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EQUITY - MARKET SCREENER

Nifty slides below 18,600 level; broader markets outperform
09-Jun-23   13:29 Hrs IST

The key equity indices edged lower and traded near the day's low in afternoon trade. The Nifty traded below the 18,600 mark. European and Asian markets traded mostly higher.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 117.18 points or 0.19% to 62,731.46. The Nifty 50 index shed 40.85 points or 0.22% to 18,593.70.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.17% while the S&P BSE Small-Cap index rose 0.14%.

The market breadth was positive. On the BSE, 1,778 shares rose and 1,647 shares fell. A total of 138 shares were unchanged.

Stocks in Spotlight:

Kotak Mahindra Bank fell 1.35%. On the BSE, 347.54 lakh shares were traded in the counter so far compared with average daily volumes of 1.17 lakh shares in the past two weeks.

As per media reports, Canadian-state-owned Canada Pension Fund was to sell a 1.66% stake in Kotak Mahindra Bank. The deal size could have been around $754 million.

Tata Power Company rose 0.29%. Tata Power Renewable Energy Limited through its subsidiary TP Vardhaman Surya Limited received Letter of Award (LoA) to set up 966 MW RTC (round-the- clock) hybrid renewable power for Tata Steel. The project has the hybrid renewable capacity of 379 MW solar and 587 MW wind power. Tata Steel, will invest 26% equity in the project. The project will be commissioned by 1st June 2025 as per the arrangement.

Biocon added 0.52%. The company's Active Pharmaceutical Ingredient (API) manufacturing facility located in Bangalore has received a certificate of GMP compliance from the Competent Authority of Germany, following an EU GMP inspection that was conducted in February 2023.

Best Agrolife jumped 4.04%. The company announced that it has received the registration for the indigenous manufacturing of Trifloxystrobin-Difenoconazole-Sulphur combination product.

Global Markets:

Markets in Europe and Asia mostly advanced on Friday, tracking an overnight rise in US stocks.

Investors digested China's consumer price index, which saw a 0.2% rise in May and its producer prices that fell 4.6% year on year, marking the steepest drop since June 2016.

US stocks closed higher on Thursday, regaining some of their momentum, thanks to a rebound by technology stocks. Investors were sitting on the sidelines ahead of inflation data and a Federal Reserve policy meeting next week.

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