Broader markets trade mixed; PSU bank shares fall for 2nd day

The key equity barometers traded in a narrow range, with limited losses, in mid-morning trade. The Nifty continued to trade below the 18,000 mark. PSU bank shares fell for second consecutive session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 151.47 points or 0.25% to 61,168.04. The Nifty 50 index lost 47.40 points or 0.26% to 17,988.45.

In the broader market, the S&P BSE Mid-Cap index declined 0.34% while the S&P BSE Small-Cap index added 0.17%

The market breadth was positive. On the BSE, 1,617 shares rose and 1,556 shares fell. A total of 182 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index declined 1.11% to 3,828.20. The index has fallen 1.30% in two sessions.

UCO Bank (down 2.07%), Bank of India (down 1.93%), Bank of Baroda (down 1.68%), Union Bank of India (down 1.59%) and Punjab National Bank (down 1.38%) were the top losers.

Among the other losers were Bank of Maharashtra (down 1.29%), Punjab & Sind Bank (down 0.91%), State Bank of India (down 0.85%), Indian Overseas Bank (down 0.77%) and Central Bank of India (down 0.37%).

Stocks in Spotlight:

Lupin shed 0.88%. The company announced that it has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for its new injectable facility located in Nagpur, India. The EIR was issued post the last inspection of the facility conducted from 17 October 2022 to 29 October 2022.

RPP Infra Projects jumped 9.02%. The company received new orders aggregating to Rs 183.59 crore for construction of integrated storm water drain works in M1 and M2 components in Kovalam basin in Chennai. The company's current market capitalization is Rs 166.07 crore.

Glenmark Pharmaceuticals added 0.63%. The drug maker said that it has received second tentative approval by US Food & Drug Administration for Saxagliptin tablets, 2.5 mg and 5 mg. Saxagliptin is used to lower blood sugar levels in patients with type 2 diabetes (condition in which blood sugar is too high because the body does not produce or use insulin normally). Saxagliptin is in a class of medications called dipeptidyl peptidase-4 (DPP-4) inhibitors. Saxagliptin is used to lower blood sugar levels in patients with type 2 diabetes (condition in which blood sugar is too high because the body does not produce or use insulin normally). Saxagliptin is in a class of medications called dipeptidyl peptidase-4 (DPP-4) inhibitors.

Global markets:

Asian stocks are trading lower on Friday as investors digested more economic data out of the U.S. and more hawkish commentary from the Federal Reserve.

Reserve Bank of Australia governor Philip Lowe reiterated warnings of inflation risks and hinted at further hikes ahead.

Wall Street ended sharply lower on Thursday after unexpectedly strong inflation data and a drop in weekly jobless claims added to fears that the US Federal Reserve will keep raising interest rates to tame high prices.

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