The domestic equity barometers traded with minor losses in morning trade. The Nifty traded below the 19,500 level after hitting day's high of 19,523.60 in morning trade. Bank shares saw a bit of selling pressure.
The barometer index, the S&P BSE Sensex, was down 78.81 points or 0.12% to 65,706.83. The Nifty 50 index lost 25.10 points or 0.13% to 19,472.20.
In the broader market, the S&P BSE Mid-Cap index slipped 0.11% while the S&P BSE Small-Cap index gained 0.16%.
The market breadth was positive. On the BSE, 1,752 shares rose and 1,380 shares fell. A total of 148 shares were unchanged.
New Listing:
Shares of Ideaforge Technology were currently trading at Rs 1,296.65 at 10:28 IST on the BSE, representing a premium of 92.95% compared with the issue price of Rs 672.
The scrip was listed at a price of Rs 1,305.10, at a premium of 94.21% as compared to the issue price.
So far, the stock has hit a high of 1,344 and a low of 1,257.80. On the BSE, over 3.80 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Bank index advanced 0.42% to 45,151. The index rose 0.42% in the past trading session.
AU Small Finance Bank (down 1.53%), Federal Bank (down 0.85%), IndusInd Bank (down 0.79%), Punjab National Bank (down 0.68%), ICICI Bank (down 0.64%), Kotak Mahindra Bank (down 0.28%), IDFC First Bank (down 0.25%), HDFC Bank (down 0.22%), State Bank of India (down 0.14%) declined.
On the other hand, Axis Bank (up 0.33%), Bandhan Bank (up 0.17%) and Bank of Baroda (up 0.07%) edged higher.
Stocks in Spotlight:
Indian Oil Corporation (IOCL) rose 1.95% while Praj Industries (Praj) jumped 7.69%. IOCL and Praj Inds signed a term sheet to advance plans to strengthen biofuels production capacities in India. Various biofuels are covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others. Earlier in October 2021, both the Companies had entered into an agreement to form a 50:50 joint venture to this end.
Sobha advanced 4% after the company's total sales value jumped 27.87% to Rs 1,464.7 crore in Q1 FY24 as compared with Rs 1,145.5 crore recorded in corresponding quarter last year.
Dabur India fell 1.23%. The company said that the trends in both urban and rural India had shown signs of improvement during the quarter, primarily due to reduction in inflation. The company said that its consolidated business, including recently acquired Badshah Masala, is expected to register growth exceeding 10%.
Global Markets:
Asian stocks declined across the board after Wall Street sold off on stronger-than-expected U.S. jobs data, leaving room for more rate hikes ahead by the Federal Reserve.
U.S. Secretary of Treasury Janet Yellen is in Beijing for a four-day trip to meet Chinese officials, marking a deepening thaw in ties between the U.S. and China.
Wall Street's main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates.
Companies created far more jobs than expected in June, payroll processing firm ADP reported Thursday. Private sector jobs surged by 497,000 for the month. May's total was revised lower to 267,000, down 11,000 from the initial estimate.
The number of Americans filing new claims for unemployment benefits increased moderately last week. Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 248,000 for the week ended July 1, the Labor Department said on Thursday.
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