Consumer Durables News

Indices trade near flat line, Nifty above 16,250 mark

The domestic equity benchmarks traded near the flat line with tiny gains in the afternoon trade. The Nifty traded above the 16,250 mark. PSU bank, realty and consumer durables stocks were in the green while Media, IT and FMCG shares were under pressure

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 55.17 points or 0.10% to 54,576.32 . The Nifty 50 index added 11.45 points or 0.07% to 16,289.95.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index added 0.57%.

The market breadth was positive. On the BSE, 1,847 shares rose and 1,367 shares fell. A total of 158 shares were unchanged.

Rupee v/s Dollar:

The Indian rupee slumped for the seventh consecutive session, plunging to a record low, breaching the key psychological level of 80 against the US dollar on Tuesday after closing at a new low in the previous session.

In the foreign exchange market, the partially convertible rupee was hovering at 79.8950, compared with its close of 79.98 during the previous trading session. It had hit a low of 80.0550 in trade today.

Meanwhile, the US Dollar index (DXY) was down 0.49% to 106.84.

Gainers & Losers:

Axis Bank (up 1.92%), Apollo Hospitals Enterprise (up 1.57%), Bharti Airtel (up 1.52%), Tata Steel (up 1.39%) and Ultratech Cement (up 1.13%) were major Nifty gainers.

Nestle India (down 1.67%), SBI Life Insurance Company (down 1.48%), HDFC Life Insurance Company (down 1.19%), Cipla (down 1.12%) and Infosys (down 1.04%) were majority Nifty losers.

Global Markets:

Shares in Europe and Asia declined on Tuesday after a positive start to the wee. Investors will keep a close eye on the European Central Bank’s policy meeting in Frankfurt on Thursday, with policymakers having given advance notice of a first hike in 11 years but facing a backdrop of slowing growth amid the war in Ukraine and subsequent threats to energy supplies.

The Reserve Bank of Australia released its meeting minutes on Tuesday, which showed that the board saw current rates as being “well below” the neutral rate, suggesting that further increases will be needed to return inflation to the target over time. The RBA raised rates by 50 basis points earlier this month.

Wall Street ended lower on Monday after bank stocks erased earlier gains and Apple shares fell on a report saying the company plans to slow hiring and spending growth next year.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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