Indices close to the low of the day; the width becomes negative
The major indices extended their losses and traded near the low of the day by mid-afternoon. The Nifty slipped below the 17,700 mark. With the exception of real estate and pharmaceutical stocks, selling pressure showed up across the board.
As of 2:30 p.m. IST, the S&P BSE Sensex fell 484.63 points or 0.81% to 59,125.15. The Nifty 50 index lost 138.8 points or 0.78% to 17,668.80.
The entire market saw for-profit sales. The S&P BSE Mid-Cap Index fell 0.3% while the S&P BSE Small-Cap Index fell 0.58%.
The breadth of the market has turned negative.
On BSE, 1,614 shares rose and 1,768 shares fell. A total of 101 stocks remained unchanged.
The Asian Development Bank (ADB) said on Wednesday that South Asian economies are collectively expected to grow by 7% in 2022 and 7.4% in 2023, with India, the subregion’s largest economy, expected to grow. 7.5% this year and 8% next year.
The AfDB said economies in developing Asia are expected to grow 5.2 percent this year and 5.3 percent in 2023, driven by a robust recovery in domestic demand and continued export expansion. “However, uncertainties stemming from the Russian invasion of Ukraine, the lingering coronavirus disease (COVID-19) pandemic and US Federal Reserve tightening pose risks to the outlook,” said ADB Outlook. .
The Nifty Metal Index slid 1.44% to 6,633.1, ending its four-day winning streak. The index posted profits after rising 4.7% in four days.
APL Apollo Tubes (down 4.25%), Steel Authority of India (down 2.04%), Tata Steel (down 1.67%), Jindal Steel & Power (down 1.67%) %) and Coal India (down 1.47%) were the main losers. Other losers include Hindalco Industries (-1.15%), JSW Steel (-1.15%), NMDC (-1.13%) and Vedanta (-0.88%).
Numbers to follow:
The yield on the benchmark 10-year Federal paper rose to 6.91% from its previous close of 6.917%.
In the foreign exchange market, the rupee was weaker against the dollar. The partially convertible rupee was hovering at 75.89, down from its close of 75.8450 in the previous trading session.
MCX Gold futures for June 3, 2022 settlement rose 0.21% to 51,706 rupees.
The U.S. dollar index (DXY), which tracks the value of the greenback against a basket of currencies, rose 0.12% to 99.733.
In the commodities market, Brent crude for the May 2022 settlement rose 5 cents or 0.05% to $101.12 a barrel.
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