Nifty below 18,000 level, broader market tumbles

The benchmark indices traded with deep cuts in the mid-afternoon trade. Domestic sentiment was dented amid negative global cues. The Nifty traded below the 18,000 level. Consumer durables shares extended losses for the sixth consecutive trading session.

At 14:30IST, the barometer index, the S&P BSE Sensex, was down 544.72 points or 0.89% to 60,488.83. The Nifty 50 index lost 171.65 points or 0.95% to 17,985.35.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 1.32% while the S&P BSE Small-Cap index shed 1.33%.

The market breadth was weak. On the BSE, 1,116 shares rose and 2,302 shares fell. A total of 134 shares were unchanged.

Investors looked ahead to the US consumer price inflation report due on Thursday. The inflation data would give clues about how much the U.S. Federal Reserve's rapid interest rate hikes are helping in cooling down the economy.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined to 7.344 as compared with 7.387 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.79, compared with its close of 81.47 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement added 0.20% to Rs 51,610.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 110.43.

The United States 10-year bond yield fell 1.15% to 4.094.

In the commodities market, Brent crude for January 2023 settlement declined 13 cents or 0.14% at $92.52 a barrel.

Buzzing Index:

The Nifty Consumer Durables index fell 1.72% to 26,174.60, extending losses for the sixth trading session. The index lost 3.47% in six trading sessions.

V-Guard Industries (down 3.02%), Titan Company (down 2.88%), TTK Prestige (down 2.17%), Voltas (down 1.93%), Bata India (down 1.83%), Amber Enterprises India (down 1.42%), Dixon Technologies (India) (down 1.27%), Rajesh Exports (down 1.24%), Relaxo Footwears (down 1.15%) and Kajaria Ceramics (down 1.07%) edged lower.

Stocks in Spotlight:

Kalyan Jewellers India slipped 4.34%. The jewellery retailer's consolidated net profit surged 54.78% to Rs 106.38 crore on 20.22% jump in revenue from operations to Rs 3472.9 crore in Q2 FY23 over Q2 FY22.

Acrysil tumbles 6.60% after the company's consolidated net profit fell 47.7% to Rs 9.25 crore on 16.6% increase in net sales to Rs 139.20 crore in Q2 September 2022 over Q2 September 2021.

Galaxy Surfactant rose 0.13%. The company's consolidated net profit doubled to Rs 83.9 crore in Q2 FY23 from Rs 41.9 crore in Q2 FY22. Net revenue from operations rose by 40.4% to Rs 1,231.6 crore in the second quarter from Rs 877.3 crore recorded in the same period last year.

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