Benchmarks extend losses; bank stocks decline

The domestic equity barometers extended losses in morning trade. The Nifty was trading below the 16,650 mark. Banks stocks declined for the second consecutive session.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 739.97 points or 1.32% to 55,507.31. The Nifty 50 index lost 162.70 points or 0.97% to 16,631.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.12% while the S&P BSE Small-Cap index added 0.49%.

The market breadth was positive. On the BSE, 1661 shares rose and 1349 shares fell. A total of 159 shares were unchanged.

The global investor community continued to grapple with the economic fallout from the escalating Russia-Ukraine conflict.

Economy:

India`s GDP growth slowed down to 5.4% in October-December 2021 from 8.5% in the previous quarter, data released on February 28 by the Ministry of Statistics and Programme Implementation showed. The statistics ministry also said India`s GDP will likely grow by 8.9% in FY22, down from its first advance estimate of 9.2%, released in early January 2022.

The gross Goods and Services Tax (GST) revenue collected in the month of February 2022 is Rs 1,33,026 crore of which CGST is Rs 24,435 crore, SGST is Rs 30,779 crore, IGST is Rs 67,471crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods). The revenues for the month of February 2022 are 18% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in February 2020.

Buzzing Index:

The Nifty Bank index fell 2.41% to 35,331.25, extending decline for second day. The index has lost 3.02% in two sessions.

ICICI Bank (down 3.66%), HDFC Bank (down 3.31%), Kotak Mahindra Bank (down 3.19%), AU Small Finance Bank (down 2.21%) and IndusInd Bank (down 1.92%) edged lower.

Further, SBI (down 1.46%), Bandhan Bank (down 1.44%), Federal Bank (down 0.88%), IDFC First Bank (down 0.83%) and RBL Bank (down 0.60%) declined.

Stocks in Spotlight:

Adani Green Energy added 1.05% to Rs 1858.45. The company announced that it received the Letter of Award (LoA) to set-up 150 MW solar power project from Punjab State Power Corporation.

Panacea Biotec jumped 4.42% to Rs 197.40. The company and its wholly-owned subsidiary Panacea Biotec Pharma (PBPL) have entered into definitive agreements for sale of pharmaceutical formulations brands of PBPL for India and Nepal, to Mankind Pharma.

Page Industries fell 1.96% to Rs 41419.90. The company said Sunder Genomal has submitted his resignation from the position of managing director and will continue as non-executive director.

Brightcom Group was locked in 5% lower circuit at Rs 113.10. The company said the Securities and Exchange Board of India (Sebi) ordered a forensic audit of books of accounts of the company on 16 September 2021.

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