Shares turn rangebound; most Asian indices decline

The domestic equity barometers traded in a narrow range, near the day's low in mid morning trade. The Nifty hovered around the 17,750 mark.

At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 406.78 points or 0.68% to 59,601.55. The Nifty 50 index lost 139.10 points or 0.78% to 17,759.55.

In the broader market, the S&P BSE Mid-Cap index shed 1.55% while the S&P BSE Small-Cap index declined 1.42%.

The market breadth was weak. On the BSE, 877 shares rose and 2237 shares fell. A total of 139 shares were unchanged.

Buzzing Index:

The Nifty PSU bank index rose 0.18% to 2,815.25. It was the only sectoral index on the NSE to trade in the green. The index has added 0.23% in two sessions.

Gains in Punjab National Bank (up 3.44%) and SBI (up 0.33%) significantly outweighed the losses incurred due to Jammu and Kashmir Bank (down 1.67%), Central Bank of India (down 1.11%), Union Bank of India (down 1.06%), Bank Of Baroda (down 0.77%) and Indian Overseas Bank (down 0.72%).

Stocks in Spotlight:

Rajesh Exports fell shed 3.32% to Rs 718.50. The company bagged a prestigious order worth Rs 782 crore of designer range of jewellery from Germany, expected to be completed by March 2022.

K P I Global Infrastructure fell 2.41% to Rs 202.10. The company has bagged an order for executing solar power project of 1.80 MWdc capacity from Shabnam Petrofils, Surat under 'Captive Power Producer (CPP)' segment of the Company.

Global markets:

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

The US stock market finished session down on Wednesday as investors opted to lock in gains on concerns about an earlier than expected rate hike by the U.S. Federal Reserve amid high inflation.

The Commerce Department released a report on Wednesday showing an unexpected decrease in new residential construction in the U.S. in the month of October, although the report also showed a bigger than expected spike in building permits.

The report showed housing starts slid by 0.7% to an annual rate of 1.520 million in October after tumbling by 2.7% to a revised rate of 1.530 million in September.

Meanwhile, the Commerce Department said building permits spiked by 4% to an annual rate of 1.650 million in October after plummeting by 7.8% to a revised rate of 1.586 million in September.

Powered by Capital Market - Live News