Barometers trade with minor cuts; even market breadth

The domestic equity barometers traded with minor cuts in early trade as the bourses witnessed some bit of selling in index pivotals. The Nifty managed to hold above the 18,000 level. Barring consumer durables and metal stocks, shares across sectors declined with PSU banks, IT and oil & gas scrips sliding the most.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 156.36 points or 0.26% to 60,771.07. The Nifty 50 index lost 44.95 points or 0.25% to 18,087.35.

TCS (down 0.91%), Infosys (down 0.85%), ONGC (down 0.79%), Hindalco (down 0.71%) and HCL Tech (down 0.66%) were the top Nifty losers.

Power Grid Corp (up 1.88%), NTPC (up 0.67%), Divi's Lab (up 0.57%), UPL (up 0.54%), Britannia (up 0.47%) outperformed.

In the broader market, the S&P BSE Mid-Cap index declined 0.23% while the S&P BSE Small-Cap index shed 0.07%.

The market breadth was almost even. On the BSE, 1278 shares rose and 1212 shares fell. A total of 108 shares were unchanged.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) jumped 4.96%. RVNL has received LOA for appointment as project implementation agency for implementation of the UTF Harbor Project in Maldives. This is a strategic project of Govt. of India. The project costs is Rs 1,544.60 crore.

Suryoday Small Finance Bank advanced 0.75%. The Reserve Bank of India has approved the re-appointment of Baskar Babu Ramachandran, as the MD & CEO of the Bank for a further period of three years, with effect from 23 January 2023.

Punjab & Sind Bank rose 0.46%. The bank said that the meeting of the board of directors of the bank is scheduled on 30 December 2022, to consider and approve raising capital up to an amount and aggregating to Rs.250 crore.

Global Markets:

Asian stocks are mostly trading lower 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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