Benchmarks trade with minor cuts; Nifty slides below 18,600

The key equity indices traded with modest losses in morning trade amid negative global cues. The Nifty slipped below the 18,600 mark. PSU banks advanced for fourth straight day.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 240.13 points or 0.38% to 62,437.78. The Nifty 50 index lost 68.65 points or 0.37% to 18,591.65.

In the broader market, the S&P BSE Mid-Cap index slipped 0.05% while the S&P BSE Small-Cap index gained 0.23%.

The market breadth was positive. On the BSE, 1,844 shares rose and 1,362 shares fell. A total of 153 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 372.16 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 926.45 crore in the Indian equity market on 14 December, provisional data showed.

Buzzing Index:

The Nifty PSU Bank index rose 1.06% to 4,598.55. The index has advanced 6.98% in four trading sessions.

UCO Bank (up 8.57%), Indian Overseas Bank (up 5.39%), Punjab National Bank (up 3.88%), Bank of Maharashtra (up 3.81%), Bank of India (up 3.11%), Punjab & Sind Bank (up 2.8%), Central Bank of India (up 2.39%), Canara Bank (up 0.41%), Indian Bank (up 0.33%) and State Bank of India (up 0.23%) advanced.

State Bank of India rose 0.18%. The state-run lender on Wednesday (14 December 2022) announced that its board has approved raising upto Rs 10,000 crore by way of issuance of Basel III compliant debt instrument.

Stocks in Spotlight:

Wipro declined 0.64%. Capco, a Wipro company, will offer strategic management and technology consulting capabilities to financial services firms in the Middle East to enable their transformation, digitization and business consolidation initiatives. The technology services and consulting company on 14 December 2022 announced the launch of a new Middle East financial services advisory capability.

Dilip Buildcon rallied 3.22% after the company through RBL-DBL JV executed a contract agreement with Gujarat Metro Rail Corporation Corporation (GMRC).

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