FIRST TRADE: Indices flat, Nifty tests 18,840; IT, power stocks top losers
Stock market today: The S&P BSE Sensex traded 89 points, or 0.14 per cent lower at 63,434.44 points while the NSE's Nifty quoted at 18,843.20, down 14 points, or 0.07 per cent.
Stock market today: The domestic equities opened in the red on Thursday. The S&P BSE Sensex traded 89 points, or 0.14 per cent lower at 63,434.44 points while the NSE's Nifty quoted at 18,843.20, down 14 points, or 0.07 per cent. Tata Steel (up over 1 per cent) was the top gainer on the Sensex, followed by ICICI Bank and M&M. On the contrary, Infosys was the biggest loser. Power Grid was next on the list.
"Markets are likely to ease in early trades Thursday amid weak US and Asian indices, while a hawkish Federal Reserve backdrop could fuel some volatility. There are clear signals that the Fed may go for further rate hikes, as Powell stressed in his testimony before the US Congress yesterday that inflation remains high and the process to get back to 2% has a long way to go. Besides, mounting Chinese growth fears and a delayed monsoon could impact the markets in the near to medium term. Technically, the Nifty options data suggests the index is likely to be in a trading range of 18300–19000," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
BUZZING STOCKS
Shares of Delhivery rallied as much as 7.2 per cent to Rs 416.75 apiece on the BSE after 2.5 per cent equity shares worth Rs 1.84 crore changed hands via a block deal. As per Zee Business, Carlyle was expected to sell its entire 1.84 per cent stake through a block deal. The base price of the block deal, as per the report, was fixed at Rs 385.50 per share. The stock, however, pared its gains later and, when last seen, traded at Rs 393.45, up 1.30 per cent.
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BROADER MARKET INDICES
The S&P BSE MidCap index traded 0.09 per cent lower at 28,609.41 levels while the S&P BSE SmallCap index was trading at 32,658.73 points, up 0.25 per cent.
SECTORAL WATCH
Technology stocks slipped the most in trade. The S&P BSE Information Technology index traded 0.77 per cent lower at 29,184.67. Infosys, HCL Tech, Wipro, TCS, and Tech Mahindra were all trading in the red. Power stocks were next on the list of losers.
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