India’s stock benchmarks declined, dragged by losses in banking and telecom stocks, amid a fall in global equities after Federal Reserve officials hinted at aggressive steps to tackle surge in inflation.
The S&P BSE Sensex fell 0.33% to 61,031.36. The NSE Nifty also declined by similar magnitude to 18,207.10. Asian Paints Ltd. had the largest drop, falling 3%. In midday trading, 31 of 50 shares fell, while 19 rose.
The broader indices outperformed their larger peers with S&P BSE MidCap little changed and S&P BSE SmallCap adding 0.4%. Twelve of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Bankex shedding nearly 1%.
The market breadth was skewed in the favour of bulls. About 1,917 stocks advanced, 1,414 declined and 97 remained unchanged.
Motherson Sumi Sheds Over 8%
- Shares of Motherson Sumi Systems Ltd. shed as much as 8.68%, the steepest intraday decline in over a year.
- The stock traded ex-domestic wiring business as the company fixed Jan. 17 (Monday) as the record date to determine shareholders to allot additional shares of domestic wiring harness division.
- Trading volume on the stock was nearly seven times the 30-day average volume, at this time in the day.
Source: Exchange filing, Bloomberg
Wholesale Inflation Falls In December
- WPI inflation eased to 13.56% in December 2021 compared to 14.23% in November.
Source: Ministry of Commerce & Industry