Sensex slips 86 pts, Nifty ends below 16,250

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• Market Closing: On Monday, Indian indexes declined as unfavourable Asian trends continued. The indices attempted to recoup some of the intraday losses through late-session purchasing, but they made little progress. In terms of the US dollar, the rupee dropped 20 paisas to settle at 79.46 (provisional).

After reporting disappointing results the previous week, Tata Consultancy Services, a key provider of IT services, pulled down technology companies on Monday, and the rupee reached yet another record low.

Monday saw declines in oil prices and Asian stock markets as fears of yet another economically damaging lockdown in China’s largest metropolis were stoked by a new Covid flare-up in Shanghai. In contrast to Australia, Hong Kong, South Korea, and Shanghai, shares increased in Japan.

• July 11, 2022, 3:42 IST

In the midst of negative global market trends, key IT firms drove down Indian indexes, which closed the day in the red.

The Nifty50 dropped 4.60 points to finish at 16,216.00, while the Sensex dropped 86.61 points, or 0.16 percent, to conclude at 54,395.23.

Power, banks, oil, metals, and other sectors performed strongly while IT companies fell. • The top three performers on the 30-stock index were Tata Steel, DRL, and M&M, while Bharti Airtel, TCS, and HCL were among the worst performers.

• The greatest gainers on the Nifty50 index were Tata Steel, ONGC, and Eicher Motors, while the top losers were Bharti Airtel, TCS, HCL, and Infosys.

Top Funds See Value in Risky India Corporate Debt Following Rout Two of India’s largest money managers are turning positive on bonds of riskier corporations, drawn in by the potential for higher yields following the monetary policy tightening by the central bank.

• They also observe a decrease in concerns about corporate credit after businesses cleaned up their balance sheets by taking advantage of the free liquidity during the pandemic.

• The second-largest money manager in India, ICICI Prudential Asset Management Co., is on the prowl even as credit markets from the US to Asia exhibit their worst stress indicators in more than two years.

It believes that as spreads expand over the coming several months, there may be an opportunity to add high-yield credit. • Nippon India Mutual Fund, backed by Japan’s largest private life insurance, anticipates a rise in the yield differential between corporate bonds and government bonds of up to 30 basis points, which will benefit investors.

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