Benchmarks trade with minor cuts; breadth positive

The key equity indices were trading with tiny cuts in early trade on a bit of a selling pressure in index pivotals. The Nifty traded below the 18,200 level. PSU bank, auto and media shares advanced while oil & gas, realty and IT stocks declined.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was down 33.1 points or 0.05% to 61,111.74. The Nifty 50 index shed 6.20 points or 0.03% to 18,153.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index added 0.01%.

The market breadth was positive. On the BSE, 1,481 shares rose, and 1,155 shares fell. A total of 106 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,593.83 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,262.91 crore in the Indian equity market on 21 November 2022, provisional data showed.

Stocks in Spotlight:

New Delhi Television (NDTV) declined 3.22%. Adani group's open offer to acquire an additional 26% stake in the media firm from the market will start from Tuesday. The open offer at a price of Rs 294 per share will open on 22 November 2022 and close on 5 December 2022.

Vedanta rose 0.47%. The miner's board will meet today, 22 November 2022, to consider third interim dividend on equity shares, if any, for the Financial Year 2022-23.

Jubilant Foodworks added 1.01%. The board of Jubilant FoodWorks International Luxembourg, a step down wholly owned subsidiary of the company, on 21 November 2022 approved incorporation of a wholly owned subsidiary company in Nepal. The subsidiary shall have the exclusive right to develop and operate Domino's Pizza stores in the territory of Nepal.

Global Markets:

The US Dow Jones index futures were up 41 points, indicating a positive opening in the US stocks today.

Asian shares were trading mixed on Tuesday as concerns over China's COVID flare ups and hawkish US Fed commentary.

US stocks fell Monday in a volatile session to start a short trading week due to the Thanksgiving holiday. Fears that China may again ramp up Covid restrictions after reporting deaths from the virus weighed on markets. Traders also looked for further signals from the Federal Reserve about future interest rate hikes. The S&P 500 shed 0.39% to 3,949.94 and the Nasdaq Composite fell 1.09% to end the day at 11,024.51. The Dow Jones Industrial Average fell 45.41 points, or 0.13%, to 33,700.28, though losses on the index were mitigated by a jump in Disney shares, which surged more than 6%.

San Francisco Federal Reserve President Mary Daly said on Monday that there was more work to be done in order to tighten monetary policy and cool inflation, and that the real-world impact of recent rate hikes will probably be greater than what the short-term target rate implies.

Cleveland Fed President Loretta Mester said she supports a smaller rate hike in December, which is in line with market expectations for a 50 basis point bps hike.

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