposing new Covid rules for travelers from China, as per reports. Separately, Japan announced on Tuesday it would require a negative Covid test for visitors from China starting December 30.

Wall Street ended lower at the beginning of a holiday-shortened week on Tuesday, as rising US Treasury yields pressured interest rate sensitive megacap shares.

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