Markets trade at day’s low points in late afternoon session

After trading near neutral lines, Key benchmark indices drifted lower in afternoon session. Currently, Markets traded at day’s low points. Selling in IT and TECK stocks dragged the markets lower. The broader indices, the BSE Mid cap index and Small cap index were trading lower. Traders overlooked report that India’s inflation based on wholesale price index (WPI) eased to 15.18% in the month of June 2022 as against 15.88% in May. Month-over-Month decrease witnessed in WPI for manufactured products but primary articles and Fuel & Power saw a marginal rise. Sector wise, auto industry remain in focused, as Society of Indian Automobile Manufacturers (SIAM) in its latest data has said that passenger vehicle wholesales in India rose by 19 per cent year-on-year in June on the back of improvement in semiconductor supplies. Passenger vehicle (PV) dispatches to dealers stood at 2,75,788 units last month against 2,31,633 units in June 2021.

On the global front, Asian markets were trading mixed and European markets were trading lower as a record-setting U.S. inflation report kept pressure on the U.S. central bank to further tighten monetary policy aggressively at its upcoming policy meetings.

The BSE Sensex is currently trading at 53231.67, down by 282.48 points or 0.53% after trading in a range of 53207.38 and 53861.28. There were 7 stocks advancing against 23 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.88%, while Small cap index was down by 0.97%.

The only gaining sectoral indices on the BSE were Healthcare was up by 0.28%, while IT down by 2.16%, TECK down by 1.98%, Telecom down by 1.40%, Power down by 1.21% and Basic Materials was down by 1.16% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 1.82%, Kotak Mahindra Bank up by 1.15%, Maruti Suzuki up by 0.94%, Reliance Industries up by 0.74% and Titan Company up by 0.39%. On the flip side, HCL Tech down by 2.59%, TCS down by 2.16%, Infosys down by 1.94%, Axis Bank down by 1.93% and Tech Mahindra down by 1.82% were the top losers.

Meanwhile, India’s inflation based on wholesale price index (WPI) eased to 15.18% in the month of June 2022 as against 15.88% in May. Month-over-Month decrease witnessed in WPI for manufactured products but primary articles and Fuel & Power saw a marginal rise.

Component wise, primary articles index, having weight of 22.62%, increased by (1.45%) to 182.4 (provisional) in June 2022 from 179.8 (provisional) for the month of May 2022. Prices of Crude Petroleum & Natural Gas and Food Articles increased in June 2022 as compared to May 2022. Prices of Non-food Articles and Minerals declined in June 2022 as compared to May 2022.

Fuel & Power index, having weight of 13.15%, increased by (0.65%) to 155.4 (provisional) in June 2022 from 154.4 (provisional) for the month of May 2022. Prices of Mineral Oils increased in June 2022 as compared to May 2022. Besides, Manufactured Products constituting the major portion of the index with weight of 64.23%, declined by (-0.76%) to 143.7 (provisional) in June 2022 from 144.8 (provisional) for the month of May 2022.

Meanwhile, for the month of April, 2022 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) stood at 152.3 and 15.38% respectively.

The CNX Nifty is currently trading at 15888.25, down by 78.40 points or 0.49% after trading in a range of 15870.90 and 16070.85. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 2.19%, Kotak Mahindra Bank up by 1.21%, Maruti Suzuki up by 0.93%, ONGC up by 0.80% and Reliance Industries up by 0.79%. On the flip side, HCL Tech down by 2.42%, Hero MotoCorp down by 2.16%, TCS down by 2.03%, Infosys down by 1.85% and Axis Bank down by 1.85% were the top losers.

Asian markets were trading mixed, Hang Seng decreased 46.74 points or 0.22% to 20,751.21, Straits Times trembled 36.16 points or 1.16% to 3,092.53, KOSPI fell 6.29 points or 0.27% to 2,322.32 and Shanghai Composite was down by 2.55 points or 0.08% to 3,281.74. On the flip side, Jakarta Composite soared 49.10 points or 0.74% to 6,690.09, Taiwan Weighted strengthened 113.84 points or 0.79% to 14,438.52 and Nikkei 225 was up by 164.62 points or 0.62% to 26,643.39.

European markets were trading lower, UK’s FTSE 100 decreased 59.42 points or 0.83% to 7,096.95, France’s CAC decreased 63.75 points or 1.06% to 5,936.49 and Germany’s DAX was down by 90.53 points or 0.71% to 12,665.79.