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Benchmarks trade with limited losses; broader markets outperform

Published on Mar 09, 2023 09:29

The domestic equity barometers traded with limited losses in early trade, as selling in FMCG, banks and financials dragged the benchmarks lower. The Nifty traded below the 17,750 level.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 132.08 or 0.22% to 60,216.01. The Nifty 50 index lost 30.35 points or 0.17% to 17,724.05.

Hindalco (up 2.17%), Tata Steel (up 2.11%), JSW Steel (up 1.83%), Apollo Hospitals (up 1.51%) and Divi`s Lab (up 0.96%) were the top Nifty gainers.

Mahindra & Mahindra (down 0.99%), Reliance (down 0.97%), SBI Life (down 0.81%), TCS (down 0.77%) and ICICI Bank (down 0.72%) were the top Nifty laggards.

In the broader market, the S&P BSE Mid-Cap index rose 0.26% while the S&P BSE Small-Cap index gained 0.49%.

The market breadth was strong. On the BSE, 1,803 shares rose and 775 shares fell. A total of 100 shares were unchanged.

Stocks in Spotlight:

Bharat Forge was up 0.14%. The company through its E-Mobility subsidiary, Kalyani Powertrain, inaugurated its first E-bike manufacturing facility at MIDC Chakan on 8 March 2023. The facility has a production capacity of 60,000 units per annum and scalable to 100,000 units per annum, will undertake assembly of E-bikes for Tork Motors, 64.29% owned by Kalyani Powertrain.

Kirloskar Oil Engines advanced 1.34%. Ten investors have picked up 13.65% stake in the company through bulk deals on Wednesday (8 March 2023), at an average price of Rs 322 per share, amounting to Rs 636 crore. Three promoters offloaded 17.71% stake in the company.

Jindal Stainless gained 1.14%. iShares Core MSCI Emerging Markets ETF has picked up 33.69 lakh equity shares (0.64% stake) in the stainless steel company through open market transactions, at an average price of Rs 309.42 per share.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper fell to 7.458 from 7.459 previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.9550, compared with its close of 81.9550 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement was down 0.13% to Rs 54,840.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, fell 0.03% to 105.63.

The United States 10-year bond yield advanced 0.24% to 3.985.

In the commodities market, Brent crude for May 2023 settlement lost 1 cent or 0.01% to $82.65 a barrel.

Global markets:

Asian shares traded in a mixed manner on Thursday as Bank of Japan kicks off its two-day monetary policy meeting.

Japan`s GDP grew slower at 0.1% on an annualized for the October-December quarter. The reading is weaker compared with preliminary estimates of a 0.6% growth, and also comes in lower than a 0.8% expansion. Private consumption, which accounts for around 57% of Japan`s GDP, inched up by only 0.3%.

Meanwhile, China`s consumer price index (CPI) for February was 1.0% higher than a year earlier, rising at the slowest pace since February 2022 and compared with the 2.1% annual rise seen in January, said the National Bureau of Statistics (NBS).

In the US, major stock indexes ended mixed as traders parsed stronger than expected economic data, sparking concerns of bigger rate increases following Fed Chairman Jerome Powell`s congressional speech.

Stronger-than-expected private payrolls numbers for February reaffirmed the strength of the US economy. Private employment increased by 242,000 jobs last month, the ADP National Employment report showed on Wednesday. Data for January was revised higher to show 119,000 jobs added instead of 106,000 as previously reported.

Vacancies at US employers retreated at the start of the year but remained historically elevated. The number of available positions decreased to 10.8 million in January from an upwardly revised 11.2 million a month earlier, the Labor Department`s Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday.

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