Nifty hovers at 18,000; Asian stocks trade lower

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Key indices inched higher in opening trade. The Nifty hovered near the 18,000 mark. At 9:26 IST, the barometer index, the S&P BSE Sensex, was up 103.38 points or 0.17% at 60,239.16. The Nifty 50 index rose 41.3 points or 0.23% to 17,987.25. In the broader market, the S&P BSE Midcap index rose 0.38% while the S&P BSE Smallcap index gained 0.54%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1786 shares rose and 786 shares fell. A total of 106 shares were unchanged.

Stocks in Spotlight:

PI Industries rose 0.99%. The company said it executed two joint venture agreements with Polymath Holdings, LLC (Polymath) for undertaking the business of manufacturing and selling the products for Bio Chemistry processes and Bio Chemical enabled pharmaceutical intermediates.

Schaeffler India jumped 10.28% after the company said that a meeting of board of directors is scheduled to be held on 28 October 2021 to consider sub-division of equity shares of the company.

Ujjivan Small Finance Bank jumped 6.73% after the micro finance bank said its total deposits rose 31% year-on-year to Rs 14,090 crore in Q2 FY22 compared to Rs 10,743 crore last year.

Global Markets:

Asian markets traded lower on Tuesday on concerns about elevated inflation stoked by energy costs and the possibility of a widening Chinese crackdown on private industry.

Investors will monitor developments for cues. There is Bank of Korea policy decision and briefing on Tuesday and also Atlanta Fed president Raphael Bostic speaking on inflation.

US stocks ended a choppy session lower on Monday as investors grew nervous ahead of third-quarter earnings reporting season.

Meanwhile, Goldman on Monday cut its U.S. economic growth forecast. The firm lowered its 2022 growth estimate to 4% from 4.4% and took its 2021 estimate down a tick to 5.6% from 5.7%. The firm cited the expiration of fiscal support from Congress and a slower-than-expected recovery in consumer spending, specifically services.

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