Indices trade with minor cuts; Nifty below 18,500

The key equity benchmarks traded with tiny losses in the morning trade. Weak global cues dented the investor sentiments. The Nifty traded below the 18,500 mark. PSU bank, media and oil & gas shares saw buying demand while consumer durables, IT and healthcare stocks saw a bit of selling pressure.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 13.77 points or 0.02% to 62,167.90. The Nifty 50 index declined 6.55 points or 0.035% to 18,490.05.

In the broader market, the S&P BSE Mid-Cap index lost 0.03% while the S&P BSE Small-Cap index slipped 0.28%.

The market breadth was positive. On the BSE, 1,789 shares rose and 1,459 shares fell. A total of 201 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 158.01 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 501.63 crore in the Indian equity market on 9 December, provisional data showed.

On the macro front, the Industrial Production and Manufacturing Production data for October will be released today, 12 December 2022. Inflation rate for November will also be declared today.

Buzzing Index:

The Nifty PSU Bank index rose 0.80% to 4,332.65. The index has declined 1.77% in the past trading session.

Punjab & Sind Bank (up 4.73%), Punjab National Bank (up 2.49%), Union Bank of India (up 2.39%), Bank of India (up 1.52%), Bank of Maharashtra (up 0.87%), Canara Bank (up 0.79%), Bank of Baroda (up 0.34%), Indian Overseas Bank (up 0.19%), State Bank of India (up 0.06%) were the top gainers.

On the other hand, Central Bank of India (down 1.96%), UCO Bank (down 0.85%) and Indian Bank (down 0.15%) edged lower.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) jumped 4.08% after the company said that it has formed a joint venture company with Kyrgyzindustry Open Joint Stock Company to construct rail road and other infrastructure projects in Kyrgyz Republic. RVNL in its statement, however, did not mention the cost of outlay for the project.

PSP Project rose 1.25% after the company announced that it has received letter of intent (LoI) from Nila Spaces for civil construction of a prestigious residential project "VIDA" at GIFT City Gandhinagar, Gujarat. The project involves civil construction of core & shell of 3B+G+33 floors of high-rise residential towers amounting to Rs 121.51 crore.

Zydus Lifesciences declined 0.63%. The drug maker announced that it received final approvals from the US drug regulator to market Silodosin and Pregabalin capsules. The drugs will be manufactured at the group's formulation manufacturing facility at Moraiya, Ahmedabad, India.

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