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Barometers continue to trade with deep cuts; auto shares decline
(11:28, 23 Sep 2022)

The domestic equity barometers continued to trade with deep cuts in mid-morning trade. The Nifty traded tad above the 17,450 level. Auto shares witnessed across the board selling.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 589.48 points or 1% to 58,530.24. The Nifty 50 index declined 171.65 points or 0.97% to 17,458.15.

In the broader market, the S&P BSE Mid-Cap index fell 0.99% while the S&P BSE Small-Cap index lost 0.85%

The market breadth was positive. On the BSE, 1,104 shares rose, and 2,127 shares fell. A total of 164 shares were unchanged.

Investor sentiment sunk to extremely depressed levels of bullishness in the aftermath of the US Fed's supersized rate hike and ultra-hawkish outlook to tame sticky inflation.

Buzzing Index:

The Nifty Auto index fell 1.34% to 13,142. The index had advanced 0.74% to end at 13,320.75.

Mahindra & Mahindra (down 3.39%), Ashok Leyland (down 3.1%), TVS Motor Company (down 2.47%), Bharat Forge (down 2.18%) and Tata Motors (down 1.45%) were the top losers.

Among the other losers were Escorts Kubota (down 1.18%), Bosch (down 1.13%), MRF (down 1.13%), Maruti Suzuki India (down 0.92%) and Bajaj Auto (down 0.83%).

Stocks in Spotlight:

Mahindra & Mahindra Financial Services tumbled 10.91%. The Reserve Bank of India (RBI) on Thursday barred the NBFC from appointing any agents for recovery or repossession.

Piramal Enterprises shed 1.80%. The company on Friday (23 September 2022) announced that its board has approved fund raising up to Rs 750 crore via non-convertible debentures on private placement basis.

Global markets:

Asian stocks edged lower on Friday as investors continue to weigh the Federal Reserve's aggressive stance. Japan markets were closed for a holiday Friday.

US stocks ended lower on Thursday, falling for a third straight session as investors reacted to the Federal Reserve's latest aggressive move to rein in inflation by selling growth stocks, including technology companies.

The US current account deficit narrowed sharply in the second quarter amid a surge in goods exports, data showed on Thursday. The Commerce Department said that the current account deficit, which measures the flow of goods, services and investments into and out of the country, contracted 11.1% to $251.1 billion last quarter. The current account gap represented 4% of gross domestic product, down from 4.6% in the January-March quarter.

The Bank of England raised its key interest rate to 2.25% from 1.75% on Thursday and said it would continue to respond forcefully, as necessary to inflation, despite the economy entering recession. The BoE's Monetary Policy Committee voted 5-4 to raise rates to 2.25%.

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