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Indices trade flat, breadth weak
20-Jun-22   09:30 Hrs IST

The key equity indices are trading with minor gains in early trade. The Nifty traded a tad below the 15,300 level. Shares of healthcare, pharma and financial services were in the green while metal, oil & gas and media stocks declined.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 29.22 points or 0.06% to 51,389.64. The Nifty 50 index gained 2.25 points or 0.01% to 15,295.75.

In the broader market, the S&P BSE Mid-Cap index slipped 0.44% while the S&P BSE Small-Cap index declined 0.87%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 978 shares rose and 1525 shares fell. A total of 139 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 7,818.61 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,086.92 crore in the Indian equity market on 17 June, provisional data showed.

Economy:

India's direct tax collections for the Financial Year 2022-23, as on 16 June 2022, showed net collections at Rs 3,39,225 crore compared with Rs 2,33,651 crore in the corresponding period of the preceding year, representing an increase of 45% .The advance tax collections for the first quarter of the FY 2022-23 stand at Rs 1,01,017 crore against Rs 75,783 crore for the corresponding period, showing a growth of more than 33%.

Stocks in Spotlight:

Cipla fell 0.29%. The drug major on Friday announced that it has signed definitive agreements for acquiring 21.05% stake (on a fully diluted basis) in Bengaluru-based Achira Labs for a cash consideration of Rs 25 crore.

Aurobindo Pharma rose 0.70% after the board of directors of the company has approved the acquisition of 51% equity shares in GLS Pharma Limited, operating in oncology business and having manufacturing facility in Hyderabad for a total consideration of Rs 28.05 crore.

Alkem Laboratories declined 1.28% after the company informed that US FDA had conducted an inspection of its manufacturing facility located at St. Louis, USA from 6 June 2022 to 17 June 2022. At the end of the inspection, the company has received Form 483 with three observations.

Indian Oil Corporation fell 1.49%. The state-run oil marketing company issued 25,000, 7.79% unsecured, listed, rated, taxable, redeemable non-convertible debentures (NCDs) of Rs 10,00,000 each, aggregating to Rs 2,500 crore on private placement basis on 17 June 2022.

Mahindra & Mahindra Financial Services rose 0.53% after CRISIL Ratings has reaffirmed its ratings on the debt programmes and bank facilities of the company at 'CRISIL AA+/FAAA/Stable/CRISIL A1+'.

Global Markets:

Asian stocks are trading mixed on Monday, as investors monitored market reaction to the release of China's latest benchmark lending rates. China stood pat on its benchmark lending rates for corporate and household loans, as expected, on Monday. The one-year loan prime rate (LPR) was kept at 3.70%, and the five-year was unchanged at 4.45%.

Markets in the U.S. are closed on Monday for a holiday. The Wall Street ended mixed Friday as the S&P 500 and the Nasdaq Composite bounced on Friday, but the Dow Jones Industrial Average erased gains late in the session. Stocks were volatile during Friday's trading, switching between gains and losses as investors grew increasingly worried about a potential economic slowdown.

In the latest Fed commentary, Governor Christopher Waller said he would support another 75-basis-point rate increase at the central bank's July meeting should economic data come in as he expects.

Production at US factories unexpectedly fell in May. Manufacturing output dipped 0.1% last month, the first decline since January, after increasing 0.8% in April, the Fed said.

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