Mid Session

The key equity benchmarks further pared losses in afternoon trade. The Nifty hovered near 15,700 mark. FMCG, private banks and financials advanced while oil & gas stocks tumbled.

At 13:23 IST, the barometer index, the S&P BSE Sensex, was down 268.63 points or 0.51% to 52,750.31. The Nifty 50 index fell 83.85 points or 0.53% to 15,696.40.

Bajaj Finserv (up 3.31%), Bajaj Finance (up 3.01%), Asian Paints (up 2.48%), ITC (up 2.27%) and Cipla (up 2.16%) were the top Nifty gainers.

ONGC (down 12.67%), Reliance Industries (down 5.82%), Coal India (down 3.02%), Power Grid Corp (down 2.38%) and Bajaj Auto (down 2.23%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index lost 0.21%.

The market breadth was negative. On the BSE, 1,467 shares rose and 1,675 shares fell. A total of 240 shares were unchanged.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) stood at 53.9 in June, lower than 54.6 in May. The latest reading showed the weakest pace of growth since last September.

Softer increases in production, factory orders, stocks of purchases and employment all dragged down the PMI in June, alongside an improvement in supplier performance which is inverted before entering the calculation.

Stocks in Spotlight:

Eicher Motors slipped 1.14% to Rs 2762. The company's unlisted subsidiary, VE Commercial Vehicles (VECV) sold 6,307 units of commercial vehicles (CV) in June 2022, registering a rise of 158.7% year on year from 2,438 units sold in June 2021. On a sequential basis, the company's CV sales increased 11.89% from 5,637 units sold in May 2022.

Ashok Leyland fell 1.59% to Rs 145.50. The company's total commercial vehicle (CV) sales jumped 125% to 14,531 units in June 2022 from 6,448 units sold in June 2022. Sequentially, the company's total CV sales rose 9.5% last month from 13,273 units sold in May 2022.

Atul Auto gained 1.42% to Rs 171 after the company's total sales surged 151.1% to 1,818 units in June 2022 as against 724 units in June 2021. Sequentially, Atul Auto registered a 1.33% rise in total sales from 1,794 units sold in May 2022.

Global markets:

The Dow Jones index futures were down 256 points, indicating a negative opening in the US stocks today.

Shares in Europe and Asia declined on Friday. Markets in Hong Kong were closed on Friday for a holiday.

China's Caixin/Markit manufacturing Purchasing Managers' Index for June was released Friday. It came in at 51.7, above the 50-level that separates growth from contraction. That compared to last month's reading of 48.1.

Sentiment at Japan's large manufacturers worsened in the April-to-June period, according to the Bank of Japan's quarterly tankan business sentiment survey. The headline index for large manufacturers' sentiment came in at 9, a decline from the previous quarter's reading of 14.

Japan's factory activity growth slowed in June as supply disruptions in part due to China's strict COVID-19 curbs hurt manufacturers. The final au Jibun Bank Japan Manufacturing purchasing managers' index (PMI) slipped to a seasonally adjusted 52.7 in June from a final 53.3 in the previous month.

U.S. stocks tumbled on Thursday on concerns that central banks determined to tame inflation will hamper global economic growth. Fears over slowing growth and surging prices have rippled through markets, with recession worries taking center stage as monetary policymakers across the world look to aggressively raise borrowing costs.

US consumer spending rose less than expected in May as motor vehicles remained scarce while higher prices forced cutbacks on purchases of other goods. Consumer spending gained 0.2% in May, the smallest rise in five months. Data for April was revised down to show outlays increasing 0.6% instead of 0.9% as previously reported.

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