The domestic equity barometers continued to trade with deep cuts in mid-morning trade. Auto stocks extended losses for the second day in a row. At 11:21 IST, the barometer index, the S&P BSE Sensex, was down 1376.11 points or 2.53% to 52,927.33. The Nifty 50 index tumbled 382.65 points or 2.36% to 15,819.15.
Global cues were weak as investors shunned risky assets on worries that aggressive interest rate hikes by global central banks would stifle economic growth. On Friday, US government data showed inflation reached 8.6% in the 12 months ended in May, the steepest rise in consumer prices since December 1981.
In the broader market, the S&P BSE Mid-Cap index fell 2.01% while the S&P BSE Small-Cap index declined 2.19%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 641 shares rose and 2620 shares fell. A total of 120 shares were unchanged.
The Nifty Auto index slipped 1.42% to 11,232.75. The index has lost 1.63% in two sessions.
Tata Motors (down 3.89%), Ashok Leyland (down 3.34%), Mahindra & Mahindra (down 1.96%), Bharat Forge (down 1.55%), Escorts (down 1.03%) and Bajaj Auto (down 0.8%).
Stocks in Spotlight:
Trident declined 3.25%. In the home textile division, production of bath linen was 3,364 metric tons (MT) (down 34.32% YoY), bed linen production was 2.85 million metres (down 6.25% YoY) and yarn production was 9,191 MT (down 10.86% YoY) in May 2022.
Production of paper jumped 14.34% YoY to 14,372 MT while that of chemicals fell 1.36% YoY to 8,923 MT during the period under review.
Astron Paper & Board Mill slumped 4.92%. The company’s consolidated net profit slumped 91% to Rs 0.32 crore on 0.42% decline in net sales to Rs 143.21 crore in Q4 March 2022 over Q4 March 2021.
The US Dow Jones futures were currently trading with a cut of 385 points, indicating a weak start to equities on Wall Street today.
Asian stocks tumbled on Monday as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening, and a COVID-19 warning from Beijing added to concerns about global growth. Markets in Australia are closed on Monday for a holiday.
US stocks ended sharply lower on Friday as a steeper-than-expected rise in US consumer prices in May fueled fears of more aggressive interest rate hikes by the Federal Reserve.
Meanwhile, the U.S. consumer price index increased a bigger-than-expected 8.6% last month, the largest year-on-year increase since December 1981, Labor Department figures showed Friday.
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