Barometers off day`s high; Nifty below 17,500 level

The benchmark indices pared gains in mid-afternoon trade. Banks, auto and financial stocks advanced while metal and pharma stocks dragged. The Nifty was trading near the 17,500 mark.

At 14:30 IST, the barometer index, the S&P BSE Sensex rose 618.48 points or 1.07% at 58,562.13. The Nifty 50 index gained 151.35 points or 0.87% at 17,476.65.

The S&P BSE Mid-Cap index added 0.81%. The S&P BSE Small-Cap index rose 1.16%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,210 rose and 1,120 shares fell. A total of 128 shares were unchanged.

Economy:

Domestic ratings agency ICRA, on Tuesday, slashed India`s FY23 real GDP growth estimate by 0.8% to 7.2%, primarily driven by the fallout of Russian invasion of Ukraine.

Numbers to Watch:

The yield on 10-year benchmark federal paper fell to 6.786% as compared with 6.821% at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 75.86, compared with its close of 75.73 during the previous trading session.

MCX Gold futures for 5 April 2022 settlement rose 0.55% to Rs 51,091.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, declined 0.36% to 98.05.

In the commodities market, Brent crude for May 2022 settlement rose $1.88 at $112.11 a barrel.

Buzzing Index:

The Nifty Financial Services index rose 1.47% to 17,084.15. The index added 2.81% in three trading sessions.

Bajaj Finserv (up 3.93%), HDFC Life Insurance Company (up 3.02%), Bajaj Finance (up 3.01%), ICICI Lombard Life Insurance Company (up 2.45%) and Axis Bank (up 2.21%) were the top gainers in the Financial Services segment.

ICICI Lombard Life Insurance Company advanced 2.45%. The company said that its board of directors is scheduled to meet on Thursday, 21 April 2022, to consider declaration of dividend for the financial year ending on 31 March 2022.

Stocks in Spotlight:

Lemon Tree Hotels declined 2.71%. The hotel-chain on Tuesday announced that it signed a license agreement for 132 room hotel project at Rishikesh in Uttarakhand under the company`s brand Aurika Hotels & Resorts - Luxury. Lemon Tree Hotels owned brand, Aurika Hotels & Resorts - Luxury signed a deal with Aurika, Rishikesh in Uttarakhand. The said property is a Greenfield project. The hotel is expected to be operational by March 2025. The property is owned by Kedar Ganga Hotels and Resorts, and shall be operated through Carnation Hotels, a subsidiary and management arm of Lemon Tree Hotels.

Indigo rose 0.75%. InterGlobe Aviation (IndiGo) said that Jiten Chopra, chief financial officer of the company, has resigned from the post of chief financial officer on 28 March 2022, effective immediately. The board of directors of the company, at their meeting held on 29 March 2022, has approved the appointment of Gaurav Negi as the chief financial officer of the company with effect from 29 March 2022.

Global Markets:

Most European stocks declined while most Asian stocks settled higher on Wednesday as investors watch for developments surrounding the war in Ukraine.

According to the media reports, Russian claimed it would reduce its attacks on Ukraine as delegates from the two countries met for their latest face-to-face peace talks in Istanbul. Moscow said it would cut back its military activity near Ukraine`s capital of Kyiv and the northern city of Chernihiv. However, the General Staff of Ukraine`s Armed Forces says the Russian withdrawal pledge is designed to mislead.

In Asia, Japanese retail sales fell in February for the first time in five months. Retail sales fell 0.8% in February from a year earlier, government data showed on Wednesday.

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