Indices drop in early trade, breadth negative

The key equity indices were trading with deep cuts in early trade on a bit of a selling pressure in index pivotals. Negative Asian stocks dented the investors sentiment. The Nifty traded below the 18,200 level. All the sectoral indices on the NSE were in the red with IT, realty and financial services stocks falling the most.

At 09:29 IST, the barometer index, the S&P BSE Sensex, was down 454.06 points or 0.74% to 61,209.42. The Nifty 50 index shed 132.25 points or 0.72% to 18,175.40.

Bajaj Finance (down 2.15%), Mahindra & Mahindra (down 1.52%), SBI Life Insurance Company (down 1.38%), ITC (down 1.38%) and Reliance Industries (down 1.26%) dragged the Nifty lower.

Bharat Petroleum Corporation (BPCL) (up 0.89%), Tata Steel (up 0.71%), Oil and Natural Gas Corporation (ONGC) (up 0.56%), Bharti Airtel (up 0.56%) and Tata Motors (up 0.48%) outperformed.

In the broader market, the S&P BSE Mid-Cap index lost 0.25% while the S&P BSE Small-Cap index declined 0.05%.

The market breadth was negative. On the BSE, 1,343 shares rose, and 1,415 shares fell. A total of 160 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 751.20 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 890.45 crore in the Indian equity market on 18 November, provisional data showed.

Stocks in Spotlight:

Tata Motors rose 0.48% while Dr Reddy's Laboratories (DRL) fell 1.15%. Tata Motors will replace Dr Reddy's Laboratories in the 30-share benchmark S&P BSE Sensex effective Monday, 19 December 2022.

Zomato declined 2.08%. The online food delivery platform said that Mohit Gupta, co-founder at the company, has resigned from his post. Gupta had joined Zomato four-and-a-half years ago. He was elevated to co-founder in 2020 from the position of CEO of its food delivery business.

Adani Ports and Special Economic Zone (APSEZ) shed 0.30%. APSEZ announced that Adani Agri Logistics (AALL), step down subsidiary of the company has incorporated a wholly owned subsidiary in the name of Adani Agri Logistics (Sandila) (AALSL) on 18 November 2022.

Indian Energy Exchange (IEX) rallied 4.34% after the company announced that its board will consider share buyback on Friday, 25 November 2022.

Aurobindo Pharma declined 0.26%. The durg maker announced that the United States Food and Drug Administration (USFDA) has issued Form 483 with 10 observations after the inspection of its unit IX, Gundlamachnoor facility in Telangana.

KPI Green Energy added 0.99%. KPI Green Energy on Friday announced that it has received commissioning certificate from Gujarat Energy Development Agency (GEDA) for capacity of 5.40 MWdc solar power project under its Captive Power Producer (CPP) segment.

Global Markets:

Asian stocks declined on Monday as China's central bank kept its benchmark lending rates on hold - in line with expectations.

China left its benchmark lending rate unchanged for a third month in a row, according to an announcement from the People's Bank of China. The one-year loan prime rate is steady at 3.65%, and the five-year rate is also on hold at 4.3%, the notice said.

Japan's core consumer inflation accelerated to a 40-year high in October. The nationwide core consumer price index (CPI) was up 3.6% on a year earlier, exceeding the 3% gain seen in September.

US stocks ended higher on Friday in a choppy trading session, as gains in defensive shares overshadowed energy declines, and investors shrugged off hawkish comments from Federal Reserve officials about interest rate hikes.

Federal Reserve Bank of Boston leader Susan Collins said that, with little evidence price pressures are waning, the Fed may need to deliver another 75-basis point rate hike as it seeks to get inflation under control.

In U.S. economic data, the National Association of Realtors said Friday that existing-home sales fell 5.9% in October, slumping for a ninth straight month. That's down 28.4% from a year earlier.

Meanwhile, the U.S. leading economic index fell 0.8% in October, an eighth straight monthly decline, according to a Conference Board report Friday.

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