Indices drift lower in early trade

After opening slightly higher, the domestic benchmarks pared gains and dipped in negative zone in early trade. The Nifty was trading below the 17,850 mark. Asian stocks were trading mixed.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 112.57 points or 0.19% to 59,895.76. The Nifty 50 index lost 51.15 points or 0.27% to 17,847.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.39% while the S&P BSE Small-Cap index declined 0.32%.

The market breadth was almost even. On the BSE, 1297 shares rose and 1292 shares fell. A total of 120 shares were unchanged.

Meanwhile, citing faster-than-expected recovery, rising consumer confidence and the resultant spending spike, a foreign brokerage has reportedly revised upwards its growth forecast for the current fiscal to 9.5% from 8.9% in September.

As per reports, the brokerage also sees the economy clipping at 7.7% in FY23 but moderating to 6% in FY24, as it expects the benefit of the low-interest rate regime to end by the end of FY23, and it sees the central bank hiking policy rates by 50 bps in the second half of the next fiscal.

Stocks in Spotlight:

Cadila Healthcare shed 0.06% to Rs 472.15. The company received final nod from US FDA and 180-day exclusivity for Nelarabine injection used to treat certain types of Leukemia and Lymphoma.

Bharat Heavy Electricals (Bhel) rose 0.94% to Rs 64.60. The company said that a cooperation agreement was signed between the company and Zorya Mashproekt, Ukraine at New Delhi. The cooperation agreement aims to cooperate for establishing the local manufacture of the marine GTs and RGs for requirement of the Indian Navy. In addition to above, the cooperation agreement also aims to cooperate for supporting Indian Navy in Maintenance & repair of marine GTs and RGs of ZM make in their fleet.

Seacoast Shipping Services hit an upper circuit of 10% to Rs 179.35. The company has informed that the meeting of the board of directors of the company is scheduled on 24 November 2021, to consider and approve the sub division of face value of equity shares of the company.

Global markets:

Asian stocks were trading mixed on Thursday, following overnight losses on Wall Street.

U.S. stocks took a dip on Wednesday as investors weighed a continuation of strong earnings reports from big-box retailers against lingering inflation concerns.

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