Benchmarks trade with modest losses; Nifty slips below 18,350

The key equity benchmarks slipped into the negative terrain tracking global cues in morning trade. The Nifty slid below the 18,350 mark. All the sectoral indices on the NSE traded in the red.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 284.08 points or 0.46% to 61,514.95. The Nifty 50 index lost 0.93.80 points or 0.51% to 18,321.10.

In the broader market, the S&P BSE Mid-Cap index shed 1.33% while the S&P BSE Small-Cap index declined 0.98%.

The market breadth was weak. On the BSE, 1,190 shares rose and 2,002 shares fell. A total of 143 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 710.74 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 260.92 crore in the Indian equity market on 15 December, provisional data showed.

Buzzing Index:

The Nifty PSU Bank index slipped 2.27% to 4,363. The index has declined 4.15% in two trading sessions.

Punjab & Sind Bank (down 4.93%), Central Bank of India (down 3.81%), Union Bank of India (down 3.55%), Bank of India (down 2.81%), Bank of Maharashtra (down 2.62%), Punjab National Bank (down 1.94%), Canara Bank (down 1.73%), Indian Bank (down 1.7%), Bank of Baroda (down 1.65%) and State Bank of India (down 1.03%) were the top losers.

On the other hand, UCO Bank (up 0.14%) turned up.

Stocks in Spotlight:

Hindustan Petroleum Corporation (HPCL) slipped 1.22%. The company's board at its meeting held on 15 December 2022 approved a proposal for borrowing through further issuance of secured/unsecured redeemable non-convertible debentures/bonds/notes, etc. upto Rs 10,000 crore on private placement basis in the domestic market and/or in the overseas market from the date of such approval, the company said on Thursday.

Reliance Industries rose 0.63%. Reliance Consumer Products, the FMCG arm and a fully owned subsidiary of Reliance Retail Ventures, on Thursday (15 December) launched its indigenous made-for-India consumer packaged goods brand, Independence, in Gujarat.

Wipro declined 0.94%. The IT major announced that it has signed five year multi million agreement with Mazda Motor Logistics Europe to deliver managed services for its entire application landscape. Mazda is currently transforming itself into a more centralized organization with harmonized business processes and standardized business capabilities, resulting in reduced cost and complexity.

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