Sensex, Nifty Fall In Volatile Session Dragged By I.T., Banking Stocks
India's stock benchmarks erased over 1% gains to decline in a volatile session
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India's stock benchmarks erased over 1% gains to decline in a volatile session, as losses in information technology, banking and auto stocks offset gains in power stocks.
The S&P BSE Sensex fell 0.19% to 53,134.35. The 30-stock gauge rose over 600 points to an intraday high of 53,865.93 before reversing the gains. The Nifty 50 also declined by similar magnitude to close at 15,810.85. The 50-stock gauge reclaimed 16,000 in intraday trade after three weeks. Today 22 stocks rose, 28 of Nifty 50 stocks fell.
The MidCap index underperformed losing 0.35% while the SmallCap measure outperformed Sensex and Nifty, rising 0.2%. Twelve of the 19 sectoral indices compiled by BSE Ltd. declined with Information Technology index losing nearly 0.6%. On the flipside, power index rose over 0.6%.
The market breadth is skewed in the favour of bulls. About 1,722 stocks rose, 1,563 fell and 158 remained unchanged.
10-Year Bond Yield Rises
Yield on the 10-year bond rose 5bps to 7.42% during the session.
The 10-year bond yield trimmed gains to close at 7.39%, thereby snapping a four-day losing streak.
Rupee Slides To Record Low After Sharp Decline Towards End Of The Session
Indian currency fell 0.52% (41 paise) to a record low 79.36 against the U.S. dollar.
This is the steepest intraday decline for Rupee in a week since June 28. The Rupee lost nearly 20 paise in the final half hour of Tuesday's session.
Tata Steel Q1 Crude Steel Production Rises 6% YoY
Tata Steel India crude steel production rose 6% YoY to 4.92 million tonnes in Q1FY2022-23.
Deliveries fell 2% YoY to 4.06 million tonnes, due to moderation in exports due to imposition of 15% export duty.
Automotive and special products deliveries rose 22% YoY on broad-based recovery across all sub-segments.
Tata Steel Europe production at 2.432 million tonnes Vs 2.67 million tonnes QoQ (2.31 million tonnes YoY)
Rupee Slides To Fresh Record Low
Indian currency depreciated 0.27% (22 paise) to 79.17 against the U.S. dollar, a fresh record low