Indices slide in early trade; breadth weak

The key equity barometers dropped sharply in early trade, amid across the board selling in index pivotals. Global stocks fell amid the ongoing Russia-Ukraine war and rising crude prices.

At 09:22 IST, the barometer index, the S&P BSE Sensex, was down 726.83 points or 1.32% to 54,375.85. The Nifty 50 index lost 212.80 points or 1.29% to 16,285.25.

In the broader market, the S&P BSE Mid-Cap index fell 1.21% while the S&P BSE Small-Cap index declined 0.89%.

The market breadth was weak. On the BSE, 876 shares rose and 1580 shares fell. A total of 80 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 6,644.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,799.24 crore in the Indian equity market on 3 March, provisional data showed.

Stocks in Spotlight:

Vodafone Idea fell 3.16% to Rs 10.73. The board of directors of the telecom services provider has approved fund raising of upto Rs 4,500 crore on a preferential basis, through its promoters. It has decided to issue more than 338.34 crore equity shares at an issue price of Rs 13.30 per share to Euro Pacific Securities, Prime Metals, and Oriana Investments. The company has also received board`s approval for additional fund raising of Rs 10,000 crore via private placement or qualified institutions placement.

Mahindra & Mahindra Financial Services (MMFSL) slipped 1.65% to Rs 139.75. MMFSL`s disbursement in February 2022 was approximately Rs 2,733 crore, up 44% YoY. The YTD disbursement was approximately Rs 23,632 crore, registered a YoY growth of 42%.

Themis Medicare declined 1.81% to Rs 989. The company said that it received approval from Drug Controller General of India (DCGI) for its antiviral drug VIRALEX.

Global Markets:

Most Asian stocks slipped on Friday as investors remain on edge over Russia`s invasion of Ukraine.

Europe`s largest nuclear power plant in eastern Ukraine came under attack from Russian shelling early Friday, Ukrainian officials reportedly said.

Ukraine reportedly told the International Atomic Energy Agency the fire �has not affected `essential` equipment,� and that there had been no change reported in radiation levels. The reactors are �being protected by robust containment structures� and are being safely shut down, U.S. Energy Secretary Jennifer Granholm reportedly said in a statement, which added that the department activated its Nuclear Incident Response

U.S. stocks churned lower on Thursday, led to the downside by tech sector, as action in the energy and bond markets slowed and investors monitored the war in Ukraine.

Traders also monitored comments from Federal Reserve officials, including Fed Chairman Jerome Powell`s testimony to the Senate Banking Committee for his second day of Congressional testimony this week. Cleveland Fed President Loretta Mester said Thursday that the war in Ukraine intensified the need for the Fed to raise rates.

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