The key equity benchmarks traded near the flat line, with some negative bias in afternoon trade. The Nifty continued to trade below the 18,500 level. European markets open in the green.
At 13:22 IST, the barometer index, the S&P BSE Sensex, was down 47.5 points or 0.08% to 62,225.18. The Nifty 50 index lost 4.75 points or 0.03% to 18,479.35.
Nestle India (down 1.19%), Adani Enterprises (down 1.05%), Kotak Mahindra Bank (down 1.04%), ICICI Bank (down 0.89%) and Apollo Hospitals (down 0.76%) were the top Nifty losers.
HDFC Life (up 1.86%), Coal India (up 1.58%), Reliance (up 1.51%), Tata Motors (up 1.05%) and Larsen & Toubro (up 1.01%) outperformed.
The broader market outperforms the frontline indices. The S&P BSE Mid-Cap index gained 0.67% while the S&P BSE Small-Cap index rose 0.68%.
The market breadth was strong. On the BSE, 2,052 shares rose, and 1,368 shares fell. A total of 141 shares were unchanged.
Stocks in Spotlight:
State Bank of India (SBI) SHED 0.25%. A meeting of the Executive Committee of the Central Board of SBI is scheduled to be held on 29 November 2022 to seek approval for raising of Infrastructure Bonds up to an amount of Rs. 10,000 crore (including a green shoe option of Rs. 5,000 crores) through a public issue or private placement, during FY23.
Punjab National Bank (PNB) jumped 6%. PNB has received approval of DIPAM, Ministry of Finance, Government of India for divestment of bank's entire/part stake in UTI Asset Management Company in single or multiple tranches for realization of gain on investment. The timeline for making the divestment is yet to be finalized.
Allcargo Logistics fell 1.35%. The company said that its wholly owned subsidiary Allcargo Belgium N.V. has entered into share purchase agreement with NBG Logistik Beteiligungs- und Beratungsges. mbH to acquire 75% stake in Fair Trade GmbH Schiffahrt, Handel und Logistik.
Castrol India (CIL) added 1.46%. The company announced collaboration with ki Mobility Solutions to strengthen Indian automotive aftermarket ecosystem.
Chennai Petroleum Corporation (CPCL) rose 1.40%. CPCL, Indian Oil Corporation (IOCL) and seed equity partners have signed a joint venture agreement for the upcoming grass root 9 MMTPA refinery and petrochemicals project at Nagapattinam in Tamil Nadu.
Global markets:
Shares in Europe advanced across the board while Asian markets traded mostly lower on Friday amid concerns over rising Covid cases in China and inflation in Japan.
Markets in the US were closed for the Thanksgiving holiday on Thursday and will close early on Friday.
Inflation in the euro area will hover around its current level over the next few months before starting to decline at some point during the first half of 2023, European Central Bank Vice President Luis de Guindos said on Thursday. Speaking at a financial event in Milan, de Guindos said inflation was likely at its peak or anyway close to it.
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