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The headline equity indices traded with modest losses and hit a fresh intraday low in mid-morning trade. The Nifty traded below the 17,850 mark after the hitting the day's high of 17,945.80 in early trade. The Sensex traded below the key 60,000 level. IT, realty and consumer durables stocks edged higher, oil & gas, bank and private bank shares corrected.
The barometer index, the S&P BSE Sensex, was down 335.62 points or 0.56% to 59,769.88. The Nifty 50 index lost 88.25 points or 0.49% to 17,807.45.
In the broader market, the S&P BSE Mid-Cap index shed 0.11% while the S&P BSE Small-Cap index rose 0.01%.
The market breadth was negative. On the BSE, 1,482 shares rose and 1,792 shares fell. A total of 160 shares were unchanged.
Investors look ahead to the U.S. consumer price index report due later in the day. The December CPI report will inform investors as to whether the Federal Reserve needs to move forward with more aggressive interest rate hikes to tame inflation, or if the central bank can pull back as inflation is showing signs of steadily cooling off.
On the macro front, the Industrial Production and Manufacturing Production data for November will be released today. Inflation rate for December will also be declared today.
Buzzing Index:
The Nifty Bank index declined 0.75% to 41,914.25. The index added 0.52% in the past trading session.
Axis Bank (down 2.19%), Kotak Mahindra Bank (down 1.55%), Bandhan Bank (down 1.53%), Punjab National Bank (down 1.42%), ICICI Bank (down 0.93%), State Bank of India (down 0.79%), Federal Bank (down 0.26%), IDFC First Bank (down 0.17%), IndusInd Bank (down 0.12%) and HDFC Bank (down 0.05%).
Stocks in Spotlight:
TVS Motor Company shed 0.78%. The company announced its intention to invest in Madhya Pradesh (MP) for its potential future two-wheeler and three-wheeler expansion in electric and internal combustion engine vehicles. This expansion plan entails an investment of over Rs 1,000 crores and could create direct and indirect employment in Madhya Pradesh of over 2,000 jobs.
Zydus Lifesciences declined 1.12%. The drug maker said that Worldwide DMCC , subsidiary of Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to market Brexpiprazole tablets and 180 days shared exclusivity for Brexpiprazole Tablets. Brexpiprazole is an atypical antipsychotic indicated for use as an adjunctive therapy to antidepressants for the treatment of major depressive disorder (MDD) in adults.
Global Markets:
Asian stocks were trading mixed as investors look ahead to the U.S. consumer price index report Thursday.
Inflation in China accelerated 1.8% in December compared with a year ago as food prices rose, data from the National Bureau of Statistics showed. The CPI figure was in line with expectations and higher than the previous month's reading of 1.6%.
US stocks ended up sharply on Wednesday as investors were optimistic ahead of an inflation report that could give the Federal Reserve room to dial back on its aggressive interest rate hikes.
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