MARKET NEAR DAY`S LOW; SENSEX DROPS 419 PTS; NIFTY BELOW 18,150

The domestic equity barometers extended losses and traded near the day`s low in mid-morning trade. The Nifty traded below the 18,150 mark. Barring the Nifty Pharma index, all the other sectoral indices on the NSE traded in the red.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 418.52 points or 0.68% to 60,875.68. The Nifty 50 index lost 122.80 points or 0.67% to 18,109.75.

In the broader market, the S&P BSE Mid-Cap index slipped 0.77% while the S&P BSE Small-Cap index shed 0.55%.

The market breadth was weak. On the BSE, 1,189 shares rose and 2,106 shares fell. A total of 160 shares were unchanged.

Economy:

The seasonally adjusted S&P Global India Services PMI Business Activity Index rose to 58.5 in December from 56.4 in November, highlighting the strongest rate of expansion since mid-2022. Companies commonly linked the upturn to robust intakes of new work and favourable market conditions.

Meanwhile, the S&P Global India Composite PMI Output Index rose from 56.7 in November to 59.4 in December, highlighting the quickest rate of growth since January 2012. Indian private sector firms signalled a strong performance at the end of 2022, with manufacturers and service providers recording faster expansions in output.

Buzzing Index:

The Nifty PSU Bank index declined 1.70% to 4,305.70. The index has advanced 3.69% in four trading sessions.

Bank of Baroda (down 2.43%), Union Bank of India (down 2.31%), Punjab National Bank (down 2.25%), Central Bank of India (down 2.14%), Canara Bank (down 2.14%), Indian Overseas Bank (down 1.71%), UCO Bank (down 1.52%), State Bank of India (down 0.91%), Bank of India (down 0.75%) and Bank of Maharashtra (down 0.47%) declined.

Punjab & Sind Bank advanced 1.08% after the bank`s gross advances rose by 17% to Rs 78,049 crore during the quarter ended 31 December 2022 as compared with Rs 66,710 crore disbursed in the same period last year

Stocks in Spotlight:

Housing Development Finance Corporation (HDFC) declined 0.98%. HDFC said that during the quarter ended 31 December 2022, the corporation has assigned loans amounting to Rs 8,892 crore as compared to Rs 7,468 crore in the corresponding quarter of the previous year, up 19% YoY.

Angel One advanced 2.13% after the brokerage company said its client base jumped 60.7% to 12.51 million in December 2022 as against 7.78 million recorded in December 2021.

LTIMindtree declined 1.21%. The IT company on Tuesday announced that Venugopal Lambu, whole-time director and Markets President, has resigned. Venugopal Lambu has resigned from the position of whole-time director & President, Markets II, to pursue opportunities outside the company. His resignation has been accepted and his last working day will be 10 January 2023, informed LTIMindtree in the filing.

Global markets:

Asian stocks were trading mixed as investors look ahead to the Federal Reserve`s meeting minutes for December.

Wall Street`s main indices closed lower on the first trading day of 2023 with the biggest drags from Tesla and Apple, while investors worried about the Federal Reserve`s interest-rate hiking path as they awaited minutes from its December meeting.

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