Nifty trades near flat line; European markets edge lower
The key equity indices gave up all gains and traded near the flat line in afternoon trade as ongoing Iran rhetoric and rising crude prices kept the sentiment in check.
The Nifty traded below the 24,250 level. Metals, realty and bank stocks advanced while pharma, FMCG and auto shares declined.
At 13:23 IST, the barometer index, the S&P BSE Sensex, was up 6.82 points or 0.01% to 77,544.54. The Nifty 50 index added 6 points or 0.02% to 24,237.85.
In the broader market, the BSE 150 MidCap Index added 0.08% and the BSE 250 SmallCap Index rose 0.41%.
The market breadth was positive. On the BSE, 2,196 shares rose and 1,953 shares fell. A total of 263 shares were unchanged.
Gainers & Losers:
Power Grid Corporation (up 2.85%), Kotak Mahindra Bank (up 1.59%), HDFC Life (up 1.46%), Bharat Electronics (up 0.96%) and HDFC Bank (up 0.91%) were the top gainers.
Indigo (down 1.81%), Cipla (down 1.60%), Trent (down 1.44%), Maruti Suzuki (down 1.40%) and Tata Motors Passenger Vehicles (down 0.89%) were the top losers.
Stocks in Spotlight:
ICICI Bank rose 0.52%. The bank's board has approved borrowings by way of issuances of bonds/notes/offshore certificate of deposits in overseas markets for a revised limit of up to $5.00 billion.
NMDC Steel added 1.29%. The company said that Crisil Ratings has upgraded its rating on the long-term bank facilities of the company to ?Crisil A/Stable? from ?Crisil BBB+/Stable?.
Bajel Project jumped 4.32% to Rs 188.50 after the company said that its joint venture entity AnantGrid Projects One (AGPOPL) has emerged as the successful bidder for the Lakadia?Part A inter-state transmission project in Gujarat.
SKM Egg Products Export India advanced 3.46%. The company said that Care Ratings has reaffirmed the company's long-term rating at 'CARE A-' with 'stable' outlook. The agency has also affirmed SKM Egg Products' short-term rating at 'CARE A2+'.
Global Market:
European markets declined while their Asian counterparts traded mixed on Friday as escalating Middle East rhetoric and a fresh spike in crude prices snuffed out an attempted rebound.
In Japan, core consumer inflation accelerated to 1.8% year-on-year in July from 1.6% in June, marking the fastest pace since January. Underlying inflation, excluding fresh food and energy, rose 1.9%, while headline inflation also increased 1.9%.
The firmer inflation data strengthened expectations that the Bank of Japan could raise interest rates as soon as its September meeting.
Wall Street fell sharply on Thursday, with the Dow Jones Industrial Average declining 1.32%, the S&P 500 falling 0.87% and the Nasdaq Composite losing 1%, as Treasury yields resumed their climb. The 10-year US Treasury yield rose to around 4.70%, while the 30-year yield touched 5.25%.
Walmart shares plunged 9.2% after its US comparable sales growth slowed to 2.6% in the second quarter, below market expectations, with higher fuel prices weighing on consumer spending.
Investors will now turn their attention to the Federal Reserve's policy outlook and the upcoming Jackson Hole Economic Policy Symposium from 27-29 August.
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